Research On The Impact Of Strategic Investors On The Mixed Ownership Reform Of State Owned Enterprises

Over the past forty years of state-owned enterprise reform,the problems of unclear property rights and low efficiency have always hindered the development of stateowned enterprises.In 2013,the Third Plenary Session of the 18 th Central Committee of the Communist Party of China launched a new round of mixed ownership reform for state-owned enterprises,pointing out the need to focus on diversified ownership and promote the transformation of state-owned enterprise management mechanisms through property rights reform.There are multiple paths for the mixed ownership reform of state-owned enterprises,but based on the requirements of the new round of mixed ownership reform,introducing strategic investors is one of the most effective methods to achieve the above goals.XCMG is a leading enterprise in China’s construction machinery industry.Its case of introducing strategic investors for mixed reform has a large scale of investment attraction and complex types of strategic investors.It was the largest mixed reform order in China that year and the largest mixed reform order in the equipment manufacturing industry in the past three years.Based on this,this article examines the impact of introducing strategic investors on XCMG’s mixed ownership reform,which is of great significance and value for evaluating and improving the new round of mixed ownership reform in state-owned enterprises.Based on a review of relevant literature on the path of mixed reform in state-owned enterprises and the impact of introducing strategic investors on mixed reform,this article constructs an analytical framework for the motivation behavior consequences of introducing strategic investors into mixed reform in state-owned enterprises,based on modern property rights theory,principal-agent theory,resource based theory,and synergy theory,combined with the institutional background of the evolution process of state-owned enterprise reform in China.Then,this thesis takes XCMG as the object,and uses the methods of theoretical analysis and event study to systematically investigate the motivation,resources,corporate governance effects and economic impact of XCMG’s introduction of strategic investors.Research has found that:(1)responding to the national policy of "mixed property rights and reform mechanism" in the mixed reform of state-owned enterprises,seeking breakthroughs in industry competition,optimizing governance structure,and improving financing capacity are the main motivations for XCMG’s introduction of strategic investors in the mixed ownership reform;(2)The introduction of strategic investors into XCMG’s mixed reform has a significant resource effect,as strategic investors can provide XCMG with the necessary financial resources,management experience resources,industrial chain resources,international resources,and innovation resources for its development;(3)The introduction of strategic investors into XCMG’s mixed ownership reform also has significant corporate governance effects,manifested in optimizing property rights structure,improving corporate governance,and strengthening incentive mechanisms;(4)The introduction of strategic investors in XCMG’s mixed ownership reform has had a significant effect,with positive capital market reactions.The short-term cumulative abnormal return(CAR)and long-term purchase holding ratio(BHAR)are positive,which also significantly improves the company’s long-term financial performance.Finally,based on the above conclusions,this article proposes that the mixed reform of state-owned enterprises should focus on considering the resource advantages of introducing strategic investors and emphasizing the improvement of corporate governance.This article studies the motivation,resource and corporate governance effects,and economic impact of XCMG’s introduction of strategic investors in the mixed ownership reform of state-owned enterprises.It enriches the relevant literature on the introduction of strategic investors in the mixed reform of state-owned enterprises,deepens the understanding of the resource and corporate governance effects of introducing strategic investors in the mixed reform of state-owned enterprises.In practice,it also provides reference and reference for state-owned enterprises to introduce strategic investors to participate in the mixed reform.