Study On The Motivation And Effect Of Reverse Mixed Ownership Reform In Manor Ranch

Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China,the Party Central Committee has repeatedly emphasized the need to vigorously promote the reform of mixed ownership,in order to achieve win-win development of capital under all ownership systems.With the continuous deepening of mixed ownership reform,the reverse mixed ownership reform with private enterprises as the main body is accelerating,becoming a new trend and model of mixed ownership reform.Unlike in 2018 when private enterprises introduced state-owned capital to seek relief,since 2020,reverse mixed transformation has become a strategic choice for private enterprises to obtain industrial resources and seek business development.However,the current reverse mixed transformation of private enterprises is still in the exploratory stage,and scholars have not yet reached a consistent conclusion on the economic consequences of reverse mixed transformation.Further exploration is also needed to explore the underlying mechanism of the above economic consequences.Based on this,this article conducts a case study on the reverse mixed transformation of manors and pastures,and explores the following questions: What are the reasons for the reverse mixed transformation of private enterprises? What specific solution has been chosen for reverse mixed transformation? What is the effect of reverse mixed transformation?This article combines relevant theories and existing research to build a case analysis framework,elaborates on the specific process of introducing farm farms into Gansu Agricultural Reclamation for reverse mixed transformation,explores the reasons for its reverse mixed transformation,and comprehensively evaluates its mixed transformation effect from aspects such as corporate governance,financing status,industrial chain integration,market response,financial performance,etc.Through case analysis,this article draws the following conclusions: firstly,the main motivation for this reverse mixed transformation is to obtain upstream resources in the industrial chain.Gansu Agricultural Reclamation’s advantageous resources in the upstream industry have made up for the weak links in the original industrial layout of the manor and pasture,and its strategic investor selection is scientific.Secondly,in terms of transaction plan selection,the estate ranch completes the reverse mixed transformation through a "two-step" approach of directional issuance and equity transfer.After the mixed reform,the balance and supervision at the equity level have been strengthened,and corporate governance has shifted from being led by the private sector to a new model led by the state-owned assets and jointly managed by the private and state-owned assets,laying the foundation for the effective allocation of resources in the future.Thirdly,in terms of the effect of reverse mixed transformation,there is a significant synergistic effect between Gansu Agricultural Reclamation and Manor Ranch.Manor Ranch extends the industrial chain with the advantage of state-owned assets,and short-term financial performance has been improved.The above research has reference significance for the better integration and development of manor ranches and Gansu agricultural reclamation,and also provides experience and reference for other private enterprises to implement reverse mixed transformation.