Research On Resource Integration And Corporate Performance Of Reverse Mixed-ownership Reform Of Private Enterprise

Since the reform and opening up,China’s private enterprises have developed rapidly and gradually become an important pillar of the country’s economic development.The report of the 19 th National Congress included private enterprises in the report of the Party Congress for the first time,emphasising support for the development of private enterprises.2019 China’s Government Work Report put forward the "principle of competition neutrality",treating enterprises of all types of ownership equally.Since the 18 th National Congress,state-owned capital and private enterprises have been repeatedly encouraged to integrate and develop with each other,using the respective advantages of different capitals to promote high-quality economic development.By introducing state-owned capital,private enterprises are able to access the resources and government advantages brought by state-owned capital,which has contributed significantly to improving the performance of private enterprises.By organising the relevant literature on the introduction of state-owned capital by private enterprises,the relevant concepts are defined so as to lay the theoretical foundation for the subsequent study.Using Zhongjian Huaneng as a typical case,the selection of strategic investors in the resource identification stage of Zhongjian Huaneng is reviewed in terms of the "reverse-hybrid" scheme and the resource integration characteristics of the "reverse-hybrid" scheme respectively.The study also analyses the impact of the "reverse-hybrid reform" on the performance of CJEC from four aspects: financial,market,governance and innovation performance.Taking Zhongjian Huaneng as an example,the findings of this thesis are as follows:(1)the cooperation between the two enterprises in the "reverse hybrid reform" has led to the gradual emergence of the effect of resource integration,and Zhongjian Huaneng has improved its own resource level by acquiring the resources of the partner SOEs through resource analysis based on its own resource gap;(2)Zhongjian Huaneng has improved its own resource level through(2)Through the "Reverse Mixed Reform",CJHN achieved the integration and allocation of core resources,which directly improved the management level and management experience of the enterprise,realized the complementarity between the resources of state-owned enterprises and private enterprises,and achieved the ultimate goal of optimizing the governance structure and business of private enterprises,thus improving the development level and competitiveness of the national economy as a whole(3)The "reverse hybrid" reform of CECC has improved the financial performance of environmental protection enterprises,boosted confidence in the capital market,improved the governance structure of environmental protection enterprises and greatly stimulated the innovative energy of environmental protection enterprises.In conclusion,the ’reverse mixed ownership’ of private enterprises is conducive to improving performance and ensuring the robustness of the enterprise in its survival and development.At the same time,’reverse mixed ownership’ can,to a certain extent,improve resource utilisation and optimise resource allocation efficiency,thus achieving both economic and social benefits.Taking the example of Zhongjian Huaneng,we examine the characteristics of resource integration and corporate performance of private enterprises after the implementation of "reverse mixed ownership",in the hope of providing development ideas and reform experience to other similar enterprises seeking to develop,and in turn,continue to promote the prosperous development of private enterprises and the Chinese economy.It is hoped that the study.