The Path And Effect Analysis Of The Impact Of "Reverse" Mixed Reform On The Value Of Private Enterprises

China is continuing its mixed ownership reform and deepening its mixed reform approach,starting with the introduction of non-state capital as strategic investors in SOEs and gradually expanding to the introduction of private enterprises in SOEs for strategic cooperation,2015.In 2015,the State Council on the development of mixed-ownership economy for the first time,taking into account the views of state-owned enterprises to actively invest in the development potential of high-growth non-sovereign enterprises to promote state-owned enterprises in various ways,the "reverse" model of introducing mixed reform of private enterprises with state-owned enterprises is gradually coming to the fore.With the effect of financial policy tightening in 2018,some private enterprises have found themselves in financial difficulties and have been looking for a way out,and the introduction of state capital to alleviate the situation has become a "hot trend",especially since the impact of the new crown epidemic in 2020,the business environment and financial difficulties of enterprises have gradually emerged,with reference to ref.20.The impact of the "reverse" mixed reform on the value of private enterprises has become the focus of attention,and also plays an important leading role in the current new development model.Against this background,this paper presents an in-depth case study on the implementation of Chuanfa Environment in Qingxin Environment,starting with an analysis of the motivation for the introduction of SOEs in Qingxin Environment,the impact of the introduction of SOEs on enterprise value and overall enterprise change,and the positive significance of this,followed by the potential challenges and inspirations of the "reverse" mixed reform process offered by this case study.A case study approach has been used in this paper.A case study approach has been used in this document.We first try to identify the internal and external drivers of Fresh Environment’s ’reverse’ blend,then analyse the impact of the blend in terms of corporate governance,technological innovation and business scale,and finally examine the impact of the ’reverse’ blend using event studies,financial indicators and discounted free cash flow models.Finally,we examine the impact of the "reverse" blending reform on firm value using event studies,financial indicator analysis and discounted free cash flow models.This paper selects Qingxin Environment,a leading private high-tech enterprise in China’s environmental protection industry,as a case study,which has great internal significance;secondly,it highlights the situation of "the state coming among the people",especially when the current competition in the industry is intensifying and has its own development difficulties,private enterprises are actively introducing state-owned investors in order to realize cooperation,mutual benefits and complementary advantages;Thirdly,analysing the introduction of state capital into Qingxin Environment as a typical case can provide a useful reference for other private enterprises in Chinese industry to further develop and enhance their value.The analysis of the introduction of state capital into Qingxin Environment as a typical case can also provide a useful reference for other private companies in China seeking to further develop and increase their value.