Research On The Impact Of Meiya Pico's Introduction Of State-owned Capital On Corporate Performanc

The Three-Year Action Plan for the Reform of State-owned Enterprises(2020-2022),which was adopted at the 14 th meeting of the Central Committee for Comprehensively Deepening Reform in 2020,once again emphasises the need to deepen mixed ownership reform as the focus of reform.There are two forms of mixed ownership reform,one is the introduction of non-state capital by state-owned enterprises,or forward mixed reform,and the other is the introduction of state-owned capital by private enterprises,or reverse mixed reform.While most studies have focused on forward mixed reform,this paper focuses on the latter,complementing theories related to the field of mixed reform and providing reference for private enterprises that have introduced state-owned capital one after another.The state encourages state-owned capital to enter strategic emerging areas.As the first private enterprise in the network security industry to introduce state-owned capital,Meiyabaike is a pioneer in the mixed ownership reform of the industry.In 2019,Meiyabaike introduced state-owned capital,which is a representative case.Through in-depth analysis of the case of the introduction of state-owned capital,this paper mainly studies two issues: how does the introduction of state-owned capital affect the corporate performance of Meiyabaike? Has the introduction of state-owned assets improved the corporate performance of Meiyabaike?This paper firstly reviews the relevant literature and summarises the motivations,impact paths and performance impacts of the introduction of state-owned capital by private enterprises in China.Secondly,using a case study approach,we analyse the motivations for the introduction of state capital by Meiyabaike and review the process of its introduction of state capital on this basis.The paper then analyses the impact of the introduction of state capital on the performance of Meiyabaike from three perspectives: principal-agent theory,political affiliation theory and resource dependency theory,and analyses the changes in performance before and after the introduction of state capital from three perspectives: market performance,financial performance and non-financial performance.Finally,the paper draws corresponding conclusions and insights.The research findings of this paper are:(1)Under the external environment of intensifying industry competition and facing policy risks,Meiyabaike introduced state-owned assets based on the needs of internal business development.(2)The impact of the introduction of stateowned assets on the performance of Meiyabaike is mainly reflected in three aspects.From the perspective of the principal-agent theory,the introduction of state-owned equity has optimized the equity structure of Meiyabaike after the introduction of state-owned assets,and state-owned shareholders have settled on the board of directors,improving the composition of the board of directors;From the perspective of political relevance theory,the introduction of state-owned assets has strengthened political relevance,increased government support,and obtained more tax incentives and government subsidies;From the perspective of resource dependence theory,after the introduction of state-owned assets,the capital of the board of directors has been expanded,more key resources have been obtained,the original business has been developed,new business has been expanded,and the domestic and international markets have been expanded.(3)The introduction of state-owned assets has improved the corporate performance,market performance,profitability,solvency,operating capacity,market share and R&D and innovation capabilities of Meiyabaike.