Study On The Motivation And Economic Consequence Of Introducing Strategic Investors In The Mixed Reform Of State-Owned Enterprises

In the process of China's economic reform,although many state-owned enterprises have the support of taxation,financing and other aspects,they are also faced with certain difficulties,such as backward technology,low market share and imperfect corporate governance model.For state-owned enterprises,strategic investors have certain advantages in technical level and management mode,and can actively participate in the corporate governance of the invested enterprises.From the perspective of enterprise development,the introduction of strategic investors can produce "one plus one is far more than two" business effect.For state-owned enterprises in competitive market environment,it is urgent to introduce correct strategic investors.Based on the current mixed-ownership reform process,this paper selected China Gold As the first listed company on the main board of the "Double Hundred Action" of the State-owned Assets Supervision and Administration Commission of the State Council.It is also the only one of the central enterprises in the gold industry that has been listed under the mixed-ownership reform,which can play a demonstration role for other state-owned enterprises.In this paper,through case analysis,the relevant effects of China's gold introduction to strategic investors are studied.Firstly,the paper combs the development history of mixed ownership reform and relevant literature on the introduction of strategic investors,and summarizes several common motivations for the introduction of strategic investors from the perspective of enterprises.Secondly,the theoretical concept and practical introduction of strategic investors are elaborated,and the mechanism of strategic investors on state-owned enterprises is analyzed in combination with the theory,which lays a foundation for the subsequent case analysis of China Gold.Then it introduces the situation of gold industry,China gold and the introduction of strategic investors,focuses on the analysis of the motivation of China gold to introduce strategic investors,and then analyzes the economic consequences of China gold mixed reform from the effect of strategic investors,financial performance,corporate value of these three aspects.This paper mainly draws the following four conclusions: first,China gold and strategic investors achieve synergistic effect;The second is in the fierce competition in the industry,the company is not prosperous,improve the financial performance of the enterprise;Third,strategic investors help Accelerate the transformation of China gold;Fourth,strategic investors changed the original ownership structure of China Gold,sent managers to the board of directors,improved the corporate governance structure and improved the level of governance.China gold introduced strategic investors bring us the following enlightenment:one is mixed to subject China gold business cooperation with strategic investors in the complementary advantages,absorption and transformation of strategic investors mature management ideas and governance structure,introducing a lot of money to promote the future development of the enterprise,so choose the right strategic investors is particularly important.Second,strategic investors,relying on their own development in the industry,have brought all kinds of high-quality resources.Therefore,attention should be paid to the resource integration between the subjects of mixed reform and strategic investors to maximize the synergistic effect.