| In 2013,《the Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning Comprehensively Deepening Reform 》 clearly stated that we should actively develop a "mixed ownership economy with cross shareholding and mutual integration of state-owned capital,collective capital,and non-public capital.".The reform of mixed ownership can take the form of both state-owned enterprises introducing non-state capital and non-state enterprises introducing state-owned capital.The latter form of mixed modification is often referred to as "reverse mixed modification".The case object selected in this article is Helitai,a leading enterprise in China’s electronic information equipment manufacturing industry,and one of the pioneers of reverse hybrid transformation.In September 2018,Helitai introduced the state-owned capital Fujian Electronics to carry out the reverse hybrid reform,in which the state-owned capital has been in a relatively controlling position,which has a certain representative role in the case study of reverse hybrid reform.First of all,based on a brief review of the history of Helitai’s reverse mixed reform,this paper analyzes the motivations for mixed reform enterprises and local state-owned assets to implement reverse mixed reform.From the perspective of mixed reform enterprises,resolving pledge risks,alleviating financing constraints,forming industry chain integration,and improving governance mechanisms are the motivations for their reverse mixed reform;From the perspective of local state-owned assets,achieving the preservation and appreciation of state-owned capital,improving the layout of state-owned assets,and complying with the national technological innovation project plan are the motivations for its reverse mixed transformation.Then,it analyzes the impact path of reverse hybrid reform on Helitech’s performance from three perspectives: resource acquisition,corporate governance,and strategic synergy.In terms of resource acquisition,mixed reform can enable Helitai to obtain equity and debt financing,obtain government support and tax incentives,and thereby affect enterprise performance.In terms of corporate governance,mixed reform can improve the equity structure of Helitai,optimize its governance structure,and standardize the investment behavior of management.In terms of strategic synergy,hybrid reform can generate operational,management,and industrial synergy,thereby improving the business situation of enterprises.Then,from three aspects of market performance,financial performance,and innovation performance,the actual effect of Helitai’s reverse hybrid reform was analyzed.In terms of short-term market performance,the event study method was used to analyze cumulative excess returns.It was found that the market reacted well to Helitai’s introduction to Fujian Electric Power,and investors’ attitudes towards the hybrid reform plan were also recognized.In terms of financial performance,using the pre and post comparison method and the industry benchmarking method to evaluate the company,it was found that the company’s profitability declined significantly after the introduction of state-owned assets,and the core businesses that achieved profitability did not achieve growth;Slightly improved solvency;The operational pressure has been reduced;Although the growth capacity has decreased,it is higher than the industry level;Cash flow performance has improved.In terms of innovation performance,through the analysis of innovation input and innovation output,it was found that Helitech performed poorly,with the growth rate of R&D investment slowing down,the number of highly skilled talents decreasing,and the number of patents also decreasing after the mixed reform.Finally,it analyzes the reasons why the effect of reverse hybrid reform is not as expected,mainly due to the reduced willingness of enterprises to innovate after the hybrid reform,defects in internal control,and the legacy of early large-scale expansion. |
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