As an important part of China's economy, private enterprises play a vital role in promoting rapid economic growth, increasing government tax revenue, and promoting employment. However, the development of private enterprises is often constrained by financing channels, industry access, and resource allocation. To promote the healthy development of private enterprises in China, in 2015, the State Council proposed to encourage state-owned enterprises to invest in non-state-owned enterprises in various forms, which opened the prelude to the reverse mixed reform of Chinese enterprises. Subsequently, in 2018, under the influence of China's macroeconomic downturn and credit policy tightening, the development of most private enterprises was hit hard. In this case, many cases of private enterprises introducing state-owned enterprises to implement reverse mixed reform gradually emerged. However, there are few case studies on the implementation of reverse mixed reform by private enterprises in the past. Therefore, this thesis chooses the typical case of Jinyi Culture as the research object from the perspective of private enterprises, and summarizes the experience and enlightenment of its implementation of reverse mixed reform, in order to enrich the research on reverse mixed reform in China, and provide experience for other companies in the same industry in China when implementing reverse mixed reform.
Based on the resource-based theory, synergistic effect theory, and principal-agent theory, this thesis uses literature research method, case study method, event research method, and entropy method to sort out the process of reverse mixed reform of Jinyi Culture and analyze the reasons for its implementation of reverse mixed reform. Secondly, it analyzes the path of influencing enterprise performance from three aspects: obtaining core resources, improving management efficiency, and improving corporate governance structure. Thirdly, it analyzes the performance of Jinyi Culture after the implementation of reverse mixed reform from four aspects: market performance, financial performance, corporate governance performance, and innovation performance. Finally, according to the research conclusions of this thesis, some suggestions are put forward.
The study found that : First of all, the motivation of Jinyi Culture to implement reverse mixed reform is mainly to alleviate financial pressure, broaden financing channels, solve the crisis of equity pledge liquidation and improve the company 's operating status. Secondly, reverse mixed reform mainly affects the performance of Jinyi Culture from three paths : obtaining core resources, improving management efficiency and improving corporate governance structure. Finally, after the change of control rights to state-owned enterprises, the market performance, financial performance and governance performance of Jinyi Culture only improved in the short term, and decreased in the later period, while the company 's innovation performance has basically shown a downward trend since the change of control rights ; therefore, on the whole, the performance of Jinyi Culture has a short-term improvement after the reverse mixed reform, but the long-term performance has not been significantly improved. Through the analysis of the case of Jinyi Culture 's reverse mixed reform, it is found that Jinyi Culture has the following problems in the implementation of reverse mixed reform : first, Jinyi Culture and state-owned enterprises did not actively promote the integration work after the mixed reform, and the two sides did not form a good synergistic effect ; second, after the reverse mixed reform, the equity allocation of Jinyi Culture is unreasonable, and the proportion of state-owned equity is too heavy, which may weaken the vitality of private enterprises ; third, the state-owned strategic investors selected by Jinyi Culture do not match the company 's strategic planning and cannot form a good synergy at the strategic level. In view of the problems existing in the implementation of reverse mixed reform of Jinyi Culture, this thesis mainly puts forward the following three suggestions : first, private enterprises should pay attention to the integration work after mixed reform ; second, we should reasonably arrange the ownership structure after the mixed reform and actively play the vitality of private enterprises ; third, private enterprises should choose the appropriate state-owned strategic investors.
谷歌
火狐
