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2018年中美贸易摩擦、金融强监管引起资本市场动荡，引发大规模规股权质押爆仓，流动性风险与信用风险叠加加剧，造成大部分企业股票面临平仓的危机。民企之前“借新还旧”的股票质押模式难以继续，陷入融资难的境地，尤其是环保行业之前规模化发展所积累的危机在波动的市场环境中爆发，一部分企业出现融资难度加大、债券及债务违约等一系列问题，有可能面临资金链断裂的情况。政府为防止股权质押风险蔓延，维持资本市场的稳定，出台各类纾困政策、制定多种纾困措施组合出击化解企业所面临的资金困境，降低由股权质押引发的风险。因此，民企在2019年左右纷纷引入国资纾困，引入国资纾困是一项高效的“救急”措施，能够在短时间内降低股权质押比例，缓解企业的流动性危机。

本文首先梳理民企引入国资纾困的相关文献并对其归纳总结，了解到目前我国引入国资纾困方面的文献研究时间短，学术研究少，且集中于从纾困方的角度探讨纾困机制的运作及实施方式，缺乏被纾困方的案例研究，不过关于引入国资纾困的动因及效果研究结论比较一致。所以，本文基于梳理的文献结合企业实际情况，深入分析碧水源引入国资纾困的动因及引入后双方融合所产生的效果。经过分析，本文认为碧水源引入国资纾困的主要动因是因高股权质押风险引起的资金困境，碧水源之前作为重资产企业，其开展业务需要大量的流动资金支持，而市场萎靡、常规融资难度加大，选择国资纾困是最快捷、有效的融资方式；纾困效果的分析与评价是对应动因展开，从融资、协同、治理三个角度切入分析，发现引入国资纾困后融资方面的效果最为显著，国资背景的加持有效缓解了碧水源的资金流动性困境；协同方面，业务协同效应已逐渐显现，经营业绩有所上升；国有企业的参股优化了碧水源的股权结构，有效提升了其治理水平。本文的研究结论具有重要的理论意义和现实指导意义，对现有的国资纾困相关研究进行了丰富，希望能够为陷入困境的企业在引入国资纾困方面提供借鉴。

In 2018, Sino-US trade frictions and strong financial regulation caused turbulence in the capital market, which led to a large-scale expansion of the stock pledge, and the superposition of liquidity risk and credit risk increased, resulting in the crisis of liquidation of most enterprises' stocks. Private enterprises before "borrow the new to return the old" stock pledge model is difficult to continue, into the financing difficulties, especially the environmental protection industry before the large-scale development of the crisis accumulated in the volatile market environment erupted, some enterprises have increased financing difficulties, bonds and debt defaults and a series of problems, may face the breakdown of the capital chain. In order to prevent the spread of equity pledge risks and maintain the stability of the capital market, the government has introduced various rescue policies and formulated a variety of rescue measures to solve the financial difficulties faced by enterprises and reduce the risks caused by equity pledge. Therefore, private enterprises have introduced state-owned capital rescue around 2019, and the introduction of state-owned capital rescue is an efficient "emergency" measure, which can reduce the proportion of equity pledge in a short period of time and alleviate the liquidity crisis of enterprises.

This paper first reviews and summarizes the relevant literature on the introduction of state-funded bailout by private enterprises. It is understood that the literature research on the introduction of state-funded bailout in China is short in time, with few academic studies, and focuses on the operation and implementation of the bailout mechanism from the perspective of the bailer, and there is a lack of case studies on the bailed-out party. However, the research conclusions on the motivation and effect of the introduction of state-funded bailout are relatively consistent. Therefore, based on the literature review and the actual situation of enterprises, this paper makes an in-depth analysis of the motivation of the introduction of state-owned capital relief into Originwater and the effect of the integration of the two sides after the introduction. After analysis, this paper believes that the main motivation for introducing state-funded bailout is the financial dilemma caused by high equity pledge risk. Previously, as an asset-heavy enterprise, the company needed a large amount of working capital support to carry out its business, while the market was flagging and conventional financing was more difficult, so state-funded bailout was the fastest and most effective financing method. The analysis and evaluation of the rescue effect is carried out from the corresponding motivation. From the perspectives of financing, coordination and governance, it is found that the financing effect is the most significant after the introduction of state-owned capital rescue. The support of state-owned capital background effectively alleviates the liquidity dilemma of Originwater . In terms of synergies, business synergies have gradually emerged, and operating performance has increased; The participation of state-owned enterprises has optimized the ownership structure of Originwater and effectively improved its governance level. The research conclusions of this paper have important theoretical significance and practical guidance significance, and enrich the existing research on state-owned assets rescue, hoping to provide reference for enterprises in trouble in the introduction of state-owned assets rescue.