Research On The Path And Synergistic Effect Of Reverse Mixed-ownership Reform Of Private Enterprises In Wind Power Industry

In recent years,in the process of deepening reform,in order to optimize the allocation of state-owned capital and improve operational efficiency,the state has focused on promoting the reform of mixed-ownership of state-owned enterprises.With the deepening of the reform of mixed-ownership,the reform mode of mixedownership is no longer limited to the introduction of private capital by state-owned enterprises.In order to alleviate the problems in the financing and operation links and stabilize the pace of development in the fierce market competition,private enterprises have also chosen the reverse mixed-ownership reform-private enterprises introduce state-owned capital and make state-owned capital obtain its control right or the majority voting right at the shareholders’ meeting.There are many ways to choose from in the reform of reverse mixed-ownership.The reverse mixed-ownership reform will not bring all positive synergies,and it will also fail.Therefore,private enterprises should fully analyze the specific conditions of themselves and the introduced objects,select the appropriate path of reverse mixed transformation,avoid negative synergy as much as possible,and improve their financing,profitability,operation and management capabilities when planning to carry out reverse mixed transformation.The case study object of this paper is Tongyu Heavy Industry Co.,Ltd.,one of the representative private enterprises in the wind power industry.Its introduction of Zhuhai Port Holding Group Co.,Ltd.as the controlling shareholder and strategic investor in 2020 has received widespread attention.This paper summarizes the academic research on the reverse mixed reform and its synergy,and analyzes the synergy of the reverse mixed reform of private enterprises from the perspective of principal-agent theory,political relevance theory and synergy theory.In the case introduction and research part,this paper combs the overall situation of the reverse mixed-ownership reform of private enterprises in the wind power industry,analyzes the background,path and process of the reverse mixed-ownership reform of Tongyu Heavy Industry,and uses the case study method and event study method to deeply analyze the synergy effect of the reverse mixed-ownership reform from the three perspectives of financial synergy,operation and management synergy and market response,and draws the following conclusions:(1)in terms of the reverse mixedownership reform path,Tongyu Heavy Industries chose the equity transfer and voting power entrustment,signed the strategic cooperation agreement,reorganized the management,and introduced Zhuhai Port Group as the new controlling shareholder through the way of directional additional shares;(2)in terms of synergistic effect,1)Tongyu Heavy Industry’s reverse mixed reform brings more obvious positive financial synergy,such as the improvement of financing ability,solvency,profitability and operating ability;2)the reverse mixed transformation has a positive operation and management synergy effect,such as improved management efficiency,reduced agency costs,access to more business resources,and improved innovation capacity;3)the reverse mixed reform event had a significant positive impact on the share price of Tongyu Heavy Industry.Finally,the conclusion of this paper is summarized to provide inspiration for the reverse mixed reform of private enterprises in the same industry or similar industries.The contribution of this paper is that China’s mainstream policy and literature research focus on the traditional mixed-ownership reform,that is,the introduction of non-state capital by state-owned enterprises,while the research and policy on the reverse mixed reform of private enterprises are still lacking.This paper is helpful to enrich the research on the reverse mixed reform of private enterprises;In addition,this paper analyzes the whole process of Tongyu Heavy Industry’s motivation before the reverse mixed reform,the path in the mixed reform and the synergy after the mixed reform,which can provide a relatively new case for private enterprises in relevant industries to learn from in practice.The inadequacy of this article is that the company information involved in this article is understood and analyzed through public information and media interviews and reports,so it may lead to understanding deviation of the real situation,or the aspects involved are not comprehensive;Secondly,this paper chooses a single case as the research object,and some conclusions are not universal objectively;Finally,it is a long-term process for Tongyu Heavy Industry to carry out the reverse mixed reform and its strategic synergy after the mixed reform.The analysis period of the synergy effect of Tongyu Heavy Industry’s reverse mixed reform in this paper is relatively short,and some of the operational,management and financial synergy effects have not been fully reflected.After being written,it is still necessary to pay attention to the case of Tongyu Heavy Industry’s reverse mixed reform to improve this deficiency.