| Along with economic globalization and thorough development of the stockholder's rights minute sets at the reform, government and the enterprise pays attention to whether the enterprise need to introduce the strategic investor and how to introduce the strategic investor. Regarding to realize the capital market value increment and the guarantee economic society's healthy order development unceasingly, consummates the strategic investor's introduction system has the very vital significance.In respect of theory, this article takes the property right theory, principal-agent theory, the gambling theory, the strategy management theory and so on correlation theories as the instruction, embarks from the internal and external environment background and the gambling motive of listed company and strategic investor , analyzes the problem of how to guard against the investor transfers to the speculator, and further discusses the listed company's influence that strategic investor owns stocks and the reason from it, to propose the foundation for build listed company introduced strategic investor's concrete countermeasure.In respect of empirical research, this article takes the listed company that going on the market transaction from 1999 to 2007 as inspection object, using financial data, establishing regression analysis model, confirmed the influence in strategic investor owns stocks to the listed company. Result demonstration: There is remarkable correlational dependence of the strategic investor owns stocks's margin of fluctuation and the margin of fluctuation of the listed company, explained that the strategic investor's congenial behavior will possibly cause the listed company faces with big develop risk.For introducing qualified and outstanding strategic investor, it is need joint efforts from government supervisory department, the profession as well as listed company, formulates the constraints which is more advantageous to strategic investor owns stocks in three levels of macroscopic, intermediate and microscopic. Therefore, this article proposed the following policy suggested: The government consummates supervisory system of introducing strategic investor, the profession's supervision to design the specific standard for introducing strategic investor, the listed company choices the appropriate strategy according to their own condition.. |
