| The new round of the mixed ownership reform of state-owned enterprises is a hot issue of the current social economy.In 2013,the Third Plenary Session of the 18 th CPC Central Committee regarded the mixed ownership economy as an important direction of the reform of state-owned enterprises and raised it to an unprecedented height.It means that the mixed ownership reform will become a great practice for a long period of reform of state-owned enterprises which has profound influence.Therefore,the study of the mixed ownership reform of state-owned enterprises has a certain significance.However,the core objective of the new round of mixed ownership reform of state-owned enterprises is not only to optimize the ownership structure of state-owned enterprises,but to realize the marketization of state-owned enterprises in governance mechanism,management system and incentive mechanism,and then to contribute to state-owned enterprises achieving long-term and good development in the competitive environment.Among the many implementation forms of the mixed ownership reform of state-owned enterprises,the introduction of strategic investors is a path to improve corporate governance,to improve enterprise management efficiency and to help enterprises to set up and achieve strategic objectives.The strategic investors are legal investors who have acquired and held a substantial share of the target company for the benefit of strategic development and are actively involved in the governance of the target company.Compared with the target company,the strategic investors not only have capital,management,market,talent and other advantages,but also have wealth of experience in improving corporate governance structure and so on.In addition,the strategic investors can also help the target company to enhance its core competitiveness and innovation capability,to expand its market share and to achieve its strategic objectives by participating in the management and governance of the target company.The practical community have come to realize that the introduction of strategic investors can bring multiple benefits to the enterprise.Therefore,this paper combined with the hot topic of the mixed ownership reform of state-owned enterprises to study the introduction of strategic investors in the state-owned enterprises implementing mixed ownership reform,which also has certain academic value and practical significance.Based on the existing domestic and foreign research on the mixed ownership reform of state-owned enterprises,this paper selects that Shanghai Jin Jiang International Hotels Development Co.,Ltd.(hereinafter referred to as Jin Jiang Co.,Ltd.)introduced Hony Capital(Shanghai)Co.,Ltd.to implement the mixed ownership reform as the research object.This paper studies the performance of the mixed ownership reform of state-owned enterprises in Jin Jiang Co.,Ltd.,based on the introduction of strategic investors.And this paper adopts the case study method and the financial indicators analysis method and some other research methods.Firstly,this paper expounds the related concepts of the mixed ownership reform and strategic investors,and briefly introduces the theoretical basis of this paper.Then,this paper introduces the background of the case company,the specific implementation process of the reform plan and analyzes the motivation of Jin Jiang Co.,Ltd.implementing the mixed ownership reform in detail.And then,this paper analyzes the influence of the mixed ownership reform on the financial performance of Jin Jiang Co.,Ltd.from four aspects of profitability,operating capacity,solvency and growth capacity;analyzes the influence of the mixed ownership reform on the market performance of Jin Jiang Co.,Ltd.from two aspects of stock price volatility and yield changes;analyzes the influence of the mixed ownership reform on the governance efficiency of Jin Jiang Co.,Ltd.from three aspects of the change of governance structure,the change of incentive mechanism and the change of appointment system;and analyzes the influence of the mixed ownership reform on the operation and management of Jin Jiang Co.,Ltd.from three aspects of the change of top management team,the change of the enterprise development strategy and the change of the scale of merger and acquisition.Based on the above analysis,this paper finds that Jin Jiang Co.,Ltd.introduced the strategic investor to carry on the mixed ownership reform has a remarkable and good effect.Therefore,this paper further explores the reasons why Jin Jiang Co.,Ltd.can obtain the success of the mixed ownership reform.Finally,based on the reasons for the success of Jin Jiang Co.,Ltd.implementing the mixed ownership reform,this paper summarizes the role of the introduction of strategic investors in Jin Jiang Co.,Ltd.implementing the mixed ownership reform,and eventually gets some inspirations on how state-owned enterprises achieved the success of the mixed ownership reform,which has reference value and guidance significance for other SOEs to introduce strategic investors in the mixed ownership reform in the future. |
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