Study On The Influence Mechanism Of The Introduction Of Strategic Investors In Mixed Reform On Enterprise Performance

The introduction of strategic investors in the mixed ownership reform is the main path for state-owned enterprises to carry out the reform.Zhongshan Public Utility started the road of mixed ownership reform in 2014.As the only listed company with a large proportion of shares held by The State-owned Assets Supervision and Administration Commission of Zhongshan city,its mixed ownership reform process has high research significance.Among them,the introduction of strategic investors plays an important role in the final scheme design and landing.However,existing studies have focused more on the motivation of so E mixed ownership reform and the changes of performance indicators before and after the reform,and few have conducted in-depth studies on the reasons and mechanisms of strategic investors and other factors affecting performance.The research questions of this paper are as follows :(1)what is the motivation for zhongshan public to choose to introduce strategic investors and what are the criteria for selecting strategic investors?(2)based on the grounded theory,what is the influence mechanism of the introduction of strategic investors on enterprise performance?(3)what is the effect of the introduction on enterprise performanceThe reasons for case selection in this paper are as follows:(1)Case typicality:Zhongshan Public Company is a representative listed company with a large proportion of shares in Zhongshan city,and fosun Group,a strategic investor,has a large scale and diversified business,which is of strategic research significance.(2)Suitability to research questions: The reform of the mixed system of state-owned enterprises in Guangdong province is in the front row in the country,and Fosun Group’s investment this time is also in line with its own strategic layout.(3)Data availability: Zhongshan Public Utilities is a listed company with public data;The case occurred 6 years ago and is valuable for studying short-term and long-term performance.The innovations of this paper are as follows:(1)Based on the grounded theory,the influence of the introduction of strategic investors on enterprise performance is explored,and an analytical framework of the influence mechanism of strategic investors on enterprise performance is constructed.(2)In the analysis of strategic investors,the comparative analysis with financial investors is not only focused on themselves,but also included.Attention should be paid to how different enterprises choose different mixed reform modes according to their own conditions.(3)The strategic investors in this case will reduce their stock holdings in 2021.Through the comparative analysis of the entry and launch of strategic investors,it can provide enlightenment to the enterprises in the war of mixed reform and introduction.The purpose of this paper is to sort out the role of strategic investors in the mixed-use reform process by exploring the motivation and performance impact mechanism of the introduction of strategic investors in zhongshan mixed-use reform,so as to provide suggestions for the selection of mixed-use reform mode.This paper is helpful to enrich the mechanism research on the impact of mixed ownership reform on enterprise performance,and the enlightenment and suggestions put forward in this paper can provide reference for the long-term development strategy of mixed ownership reform.