Research On The Behavior Of Enterprise Investment Strategy Adjustment Under Anti-monopoly Policy

The suitability of the investment strategy to the market environment is about the financial viability of the enterprise and its development position.Nowadays,the introduction of anti-monopoly policy restricts enterprises’ investment and mergers and acquisitions,forcing them to adjust their investment strategies.In order to comply with the anti-monopoly policy,enterprises need to develop a scientific and healthy investment strategy.And how to quickly adjust investment strategies to adapt to the policy environment has become an urgent need for many monopolized penalized enterprises.Tencent Holdings,as a typical representative of the monopolized enterprises,started to reduce its stake in Jingdong in 2021 in a "dividend-paying" manner.On the one hand,it reduced its stake in Jingdong to reduce its investment in the e-commerce sector,and on the other hand,it saved cash flow by paying dividends on equity,which effectively promoted the adjustment of investment scale and investment areas and achieved good results.Therefore,taking Tencent Holdings’ "dividend-paying" reduction of Jingdong shares as the main subject of the study,we analyze how enterprises adjust their investment strategies in response to anti-monopoly policies,which is helpful to help enterprises find the way to adjust their investment strategies in response to anti-monopoly policies and help them find the direction to formulate healthy investment strategies.This study takes Tencent Holdings’ "dividend-paying" reduction as the subject of the case study,and the main contents of the analysis are as follows: First,the motivation for Tencent’s investment strategy adjustment is analyzed.Based on the power-change theory,an in-depth analysis is conducted from three aspects: the development of policy restrictions,changes in penalties and the direction of policy encouragement,which provides the basis for the later analysis;secondly,an analysis of the effective means and effects of Tencent’s "dividend-paying" share reduction to promote the adjustment of its investment strategy.Based on the overview of the "dividend-paying" holdings and the description of the changes in investment strategies before and after the holdings reduction,we first analyze how the "dividend-paying" holdings reduction promoted the adjustment of investment fields and investment scale through optimizing external investment portfolios,stabilizing shareholders’ investment and strengthening internal innovation.Secondly,the short-term market effect of Tencent’s investment strategy adjustment is analyzed by applying the event study method,and the results show that the special dividend payout has a positive market response in the short term;on this basis,the financial effect of Tencent’s investment strategy adjustment is analyzed by applying the factor analysis method.Third,insights and suggestions.The analysis of how Tencent’s "dividend-paying" shareholding reduction drives the adjustment of corporate investment strategy under the anti-monopoly policy provides three insights for the adjustment of corporate investment strategy: anti-monopoly policy drives the adjustment of corporate investment strategy,while "dividend-paying" shareholding reduction can provide ideas for the adjustment of investment strategy.The analysis provides three insights for enterprises to adjust their investment strategies: anti-monopoly policies drive enterprises to adjust their investment strategies,and "dividend-paying" shareholding reduction can provide ideas for investment strategy adjustment,and enterprises should formulate their investment strategies in favor of the healthy development of capital market.In order to meet the needs of enterprises’ investment strategy adjustment,we suggest four aspects: adjusting investment strategy by paying attention to policy changes,optimizing investment portfolio by considering policy factors,stabilizing shareholders’ investment by sharing investment income,and emphasizing R&D investment by taking advantage of main business,which provide reference for enterprises to find the direction and method of investment strategy adjustment in response to anti-monopoly policy.