| The importance of state-owned enterprises to China’s economic development is self-evident.With the growing development of market economy and increasingly fierce market competition,more and more state-owned enterprises are reforming their state-owned enterprises by introducing strategic investors,so as to improve the governance mechanism and optimize the decision-making system on the one hand;on the other hand,to introduce the advantageous resources,scientific management mode and rich market experience of strategic investors to further bring into play the synergistic effect and enhance the management level and core competitiveness of enterprises,thus improving operating performance.With the continuous promotion of the "Double Hundred Actions" of SOE reform in 2018 and the three-year action of SOE reform in 2020,the new round of SOE reform is getting deeper and deeper,and it clearly supports and encourages the introduction of strategic investors in a market-oriented way to improve corporate governance and enhance the vitality and efficiency of enterprises.In this paper,Shanxi Fenjiu is chosen as the subject of this study because it is the leader in the reform of state-owned enterprises in Shanxi province and has certain representativeness.In addition,the cooperation between Shanxi Fenjiu after the introduction of strategic investor ranges from strategic synergy to M&A integration,from improvement of internal governance to expansion of external market,from optimization of product structure to rebranding,involving all aspects of Shanxi Fenjiu’s management and operation,which is comprehensive and highly appreciable.After a brief introduction to the case of Shanxi Fenjiu’s introduction of strategic investor based on theories of strategic alliances and synergy effects,this paper analyzes the motivations for the introduction of strategic investor in Shanxi Fenjiu and the changes in various aspects of Fenjiu after the introduction,focusing on the financial performance,comparing the financial indicators of Shanxi Fenjiu in a horizontal and vertical manner,and combining them with non-financial performance such as marketing capability and brand value to comprehensively evaluate the effect of introducing strategic investor in Shanxi Fenjiu.The study finds that the introduction of the strategic investor improved Shanxi Fenjiu’s governance mechanism,enhanced its operational management,and improved the performance of Shanxi Fenjiu after the effective integration of resources between the two parties with significant synergy effects,as evidenced by the significant improvement in profitability and growth,as well as the surge in marketing capability and brand influence.In addition,this paper summarizes the successful experience of this case and also makes some suggestions for improvement,hoping to provide some insights and references for other companies facing similar dilemmas and wanting to bring in strategic investors. |
