Research On The Value Co-Creation Effect Of State-Owned Enterprises Introducing Strategic Investors

The 20 th National Congress of the Communist Party of China stressed the need to continue to deepen the reform of state-owned assets and state-owned enterprises,accelerate the optimization and structural adjustment of the layout of the state-owned economy,promote the strengthening of state-owned capital and state-owned enterprises,enhance the core competitiveness of enterprises,improve the modern enterprise system with Chinese characteristics and accelerate the construction of world-class enterprises.Since the new era of socialism with Chinese characteristics,innovative mixed reform schemes with a combination of multiple means such as restructuring and restructuring,introduction of strategic investors,introduction of funds,listing,and employee shareholding have been emerging,and more and more practical cases have proved that the correct choice of the path of mixed reform is the key to determining the success of mixed reform.At present,most of the state-owned enterprises that have implemented mixed ownership reform have achieved an increase in enterprise value,and mixed ownership reform is an inevitable choice to promote the development of state-owned enterprises in a comprehensive market-oriented environment.The existing research on the mixed ownership reform of state-owned enterprises mainly focuses on the perspective of state-owned enterprises,and less attention is paid to the introduction of non-state-owned strategic investors.Based on the perspective of value co-creation,the participation of non-state-owned strategic investors in the mixed reform of state-owned enterprises is to achieve mutual benefit and win-win results for both parties and jointly enhance corporate value.Only when strategic investors can obtain investment returns and enhance their own corporate value will they have the willingness and motivation to participate in the reform of state-owned enterprises.In the context of continuing to deepen the reform of mixed ownership,the consistency of value propositions,the value creation process and the enhancement of value co-creation between the two parties of the strategic cooperation need to be further clarified and tested.Based on the analysis of typical cases,on the basis of focusing on the value appreciation of state-owned enterprises after the mixed reform,this paper also evaluates the changes in the enterprise value of non-state-owned strategic investors after participating in the mixed reform of state-owned enterprises,which not only enriches the relevant research on the effect of mixed reform of state-owned enterprises,but also provides strong evidence for the win-win situation between non-stateowned strategic investors and state-owned enterprises,and strengthens the practical significance of deepening the reform of state-owned enterprises.This article starts from the mixed ownership reform of state-owned enterprises,and uses the values co-creation of state-owned enterprises and strategic investors as the research perspective.Taking the value co-creation effect of state-owned enterprises and strategic investors as the research perspective,selects case analysis based on introducing Ping An Life Insurance Company by China National Traditional Chinese Medicine,adopts the case study method,Based on the strategic alliances,co-creation and value-addition theory,in-depth research on the uniformity of the value claims of the two parties after the introduction of strategic investors,founding that the mixed reform has indeed enabled the two partners to achieve value co-creation effect in expanding the scale of enterprises,seizing the industry market,making up for the shortcomings of enterprises,and realizing complementary advantages.On this basis,by the Fuzzy Real Option and the EVA analyzing the value of the enterprises on both sides,it further confirmed that the strategic cooperation of mixed reforms has a valuable value-added effect on the two parties.Summarizing the successful experience of this mixed reform,this article gets the following inspiration:(1)The introduction of strategic investors in the mixed reform of state-owned enterprises should pay attention to the consistency of value claims;(2)The introduction of strategic investors in mixed reform of state-owned enterprises should pay attention to the uniformity of cocreation.;(3)The introduction of strategic investors in mixed reform of state-owned enterprises should pay attention to the synergy of value-addition.