Research On The Utility Of Reverse Mergers In Mixed Ownership Reform

Since the promulgation of the Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning the Comprehensive Deepening of Reform,the "mixed ownership model of mutual shareholding and integration of state-owned capital,collective capital and private capital" has become an important part of the current deepening reform of state-owned enterprises.Mixed ownership reform can be divided into two categories according to different directions:it can take the form of combining the initiative of state-owned enterprises with nonstate-owned capital,referred to as "positive mixed reform",or it can take the form of combining non-state-owned enterprises with state-owned capital,referred to as "reverse mixed reform".With the deepening of reform,the trend of mutual penetration between state-owned enterprises and private enterprises is becoming more and more obvious,whether it is positive mixed reform or reverse mixed reform,which is conducive to promoting the common development and effective checks and balances between different ownership capitals.With the continuous advancement of mixed ownership reform,there is a relatively novel reform method,state-owned enterprises or private enterprises through backdoor different ownership enterprises to achieve "mixed reform+listing",backdoor listing as an important path of mixed ownership reform,often occurs in the practice of mixed ownership,backdoor parties can achieve mixed ownership reform through backdoor listing.According to the different subjects of mixed reform,it can be divided into"positive mixed reform" and "reverse mixed reform" two types of backdoor listing events.Therefore,this thesis takes state-owned enterprises and private enterprises as the protagonists of mixed reform,analyzes them in the form of two cases of "positive mixed reform-"Zhejiang Construction Investment Backdoor Duo Xi Ai"" and "reverse mixed reform-Guowang Hi-Tech Backdoor Eastern Market",adopts the methods of literature combing and theoretical analysis,constructs a theoretical analysis framework of mixed reform,and conducts in-depth discussions around the theme of "the motivation and effect of positive and reverse mixed reform through backdoor listing",which is innovative in terms of research perspective.The analysis and study of the above issues is of great theoretical and practical significance for the current in-depth promotion of the mixed ownership reform of state-owned enterprises/private enterprises through backdoor listing.The questions to be addressed in this article include:What are the motivations of state-owned enterprises and private enterprises to participate in mixed ownership reform?How does backdoor listing help mixed ownership reform?What are the effects of mixed reform through backdoor listing?Through theoretical combing and case analysis,this thesis finds that enterprises of different nature have different purposes and effects of mixed ownership reform through backdoor listing.Based on summarizing the existing theories related to mixed ownership reform,this thesis divides the perspective of enterprises using backdoor listing paths to carry out mixed reform into two categories,namely efficiency perspective and resource perspective.Finally,it is concluded that under the background of comprehensive registration system,the backdoor listing path of enterprises for the purpose of mixed ownership is still feasible,and the effect of mixed ownership reform can be effectively completed.SOEs should pay more attention to backdoor listings from the perspective of efficiency,obtain listing status through backdoor listings,introduce external capital,stimulate the operational efficiency of SOEs,and promote the high-quality development of SOEs.Private enterprises should pay more attention to backdoor listings from the perspective of resources,introduce state-owned capital through backdoor listings,and obtain better market resources under the endorsement of state-owned assets.