Study On The Motivation And Effectiveness Of Reverse Mixed-ownership Reform Of Orient Landscape

Mixed-ownership reform,as a major issue in China’s enterprise reform,is not only an important way of state-owned enterprises(SOEs)reform,but also a vital measure to promote the creative development of private enterprises.The state supports SOEs to invest in private enterprises in various forms,that is,"reverse mixed-ownership reform".Through the "reverse mixed-ownership reform",private enterprises and SOEs achieve complementary advantages and resource sharing,forming a strategic synergy,which helps alleviate a series of problems faced by private enterprises,such as debt default crisis,centralized equity pledge position closing,and financing difficulties.In order to explore the motivation and effectiveness of "reverse mixed-ownership reform",this paper selects the Oriental Garden as the research object.First of all,this thesis summarizes the present research status at home and abroad on reverse mixed-ownership reform,and then,based on the principal-agent theory,strategic alliance theory,signal theory,political relevance and other theories,it comprehensively uses the literature research method,case analysis method,event research method,and comparative analysis method to conduct research.The results are as follows:(1)The external reasons for the mixed-ownership reform of Oriental Garden are: the impact of macroeconomic situation,the promotion of mixed transformation policies,the tightening of PPP project supervision,etc;the internal motivations include: improving the financing situation and capital liquidity,enhancing the core competitiveness of enterprises,mitigating the risk of equity pledge,optimizing the shareholder structure,improving corporate governance,enhancing corporate credit,etc.(2)The short-term market reaction after the reform was good,and the excess return rate and cumulative excess return rate reached the peak on the day of the mixed-ownership reform;the governance structure,debt structure and other non-financial indicators have improved.However,it is worth noting that the innovation ability has not been effectively improved,mainly because the process of innovation is generally slow and it is difficult to show in a short time.(3)In the first year after the mixed-ownership reform(i.e.2020),many core financial indicators reflecting profitability,solvency,growth ability and operating ability(hereinafter referred to as "four abilities")have improved compared with 2019;it decreased in 2021,but the overall trend is basically consistent with the control sample.(4)The EVA index is used to evaluate and analyze the business performance before and after the mixedownership reform.The results show that the EVA index has improved after the reform,which verifies the analysis of the four abilities.From the analysis,the short-term effect of the reverse mixed-ownership reform is good.The analysis of this paper can supplement the theoretical research and related literature on the reverse mixed-ownership reform of private enterprises,and can also provide reference for other private enterprises.