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随着经济快速发展和产业加速升级，民营企业面临的环境日益复杂，受“所有制歧视”影响，民营企业“融资难、融资贵”问题愈加突出，为拓宽融资渠道，民营企业选择了股权质押，然而“资管新规”的出台和中美贸易摩擦的持续性影响，导致民营企业融资压力进一步加大，企业资金链断裂，为保证我国资本市场健康高效运行，中央政府吹响纾困号角，旨在拓宽民营企业融资渠道，化解流动性风险。本文以甘肃省首例引入国有资本纾困的民营企业——庄园牧场为研究对象，分析庄园牧场引入甘肃农垦纾困的效果，为民营企业发展提供了新思路。

本文基于资源依赖理论、协同效应理论与委托代理理论，综合运用事件研究法与熵值法，对纾困效果进行全面评估，深入探讨庄园牧场引入国有资本纾困的动因和效果，研究发现庄园牧场引入国有资本的动因是为了缓解资金压力，拓宽融资渠道，纾困的效果从非财务维度和财务维度分别展开，庄园牧场引入国有资本后在市场效果、融资效果、协同效果和治理效果等方面均有积极变化。市场效果方面，股权转让事件市场反应表现积极，股价上升，显示市场对纾困行动的正面预期；融资效果方面，庄园牧场通过定向增发和股权转让成功获得资金支持，缓解了短期流动性风险；协同效果方面，引入国资纾困后资源整合效果初步显现，产业链整合能力提升；治理效果方面，纾困后企业股权结构和治理结构得到优化，国有资本的引入增强了决策的科学性和监督的有效性。从财务效果看，对庄园牧场2017-2023年的财务数据进行横纵向对比分析，发现纾困效果短期内有所提升，长期效果并不显著，盈利能力、营运能力、成长能力和偿债能力的提升有限。

本研究也指出了纾困后遇到的问题，如产业资源整合后成本优势未能充分发挥、应收账款风险增加以及市场竞争加剧等。针对这些问题，本文提出了建议：庄园牧场应发挥资源整合后的成本优势，完善应收账款管理制度，加强核心竞争力，同时，政府应创造公平的合作环境，国有资本应积极支持民营企业纾困。这一案例为面临困境的民营企业提供了理论参考，丰富了民营企业引入国有资本的理论研究，也揭示了民营企业和国有企业融合的挑战，实现国有资本与民营企业的协同发展还需要各方共同努力。

关键词：民营企业 国有资本 纾困 纾困效果

With the rapid development of the economy and the accelerated upgrading of industries, the environment faced by private enterprises has become increasingly complex. Affected by "ownership discrimination," the problems of "difficult and expensive financing" for private enterprises have become more prominent. To broaden financing channels, private enterprises have resorted to equity pledge. However, the introduction of the "Asset Management New Regulations" and the continuous impact of the Sino-US trade friction have further increased the financing pressure on private enterprises, leading to the rupture of the corporate capital chain. In order to ensure the healthy and efficient operation of China's capital market, the central government has sounded the clarion call for relief, aiming to broaden the financing channels for private enterprises and resolve liquidity risks. This paper takes Zhuangyuan Pasture, the first private enterprise in Gansu Province to introduce state-owned capital for relief, as the research object, and analyzes the effect of Zhuangyuan Pasture's introduction of Gansu State Farms and Land Reclamation for relief, providing new ideas for the development of private enterprises.

Based on the resource dependence theory, the synergy effect theory, and the principal-agent theory, this paper comprehensively applies the event study method and the entropy method to conduct a comprehensive evaluation of the relief effect, and deeply explores the motivation and effect of Zhuangyuan Pasture's introduction of state-owned capital for relief. The study finds that the motivation for Zhuangyuan Pasture to introduce state-owned capital is to relieve financial pressure and broaden financing channels. The relief effect is analyzed from both non-financial and financial dimensions. After introducing state-owned capital, Zhuangyuan Pasture has seen positive changes in aspects such as market reaction, financing effect, synergy effect, and governance effect. In terms of market reaction, the stock price has risen in the short term after the announcement, indicating the market's positive expectation of the relief action. In terms of financing effect, Zhuangyuan Pasture has successfully obtained financial support through private placement and equity transfer, alleviating short-term liquidity risks. In terms of synergy effect, after the introduction of state-owned capital for relief, the effect of resource integration has initially emerged, and the ability to integrate the industrial chain has been enhanced. In terms of governance effect, the corporate governance structure of the enterprise has been optimized after the relief, and the introduction of state-owned capital has enhanced the scientific nature of decision-making and the effectiveness of supervision. From the perspective of financial effect, through horizontal and vertical comparative analysis of the financial data of Zhuangyuan Pasture from 2017 to 2023, the study finds that the relief effect has improved in the short term, but the long-term effect is not significant, and the improvement in profitability, operational capacity, growth capacity, and solvency is limited.

This study also points out the problems encountered after the relief, such as the failure to fully exert the cost advantage after the integration of industrial resources, the increase in accounts receivable risks, and the intensification of market competition. In response to these problems, this paper puts forward suggestions: Zhuangyuan Pasture should give full play to the cost advantage after resource integration, improve the accounts receivable management system, and strengthen its core competitiveness. At the same time, the government should create a fair cooperation environment, and state-owned capital should actively support the relief of private enterprises. This case can provide theoretical reference for private enterprises facing difficulties, enrich the theoretical research on the introduction of state-owned capital by private enterprises, and also reveal the challenges in the integration of private enterprises and state-owned enterprises. To achieve the coordinated development of state-owned capital and private enterprises, the joint efforts of all parties are still needed.

Keywords: Private enterprises; State-owned Capital; Relief; Relief effect