Research on the Financial Performance of Longking's Reverse Mixed-Ownership Reform

Qiuyu Wu; Yijun Chen; Zhixia Wu

doi:10.6981/FEM.202608_7(8).0005

Authors

Qiuyu Wu School of Management, Sichuan University of Science and Engineering, Yibin, 644000, China
Yijun Chen School of Management, Leshan Normal University, Leshan, 614000, China
Zhixia Wu School of Management, Sichuan University of Science and Engineering, Yibin, 644000, China

DOI:

https://doi.org/10.6981/FEM.202608_7(8).0005

Keywords:

Reverse Mixed-ownership Reform; Financial Performance; Environmental Protection Enterprises.

Abstract

Against the backdrop of ongoing deepening mixed-ownership reform and widespread financing constraints and transformation pressures faced by private environmental enterprises. Reverse mixed-ownership reform, whereby state-owned capital invests in private enterprises, has become an important path for private firms to resolve operational difficulties and realize industrial upgrading. This paper takes Zijin Mining’s strategic takeover of Longking in 2022 as the research object, selects financial data from 2019 to 2025, and adopts literature research, case study and financial index analysis to explore the impacts of reverse mixed-ownership reform from four dimensions: profitability, operational capacity, solvency and growth capacity. The study finds that substantive reverse mixed-ownership reform featuring in-depth participation of state-owned capital as well as integrated governance and business operations can significantly improve the comprehensive financial status of private enterprises. This paper enriches case studies concerning reverse mixed-ownership reform in the environmental protection industry and offers practical references for similar private enterprises to introduce state-owned capital.

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