| The introduction of strategic investment is directly related to the success or failure of an enterprise overall operation,its competitive position and whether its long-term strategic goals can be achieved.With the development of Chinese capital market,in order to be bigger and stronger,companies usually introduce new capital,new production technology or production line,new field or product,new corporate governance and corporate culture models to achieve mergers and acquisitions,asset restructuring as well as promoting production and marketing capabilities with the help of strategic investor.Therefore,the research on how to introduce strategic investor has become a hot issue in capital market research in recent decades.Foreign scholars have made a large number of studies on the continuity of introducing strategic investors from multiple perspectives,and the results are fruitful.While domestic scholars have made some contributions to the study of strategic investment,it still needs further study.Meanwhile,since the 18 th national congress of the communist party of China,under the background of the classified reform of state-owned enterprises,many state-owned enterprises have tried to introduce strategic investors to complete the mixed ownership reform.At the same time,since the 18 th Communist Party of China National Congress,under the background of the classification reform of state-owned enterprises,many state-owned companies have tried to choose the path of introducing strategic investors to complete the goal of mixed reform of state-owned enterprises.The listed state-owned enterprise Zhongshan Public Utilities Group Co.,Ltd.(hereinafter referred to as “Zhongshan Public Utilities”),which is a state-owned enterprise in the public utility industry,has the characteristics of a distinctive Public welfare state-owned enterprise,and the introduction of private capital Fosun Group has obvious shadow of private capital.This paper studies how state-owned enterprises introduce private strategic capital is also a hot-study study on the current background of China’s state-owned enterprise reform.This paper begins with the concept and theoretical basis of strategic investors and reviews the relevant literature,taking Zhongshan Public as the main case,followed by the analysis of the background,introduction motivation,path selection and introduction process of Zhongshan public introduction of strategic investors.The event research method is mainly used for market reaction,market performance analysis,financial indicator analysis and EVA method to analyze the changes in the financial performance of Zhongshan Public,and to further verify the reasons for the change in financial performance in combination with DuPontanalysis.In addition,this paper also selected a commercial state-owned enterprise(SOE)for comparison so as to investigate the supplementary cases of SOE classification reform.Meanwhile,it adopted the same evaluation methods of market performance and financial performance,and followed the empirical research system from individual to general to explore whether the introduction of strategic investors is applicable to all types of SOEs.Through this comparative research,it has been proved that the choice of mixed-reform path in SOE classification reform should also be advanced by classification.Through the analysis of the case of Zhongshan Public Utilities’(ZPU)introduction of Shanghai Fosun,this paper studied the changes of enterprise performance before and after the introduction of strategic investors in ZPU.It has been concluded that ZPU has achieved favorable effects in both market performance and financial performance;Finally,it discussed the referential significance of the introduction of strategic investors in terms of the enterprise industry chain expansion,external resource integration,internal corporate governance structure and shareholder wealth growth for the SOE classification reform with the similar situation. |
PDF Full Text Request