Study On The Motivation And Effect Of Introducing Strategic Investors In The Mixed Ownership Reform Of Eastern Air Logistics

At the 20 th CPC National Congress in 2022,deepening the reform of mixed ownership of state-owned enterprises is still an important issue for China to improve the market economic system.With the completion of the three-year action plan for SOE reform,the exploration of the SOE reform path has achieved fruitful results over the years.Among the multiple paths of SOE reform,Introducing strategic investors to optimize the ownership structure of state-owned enterprises and participate in the management and internal governance of the invested enterprises is conducive to the long-term development of state-owned enterprises.Therefore,the introduction of strategic investors has attracted more and more attention.Eastern Air Logistics is a freight enterprise of China Eastern Airlines.Due to fierce competition,single air freight industry model,poor management and other reasons,Eastern Air Logistics has suffered "nine losses in ten years".In order to change this situation,Eastern Air Logistics applied to the higher authorities for the pilot of mixed reform,and signed a capital increase agreement with three strategic investors,Legend Holdings,GLP and Deppon Logistics in 2017.It successfully introduced and became a joint-stock enterprise in2018,and landed on the Shanghai Stock Exchange in 2021.As a subsidiary of China Eastern Airlines,one of the three major airlines in China,Eastern Air Logistics mix reform and successful listing have important strategic guiding significance for other aviation enterprises,providing a reliable case for the strategic transformation of air cargo enterprises.Based on the above background,this thesis takes Eastern Air Logistics as an example,using the methods of literature research,case analysis and comparative analysis to conduct research,and intends to enrich the relevant research content of the introduction of strategic investors’ mixed reform of aviation enterprises,summarize its excellent experience,and provide reference for the subsequent mixed reform of civil aviation enterprises.First,this thesis combs the research results on the reform of mixed ownership,and combines the existing literature to elaborate the relevant theories involved in this thesis,laying the groundwork for subsequent analysis.Then,this thesis introduces the case of Eastern Air Logistics introducing strategic investors,including the basic situation of Eastern Air Logistics and strategic investors,as well as the detailed process and internal and external motivations of Eastern Air Logistics introducing strategic investors.This thesis analyzes the comprehensive effect of introducing strategic investors from three aspects of corporate governance,industrial synergy and financial performance,and compares it with enterprises in the same industry.Through analysis,it can be found that the introduction of strategic investors by Eastern Air Logistics has played a positive role.In terms of corporate governance,the equity structure has been optimized.The three strategic investors have sent directors and supervisors to participate in the internal governance of Eastern Air Logistics,which has strengthened the scientific decision-making of the board of directors;In terms of industrial synergy,Eastern Air Logistics has strengthened its infrastructure and technological strength,expanded its customer base and accelerated its strategic transformation;In terms of financial performance,the debt level of enterprises has been significantly reduced,and the profit level has been significantly improved.The supervision role of strategic investors has improved the asset management level of enterprises,making the growth rate of enterprises higher than that of enterprises in the same industry,with a wide range of growth space.Based on the above analysis,it can be concluded that the specific path of the effect of introducing strategic investors into Eastern Air Logistics is as follows: the introduction of strategic investors improves the level of corporate governance,improves the efficiency of enterprise management,improves the logistics industry chain and reduces the operating costs by obtaining the investment funds of strategic investors,strengthens the market position through the channels of strategic investors,rapidly expands cross-border logistics business,and creates new growth points of profits,In the mixed reform,restrictive treaties were signed to protect state-owned assets from loss.Through the study of the case of introducing strategic investors in the mixed reform of Eastern Air Logistics,this thesis draws three research conclusions: First,Eastern Air Logistics can play an industrial synergy role by introducing different strategic investors in the industrial chain;Second,Eastern Air Logistics introduced strategic investors to optimize the corporate equity structure,optimize the structure of the board of directors and supervisory board,and help improve the level of corporate governance;Third,the resource cooperation between Eastern Air Logistics and the introduced strategic investors will help improve the financial performance of the enterprise.By summarizing the practices of Eastern Air Logistics in this case,this thesis has the following three implications.Firstly,in the mixed reform of state-owned enterprises,strategic investors with the same strategic objectives in the industrial chain should be selected according to the needs of enterprise strategic development;Secondly,state-owned enterprises need to consider the capital level and cooperation methods of both parties when allocating shares to strategic investors,and promote strategic investors to actively participate in corporate governance;Thirdly,the resources of strategic investors should be fully integrated in the mixed reform of state-owned enterprises to bring their own advantages into play.The deficiency of this thesis is that Eastern Air Logistics introduced strategic investors before listing,so it is unable to analyze the market reaction at the time of introduction.In addition,because it is unable to obtain more information at the business level,it is difficult to quantify the industrial synergy effect,which to some extent affects the comprehensiveness of this study.