Effect Analysis Of Mixed Ownership Reform Of State-owned Enterprises With Strategic Investor Approach

In 2013,the Third Plenary Session of the 18 th CPC Central Committee adopted the Decision of the CPC Central Committee on Some Major Issues concerning Comprehensively Deepening Reform,which proposed to actively develop mixed-ownership economy,and made clear the development path of deepening reform of state-owned enterprises in the new era--mixed-ownership reform.In the context of the new round of mixed-ownership reform,the “1+N” top-level design scheme for state-owned enterprise reform,the first batch of pilot projects for mixed-ownership reform of central enterprises,and the three-year action for state-owned enterprise reform were carried out at the same time.Major approaches for state-owned enterprise reform,including the introduction of strategic investors,mergers and acquisitions,equity incentives,and overall listing,emerged.For the choice of different reform paths,state-owned enterprises need to adopt appropriate ways of mixed reform to seek the maximum performance response under the condition of accurate positioning of their own,among which the introduction of strategic investors is the way with strong strategic advantages.In the aspect of corporate governance,strategic investors play a key role in diversifying the ownership structure of state-owned enterprises and help establish a substantial modern enterprise system.In enterprise management,strategic investors can provide strong financial support and rich industrial resources,improve the market competitiveness of state-owned enterprises,and promote the long-term and effective development of state-owned enterprises.This thesis mainly studies Nav Info’s new introduction of Tencent as an example,analyzes the specific path of the effect of state-owned enterprises after the introduction of strategic investors and evaluates its effect.First of all,this thesis expounds the research background of mixed-ownership reform and the research significance of introducing strategic investors,reviews the research status of domestic and foreign scholars in the two aspects,and then introduces the relevant concepts and theoretical basis of strategic investors,which provides strong support for the following analysis of the introduction of strategic investors in Nav Info.Secondly,from the aspects of motivation,process and short-term market performance,the thesis introduces the concrete process of the mixed-ownership reform of Nav Info’s introduction of Tencent.Thirdly,this thesis deeply analyzes the realization path of the strategic investor introduced to Nav Info in three aspects of enterprise governance efficiency,business performance and innovation ability and evaluates its effect.In terms of governance efficiency,the thesis analyzes three paths,namely,diversification of ownership structure,improvement of governance pattern and implementation of incentive mechanism,and evaluates governance efficiency from two aspects,namely cost control and asset management level.The analysis shows that the three costs are effectively controlled,the asset management level is further advanced,and the governance efficiency is greatly improved.In the aspect of business performance,the thesis studies three paths of integrating technical resources,implementing capital operation and developing customer resources,and evaluates business performance from two aspects of revenue structure and profit situation.The research finds that the revenue structure is optimized and the profit situation is also improved.In terms of innovation ability,three paths of innovation input,talent building and product release are discussed,and innovation ability is evaluated from three aspects of software copyright,patent and capitalization of research and development investment.The research shows that these three aspects have been improved to varying degrees,and the operation and management ability and innovation ability of enterprises have been effectively improved.Finally,through the analysis of the realization path and evaluation results of the effect of Nav Info’s introduction of strategic investor in mixed reform,this thesis summarizes the experience of state-owned enterprises introducing strategic investors and matters that should be paid attention to.At the policy level,the mixed-ownership reform of state-owned enterprises should be strengthened to improve the operation efficiency of state-owned capital.At the level of enterprises,they need to consider their own development,choose appropriate and high-quality strategic investors,improve the internal governance mechanism in management,and integrate the advantages of both sides in operation,so as to seek long-term development.