Research On The Impact Of Introducing Strategic Investors On The Mixed Ownership Reform Of State-owned Enterprise

Introduction of strategic investors as one of the paths of mixed reform has become the primary choice of most mixed reform enterprises because it can bring high-quality resources and advanced management concepts to state-owned enterprises and help them improve governance efficiency and business performance.Taking Xiangyang Bearing,a local state-owned enterprise in Hubei Province,as an example,this paper sorted out the research direction of this paper and constructed the research framework after a lot of reading and summarizing of the existing research at home and abroad.Through Du Pont analysis method and event study method,this paper analyzes the mixed reform effect of Xiangyang bearing introduced strategic investors,and finds that: after the mixed reform,the financial performance and market performance of Xiangyang bearing are not ideal.Therefore,this paper sorted out the changes before and after the mixed reform of Xiangyang bearings,and based on the strategic investor evaluation model constructed in this paper,compared and explored the internal mechanism of strategic investors’ influence on the mixed reform effect of Xiangyang bearings with Yunnan Baiyao and China Unicom: First,the strength of strategic investors is not good,and the debt-mixing reform pushes up the asset-liability ratio of Xiangyang Bearing,which makes the debt financing of enterprises frustrated;The lack of constraints on the speculative behavior of strategic investors in Xiangyang bearing leads to greater risks in equity financing of enterprises.Second,the cooperation between strategic investors and Xiangyang Bearing is weak,so it is difficult to put forward constructive opinions on the company’s main business,and they do not pay enough attention to the improvement of the enterprise’s innovation ability,which hinders the growth of the enterprise.Third,the strategic investors did not intervene in the board of directors and the Board of supervisors of Xiangyang Bearing,which failed to really improve the ability of the board of directors to make management decisions and strengthen the power of the board of supervisors to perform the supervisory function,leading to the unoptimized corporate governance structure.Fourth,Xiangyang Bearing lacks autonomy in the introduction of strategic investors,fails to reasonably arrange equity shares and insight into the investment intentions of strategic investors,resulting in the absence of control rights of state-owned capital after mixed reform,releasing negative signals and reducing market performance.At the level of state-owned listed companies,as the first case of mixed reform by introducing natural person controlling shareholders,Xiangyang Bearing introduced strategic investors,which is the focus of state-owned enterprise reform in Hubei Province and mixed ownership reform in the whole country.This paper hopes to explore the internal mechanism of the influence of strategic investors on the mixed reform effect of Xiangyang bearing by analyzing the mixed reform effect of introducing strategic investors to Xiangyang bearing,so as to provide some feasible policy suggestions for other state-owned enterprises to introduce strategic investors to the mixed reform.