Research On The Motivation And Consequences Of The Introduction Of State-owned Capital Into Private Enterprises

Since the Third Plenary Session of the 18 th CPC Central Committee emphasized the development of mixed ownership,China has issued a series of guidelines to deepen the reform of the economic system.With the deepening of the reform,"mixed reform" has brought an endless stream of vitality and vitality to enterprises.In recent years,with the slowdown of Chinese economic growth,the development of private enterprises has been restricted,and some enterprises have fallen into bottlenecks.With the deepening of the reform of mixed ownership,these private enterprises began to seek cooperation with state-owned capital,hoping to introduce state-owned capital and realize the complement of resources and governance.This paper studies the mixed reform from the perspective of private enterprises,namely Reverse Mixed Reform.Based on the background of the mixed reform system and the development status of private enterprises,this paper,combined with the case of Eontec introducing state-owned capital into Zhuzhou State Investment Corporation,analyzed and studied the motivation of Eontec introducing state-owned capital,the process of introducing state-owned investors and the effect of introducing state-owned capital.Starting from the above problems,this paper analyzes the internal mechanism of private enterprises introducing state capital.This paper mainly adopts literature research method and case study method to study and analyze the case of Eontec’s introduction of state-owned capital.First of all,the background of Eontec’s introduction into Zhuzhou State Investment Corporation is summarized.By analyzing the characteristics of Eontec’s development stage before the mixed reform and the corresponding development predicament,the motivation for the introduction of state-owned capital is analyzed.Secondly,the steps of Eontec’s introduction into Zhuzhou State Investment Corporation are analyzed in detail,and the transfer of control right,changes of equity and board of directors in the process of mixed reform are studied.Finally,through integration analysis,To explore the effect of Eontec’s introduction of Zhuzhou State Investment in corporate governance,investment,financing,innovation and financial performance.This paper finds that,based on the cash flow characteristics and innovation characteristics in the development stage,Eontec introduced Zhuzhou State Investment because the enterprise began to look for investors in the face of cash flow and innovation difficulties,and cooperated with Zhuzhou State Investment,the only investor in line with its development strategy,for win-win cooperation.In addition,this study found that Eontec introduced state-owned investors in a "three-step" way,transferring equity and voting rights,and introducing state-owned directors,so as to achieve a deep binding between the Company is compared with state-owned enterprises in terms of shares and operations.Analysis on the effect of Eontec’s introduction of state-owned capital,it is concluded that the mixed reform plays an optimization role in the governance structure of Chinese private enterprises,and enhances the financing ability,investment ability and innovation ability of private enterprises.While expanding the scale of enterprises,the financial performance of enterprises after mixed reform is not ideal.However,the negative effects are not sustained.The mixed reform has significantly improved the governance,financing and investment capabilities of enterprises.The research significance of this paper is mainly embodied in the following aspects: theoretical significance,it introduces the case of Eontec’s mixed-ownership reform,studies the achievements of "reverse mixed-ownership reform" from the perspective of private enterprises,uses case analysis to improve and supplement the research on mixed ownership reform deepens the interpretation of mixed ownership reform policies and effects.In terms of practical significance,Eontec has been introduced into Zhuzhou State Investment for some time,and the effects and problems of mixed reform have gradually emerged.Therefore,the study of this case can provide a summary of relevant experience for private enterprises to conduct mixed reform.