Research On The Effect Of China Eastern Airlines In Introducing Strategic Investors

Now,the development focus of state-owned enterprises mainly focuses on the institutional reform,and mixed ownership is the key to the reform.At present,it is in a new stage of mixed ownership development.More and more state-owned enterprises participating in the mixed reform is gradually showing.Benefiting from the stimulation of the vitality of mixed enterprises economic benefits,function of state-owned capital has been amplified.Strategic investors is still the most enterprises first try to change willing to choose way,therefore,countries and enterprises attach great importance to the positive role of strategic investors in enterprise management,hope that through the introduction of highly strategic collaborative strategicinvestors,strengthen its "voice" to help state-owned enterprises to deepen reform,the advantages of both sides,and realize both sides with growth and progress.This paper adopts the case study method,the aviation industry as the research object of this paper,with the cause of strategic investors as the main line,from the financial effect and non-financial effect,and analyze the process of driving factors and the introduction of strategic investors,thus summarizes the experience suitable for other state-owned enterprises reform.First of all,based on the principal-agency theory,strategic alliance theory,coordination theory and the relevant literature of strategic investors,the specific reasons why China Eastern Airlines chose to introduce strategic investors are found,and the basic background and implementation process of China Eastern Airlines’ strategic investors are analyzed in detail.Secondly,from the perspective of short-term market reaction and long-term financial analysis,the impact of China Eastern Airlines after the introduction of strategic investors is quantitatively analyzed.Finally,the paper analyzes the non-financial effect of China Eastern Airlines after the introduction of strategic investors,and expounds it separately from the three aspects of management coordination,business coordination and capital coordination.Therefore,the following enlightenment: State-owned enterprises should continue to deepen the mixed ownership reform,pay attention to the fit degree of the mixed reform path and enterprises,and choose strategic investors who are highly matched and strategically coordinated with enterprises.