Research On The Governance Effect Of "Reverse Mixed Reform" In K Private Enterprise

With the deepening of mixed-ownership reform,the reform has entered a new stage of two-way mixed-ownership reform from the one-way introduction of state-owned enterprises into private enterprises.Since 2015,the country has encouraged state capital to invest in non-state enterprises in a variety of ways for "reverse mixed reform".After 2018,there has been a sharp increase in the number of private listed companies that have introduced stateowned assets for "reverse mixed reform".Some scholars began to study the significance and value of "reverse mixed reform".However,there are few literature studies on how to build a reasonable governance structure for private enterprises to give play to the dual advantages of "state-owned" and "private" after they introduce state assets into mixed ownership enterprises with state assets holding.Therefore,this thesis chooses a typical case of K company introducing Z Company,a state-owned enterprise,to explore the governance path and effect of "reverse mixed reform".This thesis firstly reviews relevant domestic and foreign literature,defines the concepts related to "reverse mixed reform" and governance effect,expounds the theoretical basis of the case study and analyzes the governance path of "reverse mixed reform".Secondly,this thesis introduces the basic situation of the case company and the process of "reverse mixed reform" of K company.Then,this thesis focuses on analyzing the governance path of K company after "reverse mixed reform" from the aspects of equity,board of directors,board of supervisors and party construction,and finds that: in the process of "reverse mixed reform",K Company establishes a reasonable governance structure through the construction of equity structure,board structure and board of supervisors structure with mutual checks and balances and taking into account the rights and interests of all parties,as well as the integration of party organizations into the governance system and other governance paths to enhance the supervision effect,and integrates resources with state-owned capital to play a synergistic effect.Finally,in terms of the governance effect evaluation of "reverse mixed reform",this thesis uses the event study method to study the reaction of the capital market to this event,and analyzes the effect of K Company’s "reverse mixed reform" from both financial and non-financial aspects.It is found that: firstly,this "reverse mixed reform" behavior has been positively recognized by the market in a short period of time.Secondly,in terms of financial effect,after the "reverse mixed reform",K company’s profitability and asset management quality are improved,debt risks are reduced,and financing constraints are effectively alleviated.Thirdly,in terms of non-financial effects,after the "reverse mixed reform",K company’s innovation ability is improved,its business structure is optimized,and its market share is also increased.Based on the above research and analysis,this thesis summarizes the research conclusions and puts forward three inspirations: firstly,private enterprises should build a governance structure that balances each other and takes into account the rights and interests of all parties when "reverse mixed reform";Secondly,private enterprises should fully integrate the party organization into the governance system when "reverse mixed reform";Thirdly,private enterprises should pay attention to the integration of resources between the two sides to achieve synergies in the process of "reverse mixed reform".It is hoped that this study can provide reference for similar private enterprises to introduce state-owned capital in the future.