Research On The Impact Of Reverse Mixed Ownership Reform On Corporate Innovation Performance

Since the establishment of the comprehensive deepening reform target at the Third Plenum of the 18 th Central Committee in 2013,the State Council has successively issued various documents requiring the classification and hierarchical promotion of the mixed ownership reform of state-owned enterprises,and encouraging various types of capital to participate in the mixed ownership reform of state-owned enterprises.The mixed ownership reform has a dual path,which includes not only the positive mixed ownership reform of state-owned enterprises absorbing non-state-owned capital,but also the reverse mixed ownership reform of non-state-owned enterprises introducing state-owned capital,that is,the reverse merger and restructuring.Only in this way can there be "cross-shareholding and mutual integration" and achieve the goal of "capital of various ownerships complementing each other,promoting each other,and developing together." Since 2018,with the further comprehensive and deepening expansion of the reform of state-owned enterprises,the new model of reverse mixed ownership reform in which stateowned enterprises participate in non-state-owned enterprises has accelerated its deepening.In terms of enterprises,innovation capability is crucial,which is related to the formation and long-term development of the core competitiveness of enterprises.State-owned capital and private capital each have their own advantages and disadvantages in innovation.Compared with state-owned enterprises,private enterprises have narrower financing channels,limited resources,single major shareholder ownership that is prone to strategic deviation,and short-sightedness.So,what is the impact of reverse mixed ownership reform on the innovation performance of enterprises after private enterprises participate? What is the transmission mechanism of this impact?In order to explore the above questions,this article takes Winning Health Technology as an example based on the case analysis method to investigate the impact of reverse mixed.