A Case Study Of Yangguang Estate Corporation Introducing Foreign Strategic Investor

After China joining WTO in 2001,China gradually integrate into the world economy,the ability of attracting foreign investment has enhanced.At the same time,China has further relaxed restrictions on foreign strategic investors.The government has issued a series of policies and regulations.These policies and regulations is not only a clear specification of the listed companies introducing foreign strategic investors.But it also actively encourage overseas excellent strategic investors to enter Chinese listed companies.The government encourage listed companies to introduce foreign strategic investors in the hope of listed companies to make good use of foreign strategic investors and other advantages in capital,management and technology to achieve the improvement of governance structure and the increase of operating performance.Under the background of the rapid economic development and policy support,with more and more foreign strategic investors taking a stake of the listed enterprise,the relevant research on this problem is gradually increasing.At present,most of the existing research focuses on banking,case studies of non-financial enterprise are scarcer.How the foreign strategic investor enters the listed company and affects company? After introducing foreign strategic investor,what problems may happen in the listed company? Based on these questions,this paper chooses Yangguang Estate Corporation introducing foreign strategic investor as the research object.At first,this paper analyzes the motivations of the introduction,including of external motivation and inner motivation.Then,in the second case study part which is the core chapter in this paper,it focuses on the analysis of the effect of introducing foreign strategic investor.And under the influence,how the performance of Yangguang Estate Corporation changes,based on EVA model.Although there are certain positive effects,some problems of introducing foreign strategic investor cannot be ignored.One is the differences between managers and strategic investors in management concept;The second is the increase of operating risk;The third one is the transport of interest;The forth one is the long cycle for approval of foreign strategic investor.The last one is the exit of strategic investor.In the end of this paper,it put forward some thinking and corresponding suggestions for the introduction of foreign strategic investor,which provide a reference for Chinese listed companies.