分类号密级公开
UDC 编号20223550002
硕士学位论文
（专业学位）
逆向混改的动因、路径及经济效果研究
—以康恩贝为例
申请人姓名蔡杰英
导师姓名及职称吴柏毅，副教授
专业学位类别金融硕士
专业学位领域金融
培养单位金融学院金融专硕中心
学位授予单位广东外语外贸大学
2024年5月16日
分类号密级公开
UDC 编号20223550002
广东外语外贸大学硕士学位论文
（专业学位）
逆向混改的动因、路径及经济效果研究
—以康恩贝为例
A study on the motivation,path and economic effect of
reverse mixed reform:A case study of CONBA
申请人姓名蔡杰英
导师姓名及职称吴柏毅，副教授
专业学位类别金融硕士
专业学位领域金融
论文提交日期2024年5月27日
论文答辩日期2024年5月16日
答辩委员会张勇教授邓超副教授
邱勇飞
学位授予单位：广东外语外贸大学
摘要
逆向混改是非国有企业入驻国有资本，实现产业扩张，满足产业链布局需要，
从而优化企业布局和治理结构的混合所有制改革模式。民营经济作为我国的重要
经济基础，在稳就业、促创新、拉动经济增长等方面，均做出积极贡献。近年来
国内外局势对企业的生产和经营造成巨大冲击，民营企业面临融资难、产权保护
水平低下等困境，出现了财务资金紧张，融资渠道不畅等一系列问题。在此背景
下，国务院发布了一系列政策鼓励国有资本与民营企业进行股权融合、战略合作、
资源整合，以此来推动混合所有制经济发展。随着混合所有制改革的纵深推进，
逆向混改应运而生。当前学术界基于民营企业视角对逆向混改的动因及绩效研究
尚未形成定论，因而本文从该角度着手，以期为下一阶段丰富和深化混合所有制
改革提供一定的参考意见。从实践层面，2021年浙江省成为全国首次出台中医
药发展五年规划的省份，对国内大力推动中医药产业布局起到了先锋作用。基于
此，本文选取浙江省中医药健康产业主平台康恩贝为案例公司，对其入驻国资体
系所带来的动因、路径和经济效果展开研究，以期为其他企业提供借鉴。
首先，本文立足产权理论、协同效应理论等相关理论，整理了民营企业进行
逆向混改的动因、路径及绩效的相关文献，着重了解现有研究并总结述评；其次，
介绍混合所有制改革和医药行业发展现状、案例主体公司、混改过程等；此外，
进一步探究康恩贝进行逆向混改的内外部动因和影响路径；最后，从非财务指标、
财务指标以及熵权法对其混改后的经济效果进行探究。分析得出，康恩贝由于自
身战略原因，在其发展过程中产生了聚焦核心业务不足、不良资产率高、轻研发
而重营销、短期债务承压、外部政策影响等问题；逆向混改通过异质性股权结构、
优化产业结构、加大研发投入、员工多元化激励、减轻税负负担等路径，最终对
企业的经济效果产生积极影响。在研究启示方面，民营企业引入国有资本不仅应
基于发展战略选择恰当的混改对象，还应注重引入国有资本后产业布局协同性；
且民营企业仍需注重混改后的核心竞争力；站在国有企业角度，其在入驻民营企
业之后，也应当强化监管管理、保障民营企业权益。
关键词：混合所有制改革；逆向混改；民营企业；医药行业；康恩贝
II
Abstract
Reverse mixed-ownership reform is a hybrid ownership reform model where
non-state-owned enterprises enter the state-owned capital to achieve industrial
expansion,satisfy the needs of the industrial chain layout,and thus optimize the
enterprise layout and governance structure.The private economy is an indispensable
component of China's economic system,making significant contributions to stable
growth,innovation promotion,and increased employment.In recent years,both
domestic and international situations have imposed considerable challenges on the
production and operation of enterprises.Private enterprises are facing difficulties in
financing,low levels of property rights protection,and a series of issues such as
financial constraints and inadequate financing channels.Against this backdrop,the
State Council has issued a series of policies encouraging state-owned capital to
engage in equity integration,strategic cooperation,and resource consolidation with
private enterprises to promote the development of a mixed-ownership economy.
As the reform of mixed ownership advances,the concept of "reverse mixed
ownership reform"has emerged.The academic community has not yet reached a
consensus on the motives and performance of reverse mixed ownership reform from
the perspective of private enterprises.This paper addresses this gap and aims to
provide insights for the enrichment and deepening of mixed ownership reform in the
next stage.From a practical standpoint,in 2021,Zhejiang province became the first in
the country to introduce a five-year plan for the development of traditional Chinese
medicine.This played a pioneering role in promoting the layout of the traditional
Chinese medicine industry nationally.Based on this,the paper selects CONBA,a
leading platform in the traditional Chinese medicine and health industry in Zhejiang
province,as a case study.The research investigates the motives,paths,and economic
effects brought about by its entry into the state-owned capital system,with the hope of
offering guidance for other enterprises.
Firstly,the paper,grounded in property rights theory and synergy theory,
compiles relevant literature on the motives,paths,and performance of private
enterprises undergoing reverse mixed ownership reform,emphasizing understanding
existing research and providing a summary.Secondly,it introduces the current status
of mixed ownership reform,the development of the pharmaceutical industry,the case
study company,and the process of mixed ownership reform.Furthermore,it explores
III
the internal and external motives and impact paths of CONBA's reverse mixed
ownership reform.Finally,the paper investigates the economic effects of its mixed
ownership reform through non-financial indicators,financial indicators,and the
entropy weighting method.
The analysis concludes that CONBA,due to its strategic reasons,faced issues
such as insufficient focus on core business,high non-performing asset ratio,emphasis
on marketing over research and development,short-term debt pressure,and external
policy influences during its development.Reverse mixed ownership reform,through
heterogeneous equity structure,optimizing industrial structure,increasing research
and development investment,diversifying employee incentives,and reducing tax
burdens,ultimately had a positive impact on the company's economic performance.
The study provides insights suggesting that private enterprises,when introducing
state-owned capital,should not only choose appropriate mixed-ownership targets
based on development strategies but also pay attention to the synergy of industrial
layout after the introduction of state-owned capital.Private enterprises should still
focus on core competitiveness after mixed ownership reform.From the perspective of
state-owned enterprises,strengthened supervision and management and protection of
the rights and interests of private enterprises should be emphasized after their entry
into private enterprises.
Keywords:Mixed ownership reform,Reverse mixed reform,Private enterprise,
Pharmaceutical industry,CONBA
IV