The Motivation And Economic Effect Of Ciwen Media’s "reverse Mixed Reform"

Affected by the operation mode of "high leverage" and the downturn of the industry,private enterprises are in a liquidity dilemma,which has always been the focus of national attention and a hot social topic.Facing the plight of private listed enterprises,the state has issued relevant policies to urge and encourage local state-owned capital to take the initiative to help private enterprises solve the liquidation crisis and operation difficulties.In 2022,the State issued the Notice on Matters Related to Central Enterprises assisting smes in Rescuing and Solving Difficulties and Promoting Coordinated Development,starting from seven major points and 27 small points,to help smes in rescuing and solving difficulties.Put forward effective which play a leading role of state-owned capital,the implementation of modern industrial chain length action plan,around its main business,strengthen coordination with high compatibility,high sense of identity,small and medium-sized enterprise cooperation,actively through investment cooperation,project cooperation and industry altogether,alliances,support for promoting the coordinated development of industry chain upstream and downstream small and medium-sized enterprises.In this case,Ciwen Media,a leading enterprise in the film and television industry,took the lead in breaking through the dilemma in the winter of 2019.It took advantage of the "reverse mixed reform" to rescue the equity pledge crisis and became a mixed ownership enterprise,which expanded the strategic cooperation of the enterprise and alleviated the financial crisis.Therefore,exploring the motivation and economic effects of ciwen Media’s "reverse mixed-ownership reform" can provide relief ideas for other enterprises,and provide more scientific suggestions on the hidden difficulties that may occur in the process of "reverse mixed-ownership reform".This paper first summarizes the concept of "reverse mixed-ownership reform" by combing and summarizing relevant literature at home and abroad,and expounds the theoretical basis of mergers and acquisitions.Then it introduces Ciwen Media and its "reverse mixed-ownership reform".Secondly,the motivation of "reverse mixed reform" is analyzed.Through the research,it is shown that ciwen media’s "reverse mixed reform" is motivated by the crisis of high proportion of equity pledge,the need of strategic development and the guidance of national policies.Based on this,this paper analyzes the economic effects of "reverse mixed-ownership reform" from the perspectives of market performance,financial indicators and non-financial indicators,and explores whether it achieves the purpose of ciwen Media’s "reverse mixed-ownership reform".The results show that the investors of Ciwen Media are relatively recognized and agree with the behavior of Huazhang investment after the "reverse mixed reform".At the same time,"reverse mixed reform" is conducive to the improvement of ciwen Media’s business performance,debt paying ability and profitability,and ease the cash flow situation.At the same time,it helped Ciwen media to increase the bank credit line,find high-quality strategic partners for cooperation,extend its production chain and value chain,optimize its governance structure,improve its governance efficiency,and achieve the purpose of financial coordination,scale coordination and management coordination.