Performance Study on Reverse Mixed-Ownership Reform of Private Enterprises

Since the Third Plenary Session of the 11th Central Committee in 1978, especially with the introduction of the State-owned Enterprise Reform Three-Year Action Plan, the mixed-ownership reform has been further accelerated. The government encourages the mixed-ownership economy and supports the effective integration of state-owned and private capital, aiming to use the advantages of all parties to promote the common prosperity of state-owned enterprises and private enterprises. By 2020, the environmental protection industry has seen a significant "reverse mixed-ownership reform" upsurge. The impact of reverse mixed-ownership reform on the performance of private enterprises, and how private enterprises can utilize the advantageous resources of state-owned enterprises to achieve high-quality development have become hot topics. This article takes Qingxin Environment and Energy-saving Guozhen as case studies, using case analysis, event study, and comparative analysis methods to deeply explore the effectiveness of the reverse mixed-ownership reform of the two companies, and points out the risks and challenges encountered in the reform process. At present, there are many case studies on state-owned enterprises introducing private strategic investors, but there are very few comparative case studies on the reverse mixed-ownership reform of private enterprises. This paper provides valuable experience for private enterprises to participate in reverse mixed-ownership reform and enriches the case study of mixed-ownership reform by comparing the two cases.