Research On The Performance Of Private Listed Companies Introducing State-Owned Capital Under The Background Of Reverse Mixed Reform

In order to solve the obstacles between China’s market-oriented development direction and the problem of unfair competition between state-owned enterprises and private enterprises,our government issued lots of related policies to activate the development of mixed ownership economy.The mutual integration of different ownership of capital includes not only the market-oriented reform of state-owned enterprises introducing private capital,but also the reverse mixed reform of private enterprises introducing state-owned shareholders.On the one hand,after the reform,private enterprises can rely on their state-owned assets background to obtain the corresponding resources and platform advantages,so as to achieve the improvement of business operation,corporate governance and other capabilities;On the other hand,for state-owned enterprises,they hope to promote the upgrading of regional industrial structure,maintain and increase the value of state-owned capital,resolve the risks of listed companies and expand the market-oriented business of urban investment through this means.After 2018,in the context of financial deleveraging and related regulatory tightening,environmental protection enterprises that had previously used the loose financing environment to expand wantonly fell into business difficulties.In this context,state-owned capital entered the market in succession to rescue,triggering a wave of state-owned capital bailing out listed companies.This paper selects a typical company Fuchun Environmental Protection for research to study and analyze the performance changes of Fuchun Environmental Protection Company after the mixed transformation,hoping to providing some reference for the research and policies related to the reverse mixed transformation.This paper focuses on the whole process of Fuchun Environmental Protection Company’s introduction of Shuitian Group to carry out the reverse mixed reform,focusing on the reasons for the merger and acquisition parties to carry out the mixed reform,and the way of the reform impacting the Fuchun Environmental Protection Company’s performace,and the changes in the market,finance,governance and innovation of Fuchun Environmental Protection after the introduction of stateowned assets,and then describes the possible problems in the mixed reform,and makes suggestions to private enterprises,state-owned enterprises and the government respectively.After completing the whole research,there are about three conclusions : First,based on the analysis of the resource-dependent theory and principal-agent theory,this paper believes that the mixed reform of private enterprises is mainly to improve corporate performance by introducing state-owned capital to obtain the resources they lack for development and optimize the governance structure;Second,the results of the event study method show that the market and investors are optimistic about the reverse mixed reform of Fuchun Environmental Protection.The results of the financial index method show that the investment of Shuitian Group has brought sufficient funds to Fuchun Environmental Protection,and the solvency and cash flow have improved significantly,while the profitability and operating capacity still need to be improved,and the improvement of financial indicators is not sustainable;Third,in terms of governance performance,the company’s equity concentration and checks and balances have improved,but the improvement effect of agency costs is not good.In terms of innovation performance,Fuchun Environmental Protection attaches more importance to innovation research,and relevant investment continues to grow.For private enterprises and state-owned enterprises,before cooperation,they should pay attention to the industry and strength of the other party,select the appropriate transaction object,pay attention to the running-in of both parties after cooperation,and pay attention to the integration and utilization of relevant resources;For the government,it should continue to improve the relevant systems,promote fair competition in the market,and try to ensure the continuity of policies,so as to create a stable market environment for the survival and development of enterprises.