Study On The Choice Of Strategic Investor In State Own Enterprises' System Reform

State own enterprises'system reform is a crucial history stage which state own enterprises must go through in the change from planned economy to market economy of China. The principal goal of State own enterprises'system reform is making the diversification of investors and establishing modern enterprises system. It is the most effective way to achieving the goal that introducing strategic investor. And how to choose strategic investor is the key to introducing strategic investor successfully. Therefore, it is very important for enterprises to choose the right strategic investors.Firstly, this paper put forward the definition and features of strategic investor on the basis of summarizing the correlative literatures. Secondly, lists some inherent problems of state own enterprises, and analyzes the reason of introducing strategic investor through designing game theory model further, which included that improving governance structure, establishing the stock-holder balance mechanism, bringing capital, advanced technology and management methods et al. Then, discusses how to introduce strategic investor through three facets such as choice standard, choice process and some problems which should be paid attention to. Meanwhile, this paper indicates that it is necessary to evaluate certain indexes such as capital, technology, market position, credit rank, corporation culture, industry development and management ability.Finally, this paper picks up some representative cases, e.g. Dongfeng Auto and Huaxin Cement in order to identify the above opinions.