Research On The Motivation And Performance Of K Private Enterprises Introducing State Capital To Complete Reverse Mixed-ownership Reform

Being a vital force for China’s economic development.However,private enterprises are facing long-term practical problems,such as financing constraints and shortage of resources.As mixed-ownership reform continues to deepen,the “reverse mixed-ownership reform”with state-owned capital entering private enterprises has gradually become a market trend,providing new ideas for private enterprises to improve their management difficulties.Nevertheless,there are currently few cases of private enterprises completing mixed-ownership reform by introducing state-owned capital,and the academic circle has not yet reached a conclusion on the motivation and performance of “reverse mixed-ownership reform” in private enterprises.Therefore,the motivation and performance of “reverse mixed-ownership reform” in private enterprises based on case study still need to be further explored.This paper,taking the case of K private enterprise introducing investment from TY investment,a state-owned capital investment and operation company,as the research object,explored the motivation and performance of the mixed-ownership reform of K private enterprise,and summarized the relevant management enlightenment.K private enterprise is among the first new high-tech enterprises in China to introduce state-owned capital under the wave of “two-way mixed-ownership reform”,and has carried out a relatively long-term production and management activities after completing the mixed-ownership reform,thus it is of certain research value.First of all,the paper sorted out related literature about the motivation and performance of “two-way mixed-ownership reform”,and reviewed the existing research.Then,based on the theory and literature support,such as stakeholder theory and signaling theory,it analyzed the internal and external motivations and path of K private enterprise’s “reverse mixed-ownership reform”.Finally,divided by the completion of equity transaction between K private enterprise and TY Investment,the two periods,namely,before the reform and after the reform,were studied respectively regarding the performance of mixed-ownership reform,with methods of event study,combined non-financial index and financial index,and economic value added.The research results show that,in terms of motivation,the primary motivation for K private enterprise carrying out “reverse mixed-ownership reform” is to introduce state-owned capital so as to ease management difficulties,the second motivation is that TY investment possesses geographical and resource advantages,and proactively put forward the commitment of “managing capital rather than managing production”,while the fundamental motivation for the cooperation is that the two enterprises share the same long-term strategic goals for development.In terms of performance,K private enterprise,through the “reverse mixed-ownership reform”,is able to gain complementary advantage resources and improve enterprise performance,In terms of research enlightenment,private enterprise carrying out “reverse mixed-ownership reform” by introducing state-owned capital should choose an appropriate target based on its development strategy on the one hand,and pay attention to the balance and governance of equity after the introduction of state-owned capital on the other.private enterprise also should value the long-term operation and management after the mixed-ownership reform,and make rational use of resources,so as to achieve coordinated development and enhance comprehensive strength.It is hoped that the above findings can provide reference for other private enterprises intending to introduce state-owned capital.