随着我国对混合所有制改革发展的大力支持，混合所有制改革的另一方向即民营企业引入国资这一逆向混改方式越来越受到大众的关注。自2018年起，环保企业不断面对缺乏资金、利润率下降和竞争加剧的困境，与此同时环保行业进行逆向混改的民营企业的数量也在大幅上升，环保行业民营企业进行逆向混改主要出于哪种动因？环保行业民营企业逆向混改后的效果如何？为了对这两方面进行探究，本文选择与人民群众息息相关的环保行业，并重点关注民营企业的逆向混改行为。

本文以铁汉生态进行逆向混改这一事件作为研究对象进行案例研究。铁汉生态是环保行业的龙头企业，先后于2018年末引入深投控和2020年引入中国节能进行逆向混改。本文首先梳理了国内外相关文献，对民营企业进行逆向混改的动因、效果及影响路径进行了概括并解释了逆向混改的相关概念和理论依据。其次，本文介绍了环保行业发展背景及特征，分析了环保行业民营企业现状和存在的问题，并总结出环保行业逆向混改的情况和特点。接着，本文介绍铁汉生态进行逆向混改的具体情况，包括选择该企业进行研究分析的理由、混改双方的状况和具体混改过程。本文分别从内部和外部两个角度分析了铁汉生态两次逆向混改的动因。接着，本文运用事件研究法分析了铁汉生态逆向混改的短期市场效果，并分析了市场反应未达预期的原因。接着，本文运用财务指标分析法对铁汉生态逆向混改前后的财务效果进行横纵向分析，同时分析了非财务效果。同时，本文探究了逆向混改对铁汉生态财务效果未达预期效果的原因，并总结了优化建议。

本文研究发现，铁汉生态逆向混改的外部动因包括受宏观环境影响和响应逆向混改政策和纾困政策，内部动因包括缓解财务压力、优化企业管理和获取优质资源。在市场绩效方面，铁汉生态两次逆向混改未能呈现良好的市场绩效，原因是市场预期不乐观和经营风险增加。在财务效果方面，铁汉生态逆向混改后偿债能力、营运能力和成长能力并未得到显著提升，财务效果未达预期的原因包括市场竞争加剧、新冠疫情的影响、铁汉生态工程回款能力弱和财务管理能力弱。在非财务效果方面，铁汉生态逆向混改后融资能力增强，扩宽了融资渠道并缓解了融资约束。在战略层面，铁汉生态调整了PPP项目占比并完善区域业务布局。在治理能力层面，铁汉生态优化了股权结构、人员配置和组织架构。在创新能力层面，铁汉生态研发投入逐渐减少，研发产出不断增加，研发效率有所提高。

最后，本文在案例分析的基础上，总结了铁汉生态进行逆向混改的经验和不足之处，为其他民营企业提供适当的参考建议。

With China's strong support for the development of mixed ownership reform, the other direction of mixed ownership reform, that is, the introduction of state-owned assets in private enterprises, has attracted more and more attention from the public. Since 2018, environmental protection enterprises have continued to face the dilemma of lack of funds, declining profit margins and intensifying competition, while the number of private enterprises in the environmental protection industry that have carried out reverse mixed reform has also risen sharply. In order to explore the motivation and effect, this paper chooses the environmental industry closely related to the people, and focuses on the private enterprises.

This article takes the event of reverse mixed ownership reform in the Tiehan ecosystem as the research object for a case study. Tiehan Ecology is a leading enterprise in the environmental protection industry, which introduced Shenzhen Investment Control in 2019 and China Energy Conservation for reverse mixed ownership in 2020. This article first reviews relevant literature at home and abroad, summarizes the motives, effects, and impact paths of reverse mixed ownership reform for private enterprises, and explains the relevant concepts and theoretical basis of reverse mixed ownership reform. Secondly, this article introduces the development background and characteristics of the environmental protection industry, analyzes the current situation and existing problems of private enterprises in the environmental protection industry, and summarizes the situation and characteristics of reverse mixed ownership reform in the environmental protection industry. Then, this paper introduces the specific situation of Tiehan Ecology to carry out reverse mixing reform, including the reasons for choosing this enterprise for research and analysis, the situation of both sides of mixing reform and the specific mixing reform process. This paper analyzes the motivation of the two reverse mixed reform of Tiehan ecology from internal and external perspectives respectively. Then, this paper uses the event study method to analyze the short-term market effect of Tiehan ecological reverse mixing reform, uses the financial index analysis method to analyze the financial effect before and after Tiehan ecological reverse mixing reform, and analyzes the non-financial effect. Finally, the paper probes into the reasons why the reverse mixed reform has failed to achieve the expected effect on Tiehan ecological market performance, and financial performance, and summarizes the optimization suggestions.

This paper finds that the external motivations of Tiehan ecological reverse mix reform include being affected by macro environment and responding to reverse mix reform policies and rescue policies, while the internal motivations include easing financial pressure, optimizing enterprise management and obtaining high-quality resources. In terms of market performance, Tiehan Ecology has failed to show good market performance twice due to poor market expectations and increased business risks. In terms of financial performance, the reverse mixed-ownership reform of Tiehan Ecological has not significantly enhanced its debt repayment capability, operational efficiency, and growth potential. The reasons for the financial performance falling short of expectations include intensified market competition, the impact of the novel coronavirus epidemic, the weak repayment ability of Tiehan's ecological engineering and the weak financial management ability. In terms of non-financial effects, Tiehan's financing ability has been enhanced after the ecological reverse mixed reform, which has broadened financing channels and eased financing constraints. At the strategic level, Tiehan Ecological has adjusted the proportion of PPP projects and improved the regional business layout. At the level of governance capacity, Tiehan Ecological optimized the ownership structure and organizational structure. At the social level, Tiehan Ecology actively participates in public welfare undertakings and enhances social influence. In terms of innovation capacity, the R&D investment of Ti Han Ecology has gradually decreased, while the R&D output has continuously increased, and the R&D efficiency has improved to some extent.

Finally, based on the case analysis, this paper summarizes the experience and shortcomings of Tiehan Ecological reverse mixed reform, and provides appropriate reference and suggestions for private enterprises in the environmental protection industry of our country to carry out reverse mixed reform.

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