Research On The Value Creation Of Mixed Reform By Private Enterprises Introducing State-owned Strategic Investors

Recently,the Chinese government has introduced many policies to support the reform and development of mixed ownership.Based on the actual needs of many favorable policies to promote and enterprises to seek modernization and transformation,the number of cases related to the mixed reform of private enterprises in China has gradually increased in recent years.However,there are still conflicting views in academia regarding the potential benefits of state-owned capital being introduced by private businesses,particularly the mixed reform of state-owned shareholders.,can produce positive value,and there are few relevant studies that analyze the mechanism of their value impact based on actual cases.Based on the above background,this paper selects the case study of the private enterprise Yinghe Technology introducing state-owned strategic investor Shanghai Electric to carry out mixed reform to achieve value creation.This study first classifies the pertinent literature in accordance with the scope and importance of the investigation.Secondly,combined with the actual situation of this case,there were three motivations of its mixed reform.The value creation effect of this case was evaluated from the market value,internal value and social value creation.Finally,from the perspectives of improving corporate governance and promoting strategic synergy,the role path of mixed reform on the realization of value creation by Yinghe Technology is excavated,and relevant conclusions and enlightenment are put forward.The following conclusions are drawn from the case analysis of Yinghe Technology Mixed Reform in this paper: To lower the cost of resource integration and foster strategic synergy,private enterprises should first integrate their own future requirements and actual conditions before choosing state-owned assets that are closely related to their own businesses and have a high degree of strategic coherence;Second,the mixed reform of state-owned strategic investors introduced by Yinghe Technology has had a positive impact on the value of the enterprise,and has observed the enterprise’s entire value creation from three angles: market price,internal value and social value creation;Third,state-owned strategic investors have promoted the improvement of corporate governance by optimizing the shareholding structure,improving the governance of the board of directors and establishing incentive mechanisms,and achieved strategic synergy by enhancing resource acquisition,operation allocation optimization and easing financing contracts,which further affected the value creation of enterprises.This paper’s research methodology and theoretical development both exhibit innovations,which are primarily seen in: first,it breaks through the limitations of existing research based on empirical research,and most of them study the mixed reform of private enterprises to seek relief,and selects typical cases of private enterprises introducing stateowned strategic investors to seek "national progress" to achieve value enhancement for research;Second,based on the contingency analysis theory,by summarizing the research results of the existing entropy evaluation model,a comprehensive analysis system of internal value creation based on six dimensions is constructed,so as to comprehensively evaluate the financial and non-financial performance of internal value creation.