会计学院知识库

    逆向混改是混合所有制改革的一种，是从民营企业出发引入国有资本。近 年来，受新冠疫情的冲击或由于自身发展受限，一些民营企业陷入经营困境， 在此情形下这些民营企业开始尝试引入国有资本，希望与国企进行战略合作， 借助国企优势帮助企业脱困。

    本文梳理有关文献的基础上，分析了民营企业进行逆向混改的动因、效应 等。接着将康恩贝引入省中医药集团作为案例，分析了康恩贝逆向混改的内外 部动因及其实施情况，从资源配置的角度出发，分别从管理资源配置、经营资 源配置、财务资源配置三个层面分析了国资股东资源与民企资源配置的过程以 及实现协同效应的路径，进一步分析了管理协同、经营协同和财务协同，进而 研究资源配置视角下康恩贝逆向混改的协同效应，试图为其他民营企业的逆向 混改提供经验启示。

     通过研究得出了以下结论：康恩贝与省中医药集团的这次股权式企业联盟 不仅仅是非市场行为，更多的是优势互补、主动求变的共赢行为。混改双方在 管理资源、经营资源和财务资源方面发挥了协同效应，实现了管理协同、经营 协同和财务协同，双方充分整合资源并优化资源和配置资源，发挥了各自的优 势，达到了“1＋1＞2”的效果。由此得出以下启示：一、作为民营企业要持续 重视自身的核心竞争力并且选择合适的国有资本，积极调整战略方向，取其精 华、弃其糟粕。二、作为国有企业要充分调研和了解民营企业的具体情况，制 定有针对性的混改方案。三、作为政府需要努力打造一个与逆向混改相适配的 监督监管体系，在制度层面为逆向混改提供保障。

     Reverse mixed reform is a kind of mixed ownership reform, introducing state-owned capital from private enterprises. In recent years, due to the impact of the novel coronavirus epidemic or due to their own limited development, many private enterprises have fallen into operational difficulties. Under the circumstances, more and more private companies are trying to bring in state capital, hoping to carry out strategic cooperation with state-owned enterprises and help enterprises out of difficulties with the advantages of state-owned enterprises.

      On the basis of combing the relevant literature, the motivation and effect of mixed reform in private enterprises are analyzed. Then, the introduction of Conbe into provincial Traditional Chinese Medicine Group was taken as a case to analyze the internal and external motivations and implementation of the reverse mixed reform of Conbe. From the perspective of resource allocation, the process of resource allocation between state-owned shareholders and private enterprises and the path to achieve synergy effect were analyzed from three aspects: management resource allocation, operation resource allocation and financial resource allocation. This paper further analyzes management synergy, operation synergy and financial synergy, and then the synergistic effect of Conbey's  reverse mixed reform under the perspective of resource allocation is studied, in an attempt to provide experience and inspiration for other private enterprises' reverse mix reform.

      Through the research, the following conclusions are drawn: the equity-type enterprise alliance between Conbe and Provincial Chinese Medicine Group is not only a non-market behavior, but more a win-win behavior of complementary advantages and active change. The two sides of the mixed reform have played a synergistic effect in terms of management resources, operating resources and financial resources, and achieved management synergies, operating synergies and financial synergies. On the basis of integrating resources, the two sides have optimized and allocated the resources, played their respective advantages and achieved the effect of "1+1 > 2". The implications are as follows. First, as a private enterprise to continue to pay attention to their own core competitiveness and choose the appropriate state-owned capital, actively adjust the strategic direction, take its essence, discard its dross. Second, as a state-owned enterprise, it is necessary to fully investigate and understand the specific situation of private enterprises and formulate targeted mixed reform plans. Third, as the government needs to strive to create a regulatory system to match it and provides guarantee for the reverse mixed reform.