Analysis Of The Impact Of Introducing Strategic Investors On The Performance Of State-owned Enterprises

Since the 19 th National Congress of the Communist Party of China clearly put forward the instructions on "deepening the reform of state-owned enterprises and developing a mixed-ownership economy",China's domestic and foreign enterprises have introduced new ones from top to bottom in the context of the complicated economic environment at home and abroad.The planning and measures related to the reform of the national industry officially opened the curtain of a new round of state-owned enterprise reform.The state advocates the development of a mixed-ownership economy,and encourages private enterprises to participate in the reform of state-owned enterprises.The flexible market-oriented system and advanced management concepts of private enterprises are introduced into state-owned enterprises.On the one hand,the vitality of state-owned enterprises can be activated to enable them to On the other hand,the introduction of private enterprises can change the ownership structure of state-owned enterprises to improve the company's management performance,and lay the foundation for the introduction of standardized corporate governance structure and the establishment and improvement of modern enterprise systems.This paper takes a new round of state-owned enterprise reform as the research background,and selects the state-owned enterprise Yunnan Baiyao to introduce strategic investors as a research case,and specifically analyzes the impact of Yunnan Baiyao on its performance after the introduction of strategic investors.First,the author expounds the theoretical basis of the introduction of strategic investors by state-owned enterprises and analyzes the influence mechanism of strategic investors on state-owned enterprises.Secondly,it introduces the implementation process of Yunnan Baiyao's introduction of strategic investors.Thirdly,through the market performance,financial performance,internal corporate governance mechanism and future investment expansion ability of the company,the impact of Yunnan Baiyao on the performance of the company after the introduction of strategic investors is analyzed.Through detailed and detailed analysis of the case,on the one hand,the conclusions of this paper are summarized: 1.This introduction of strategic investors produces positive market performance,through the positive fluctuations of stocks in the secondary market,and in the event window During the period,the stock has excess return rate;2.The financial performance of the first year of introduction of strategic investors in 2017 was significantly improved,and many financial indicators reached the highest level in history;3.Effectively improved the internal mechanism of corporate governance,optimized ownership structure,and reconstruction The board of directors organizes and implements the market-based appointment mechanism for senior management personnel and raises the level of executive compensation.4.Based on the existing capital advantages,brand advantages,channel advantages and fully market-oriented institutional mechanisms,future development will improve the existing industrial chain and conduct mergers and acquisitions in the field of big health.On the other hand,it also draws the enlightenment of the introduction of strategic investors by state-owned enterprises,which provides reference and reference for the introduction of strategic investors in the reform of other similar state-owned enterprises in China: 1.State-owned enterprises need to explicitly introduce the purpose of strategic investors and carefully choose strategies.Investors;2.Strategic investors must have rich investment experience and state-owned enterprise reform experience;3.State-owned enterprises need to upgrade their own strength and look for endogenous development path.