Study On The Motivation And Effect Of Introducing Strategic Investors Into Shanxi Fenjiu

Since the founding of the People’s Republic of China,enterprises have played a key role in the national economy and made great contributions to China’s economic construction.With the development of China’s economy,the market competition is increasingly fierce,more and more enterprises began to realize their own shortcomings and shortcomings,state-owned enterprises are no exception.Since August 24,2015,the state has successively issued guidance opinions and plans on deepening the reform of state-owned enterprises,and promoted the reform of mixed ownership as a reform measure.In the process of mixed-ownership reform,state-owned enterprises can not only respond to national policies,but also improve corporate governance structure,enhance operational efficiency and broaden sales channels.The introduction of strategic investors,as an important way of mixed-ownership reform,has set off a wave in the new round of state-owned enterprise reform,mainly encouraging enterprises to strengthen cooperation to improve their own comprehensive capabilities.This paper selects Shanxi Fenjiu as a case,and further studies and analyzes the influence of introducing strategic investment on Shanxi Fenjiu by using case study method and event study method.First of all,the paper collects and summarizes the relevant literature of strategic investors,expounds the relevant concepts and characteristics of strategic investors.Secondly,it introduces both sides of strategic investors,and expounds the motivation of Shanxi Fenjiu to introduce strategic investors.Finally,this paper mainly analyzes the Shanxi Fenjiu financial effect,the effect of corporate governance,management and market reaction,selected in 2016-2020,five years to analyze longitudinal data,and with industry data of Shanxi Fenjiu transverse comparison and analysis,the research conclusion,Shanxi Fenjiu introduced strategic investors as the method of mixed ownership reform.To a certain extent,it has improved the company’s ownership structure,financial performance,market value and business mode.Finally,conclusions and enlightenment are drawn from the introduction of strategic investors.Based on the above analysis,four enlightenments are obtained.One is to choose the right strategic investors.Second,the addition of strategic investors is beneficial to optimize the ownership structure.Thirdly,after introducing strategic investors,we should give full play to the advantages of strategic investors to improve the competitiveness of enterprises.Fourth,after the introduction of strategic investors,the two sides should strengthen resources and communication to promote the development of enterprises.