Analysis On The Motivation And Value Creation Of Introducing Strategic Investors In Yonghui Superstores' Private Placement

With the transformation and upgrading of consumption structure and the emergence of the concept of "new retail",traditional retail enterprises take the initiative or are forced to join the new retail competition pattern.Subject to the cash shortage of retail enterprises,physical retail cannot rely on its own strength for layout,while private placement is still the most popular refinancing tool in China's capital market.In 2020,China Securities Regulatory Commission issued more specific regulations for strategic investors,and it is a good idea to introduce strategic investors through private placement.Existing studies on whether the introduction of strategic investors can bring positive value effect to listed companies are still controversial in academic circles,and few scholars have studied the strategic investors entering the retail industry and their action paths.Yonghui Superstores as a typical representative of transformation,its successful experience has enlightenment significance.Based on the above,the core issue of this paper is whether the introduction of strategic investors into private placement of listed companies such as Yonghui Superstores can create value for enterprises.This paper divides the core problems into three basic problems and discusses them respectively.The research idea is as follows: Firstly,the motivation of introducing strategic investors in Yonghui Superstores is analyzed from the macro,medium and micro levels,and the choice of strategic investors is analyzed from the perspective of resource heterogeneity and supply & demand matching.Then paper uses the market value and the enterprise internal value correlation index to evaluate the value creation effect of introducing the strategic investor.Finally,the paper summarizes the role path of strategic investors from the perspectives of corporate governance,profit model,resource allocation and income distribution.Based on the research and analysis of the above-mentioned basic problems,this paper discusses the possible problems in the introduction and cooperation of strategic investors,and provides suggestions on risk points.In view of the above research problems,the research conclusions of this paper are as follows: First,the choice of strategic investors is closely related to the consistency of the strategic objectives of the investors and the recipient as well as the heterogeneous needs of resources,and the recipient also needs to consider its own carrying capacity.Second,the business adjustment of the introducing party may affect the time and size of the utility of the strategic investor,who may be both an auxiliary and a potential competitor;Third,strategic investors can optimize the governance mechanism,profit model and resource allocation to realize income distribution and thus affect enterprise value.Fourth,strategic investors as heterogeneous shareholders will lead to the increase in the cost of capital,and at the same time need to guard against the potential capital occupation risk of cash dividends.The innovations in this paper include: First,breaking through the limitations of existing research industries and empirical research-based research methods,and selecting typical representatives of the retail industry to introduce strategic investors for in-depth analysis;Second,by using principal-agent theory,resource-based theory,synergetic effect theory and stakeholder theory,this paper discusses how strategic investors create value for enterprises and points out several aspects that should be paid attention to.Thirdly,this paper discusses the introduction motivation,value creation effect and action path of strategic investors.To some extent,it constructs a method system for retail enterprises to introduce strategic investors with the purpose of transformation,and solves the problems of "why","how" and "how to".