The Motivation And Performance Analysis Of Reverse Mixed Reform In Private Enterprises

The mixed ownership reform is of great significance to promote the economic development of our country,and it effectively improves the efficiency of resource allocation of state-owned enterprises.With the continuous development of the reform,the way of the reform is constantly innovated.The state not only actively promotes the positive reform of the reform "introduced" by state-owned capital,but also vigorously supports state-owned capital "going out" and actively participates in private enterprises in various ways.On this basis,the way of private enterprises introducing state capital through reverse reform has gradually attracted attention.Unlike state-owned enterprises,which have innate advantages of resource endowment,private enterprises continue to develop through flexible management systems and become an important participant in China’s economy,making huge contributions to tax revenue and employment.However,private enterprises are weak in financing and resource acquisition,and the problems of "difficult financing" and "expensive financing" have been running through the development process of private enterprises.In the face of the uncertain external environment,some private enterprises fall into operational difficulties due to the shortage of funds,lack of resources and difficulties in transformation and upgrading.Therefore,private enterprises actively seek external reform,aiming to achieve strategic goals such as easing financing constraints,improving enterprise resource acquisition ability and optimizing their business layout by introducing state-owned capital for reverse mixed reform.State-owned capital practices the strategy of leading the coordinated development of private enterprises.In order to achieve the goal of preserving and increasing the value of state-owned capital,state-owned capital actively participates in the mixed reform of private enterprises and selects private enterprises with development potential and growth ability to achieve the purpose of common development of both sides.The basic framework and conclusion of this paper are as follows: through the literature review of the motivation and performance of reverse mixed reform in private enterprises,the case is analyzed in combination with financing constraint theory,resource dependence theory and principal-agent theory.It is found that EAST choose reverse mixed reform based on the high level of equity pledge,foreign investment failure caused by financial difficulties,seeking external resources to optimize the business layout and other motivations,and through the event study method and the selection of relevant financial indicators to evaluate the economic consequences of EAST to reform.It is concluded that the reverse mixed reform has a positive effect on the development of EAST,specifically:(1)EAST improved the cash flow of the enterprise through the reverse mixed reform;(2)EAST further optimized its business layout through reverse mixing reform;(3)EAST improved the level of corporate governance through reverse mixed reform.At the same time,it is found that the successful introduction of reverse mixed reform into state-owned assets is inseparable from the design and implementation of mixed reform program.This paper hopes to enrich the application research of reverse mixed reform in private enterprises and provide possible reference for the development of private enterprises through the case study of introducing the reverse mixed reform into Guangdong Hengrui.