Research On The Effect Of Private Enterprises Introducing State-owned Controlling Shareholder

Mixed ownership reform is the core content of our country’s economic system reform.Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China,the mixed ownership reform of state-owned enterprises has been actively and steadily advanced,and remarkable results have been achieved in terms of the scale,field,method and speed of mixed ownership reform.With the continuous advancement of mixed ownership reform,its connotation extends from private capital’s participation in state-owned enterprises to state-owned capital’s investment in private enterprises.Private enterprises are the important force for China to promote technological innovation and economic transformation and upgrading,and make significant contributions to our country’s employment,stabilization,and technological innovation.However,private enterprises are usually faced with a mismatch between their social status and economic status,which makes it impossible for them to escape the bottlenecks that hinder their own development,such as financing constraints,resource shortages and unsound governance structures,thus delaying the process of realizing high-quality economic development and building a modern economic system in our country.Under the background of mixed ownership reform,stateowned capital’s participation in private enterprises changes the original ownership structure of private enterprises and realizes mixed ownership in property right arrangement.Can this help private enterprises overcome the three big mountains of market,financing and transformation,and achieve greater development? Furthermore,there are more and more private enterprises transferring control right to state-owned capital in the market.Can this special form of mixedownership reform still play a positive role? It remains to be seen whether the final result is the state-owned advancing with the private-owned advancing.Therefore,this thesis attempts to study the effect of mixed ownership reform from the perspective of private enterprises introducing state-owned controlling shares,in the hope of summarizing successful experiences to provide a model for future mixed ownership reform of private enterprises.This thesis selects the case of Meiya Pico introducing SDIC Intelligence.Before the introduction of SDIC Intelligence,Meiya Pico was a privately held listed company focusing on electronic data forensics,cyberspace security and big data intelligence.SDIC Intelligence achieves relative control over Meiya Pico by means of equity transfer and voting rights delegation,and eventually becomes its actual controller.On the one hand,Meiya Pico successfully realizes the transformation of the ownership background from a private enterprise to a state-owned enterprise by introducing SDIC Intelligence to carry out reverse mixedownership reform,which effectively solves the problem of original business qualifications,thereby breaking industry barriers and promoting the long-term development of the enterprise.On the other hand,the differentiated supervision and governance mode under the relatively controlling model by state-owned controlling shareholders maintains the original market vitality and operating motivation of Meiya Pico,which is a powerful practice of the transformation of state-owned capital from managing assets to managing capital.Therefore,the case selected is not only a case of mixed-ownership reform of private enterprises in key areas of the country,but a typical case under the supervision system of state-owned assets based on managing capital.This thesis uses literature research method,case study method,event study method and comparative analysis method to study and analyze the case of Meiya Pico introducing SDIC Intelligent to carry out the mixed ownership reform.The full text is divided into five chapters.The first chapter mainly expounds the research background and research significance,research ideas and research methods,as well as the structural framework of this thesis,and sorts out the relevant literature.The second chapter illustrates the relevant theories on the introduction of state-owned shareholder by private enterprises,mainly including the concept of mixed ownership reform,the path and economic consequences of private enterprises’ introduction of state-owned shareholder,the mechanism of state-owned shareholder to improve the performance of private enterprises,and the theory of private enterprises’ introduction of stateowned shareholder.It provides a theoretical basis for the following research.The third chapter is the case presentation.First,it briefly introduces the general situation of the two companies in this case,and then elaborates the process of Meiya Pico introducing SDIC Intelligence.The fourth chapter studies the effects of the introduction of SDIC Intelligence by Meiya Pico.It mainly analyzes the economic consequences from the perspectives of market response,financial performance and innovation ability,and further analyzes the reasons for the improvement of Meiya Pico’s performance in combination with the actual situation of the case.This thesis finds that the entry of state-owned controlling shareholders gives full play to the resource advantages,optimizes the governance system,strengthens the governance of the party organization,and brings positive performance to Meiya Pico.The fifth chapter is the research conclusion and enlightenment.On the basis of the previous research and analysis,this chapter draws the corresponding research conclusions:(1)the introduction of state-owned controlling shareholders by Meiya Pico brings positive market performance;(2)the introduction of stateowned controlling shareholders by Meiya Pico achieves steady growth in performance;(3)the introduction of state-controlled shareholders by Meiya Pico accelerates the technological innovation of the enterprise.Based on this,this thesis finally summarizes the corresponding research inspiration:(1)private enterprises can actively introduce state-owned assets that fit their development concept to help their own development;(2)the introduction of state-owned equity by private enterprises ought to be controlled in an appropriate proportion to form an effective ownership structure;(3)party building work need to be strengthened and the governance role of party organizations should be brought into play after state-owned assets hold private enterprises;(4)an appropriate supervision model should be formed to retain the vitality of private enterprises after state-owned assets hold private enterprises.The research conclusions of this thesis also make essential theoretical contributions and possess practical value.On the one hand,this thesis not only enriches the existing research on the mixed reform of private enterprises,but also explores the specific impact and mechanism of state-controlled equity on enterprise performance.On the other hand,the research conclusions of this thesis are also of great significance for further deepening the mixed ownership reform in our country,promoting the preservation and appreciation of state-owned capital and stimulating the vitality of private enterprises,and they also provide empirical evidence for reference on how to promote “both the state-owned and the private-owned enterprises advancing”.