Motivation And Effect Analysis Of Private Enterprises Introducing State Capital Under The Background Of Reverse Mixed Reform

The mixed-ownership reform was proposed in the 1990s with the initial aim of stateowned enterprises introducing private capital to boost productivity.After more than 20 years of development,most state-owned enterprises have made great progress by introducing private capital through the implementation of mixed reform.In recent years,in order to solve the problems of difficult financing,survival and development under the influence of the economic environment,private enterprises have introduced stateowned capital one after another and implemented "reverse mixed reform".With the help of state-owned capital resources,enterprises can develop upward and better.The existing researches mainly focus on the results of the mixed reform of state-owned enterprises.Based on this,this paper takes Helitai as the main body to study the motivation and effect of its introduction into Fujian Electronics,so as to provide experience for private enterprises to implement mixed reform in the future.This paper first reviews the existing domestic and foreign research results on the motivation and effect of reverse mixed reform based on the theoretical basis of reverse mixed reform,and on this basis introduces the process of Helitai’s introduction to Fujian Electronics,and studies the motivation of Helitai’s implementation of mixed reform from four aspects: corporate governance,financing constraints,capital demand and industrial collaboration.Finally,combined with the above four aspects of motivation,analysis of its governance structure,financial performance,non-financial performance and market response.Based on the case analysis of Helitai’s reverse mixed reform,this paper draws the following conclusions: First,introducing state-owned enterprises to implement mixed reform has a positive impact on Helitai’s easing of financing constraints.Second,the participation of state-owned shareholders has changed the single ownership structure of Helitai and improved the level of corporate governance.Third,after the introduction of state-owned enterprise Fujian Electronics,Helitai has obtained abundant credit resources,which provides sufficient fund guarantee for future development.Fourthly,the innovation capability of Helitai has been weakened after the implementation of mixed reform,which reflects that the two companies have not fully realized technological integration and industrial collaboration.