Research On The Motivation And Performance Of Bisted Companies Introducing Strategic Investors

The China Securities Regulatory Commission issued the "Notice on Further Improving Stock Issuance" on July 28,1999,The notice referred to strategic investors as"market stabilizers",which was the first introduction of the concept of strategic investors.In 2000,Shougang introduced overseas strategic investors,opening a precedent for my country's listed companies to introduce strategic investors.At this stage,private placement is currently the mainstream method of equity refinancing in China's capital market.Many listed companies introduce strategic investors through this method.While obtaining the required funds,they can also share strategic investors' corporate governance,industry resources and advanced Technical advantages.At present,the introduction of strategic investors into strategic investors has become a means for many companies to seek better development prospects.Therefore,it is of practical significance to study and discuss this behavior by case analysis.Based on the strategic alliance theory,corporate governance theory,differential efficiency theory,and principal-agent theory,this paper first introduces the motivations for introducing strategic investors' behavior,the influencing factors for selecting strategic investors,and the related economic consequences of introducing strategic investors to listed companies.Documents are sorted out and corresponding literature reviews are formed.Secondly,in the theoretical analysis part,it summarizes the motivations of listed companies to introduce strategic investors and the advantages of choosing directional additional issuance as the introduction method,and analyzes the influence path of this behavior on company performance.This article attempts to conduct a case study on Suning's private placement of strategic investors Alibaba.Introduced the basic situation of both sides of the introduction of strategic investors and the process of the incident.Focus on summarizing the specific motivations of Suning's introduction of strategic investors and discuss its subsequent integration operations.Finally,the combination of horizontal comparison and vertical comparison is used to analyze the performance changes in market,innovation and finance after Suning introduced Ali.By analyzing the relevant indicators,it can be found that after Suning introduced Ali,the above three types of performance have been improved to a certain extent,and the requirements before its introduction have also been met.The conclusions of this article are:First,the introduction of strategic investors can effectively alleviate the financial difficulties of enterprises and enhance their ability to continue operating.Second,the introduction of strategic investors can provide important support for corporate strategic transformation.Third,the effective integration of strategic investment resources can produce synergies.The two sides complement each other in their respective areas of strength to meet the needs of current development.It is hoped that the above research can bring some enlightenment to other domestic companies that introduce strategic investors through targeted issuance.