Research On The Economic Consequences Of Introducing Haier's Private Equity Offering Into Overseas Strategic Investors

From reform and opening up to accession to the World Trade Organization,China has been continuously striving to integrate itself into the world economy and liberalize the conditions for foreign investment in the Chinese market.Many listed companies and commercial banks in China have enjoyed the convenience of the policy.They have successively introduced overseas strategic investors to enrich their funds,optimize the governance structure,gain management knowledge,and learn technical advantages to promote industrial transformation and upgrading.The introduction of overseas strategic investors involves the refinancing of enterprises.Alternatives are commonly found in the issuance of new shares,rights issues,and issuance of convertible bonds.For a long time,private placements are the most popular refinancing methods for listed companies and securities companies in the capital market.They have advantages such as simpler issuance conditions,more choice of pricing basis,and low risk of issuance failure.When a listed company considers introducing overseas strategic investors,it often chooses private placement to complete financing.In the case of the initial private placement and the introduction of foreign capital,most of them were based on commercial banks,and there are only a few examples of listed companies that can be referred to.However,as private placement and refinancing gain more attention in the industry,the behavior of listed companies to introduce overseas strategic investors through this method has also increased.At the same time,academics have a greater tendency to study this issue.What is the motivation for listed companies to introduce foreign capital? Why did the company choose to increase the number of new capital to introduce foreign capital? What impact will the introduction of foreign investment bring to the company? Will the company's future development plan be adjusted? Considering these problems,this article uses Qingdao Haier to introduce overseas strategic investors KKR as an example to carry out multi-analysis,hoping to get some inspiration from it to supplement the private placement of listed companies in our country with some worthy reference information.Based on reading related literature,this article introduces strategic investors and private placement models,and uses information asymmetry theory,strategic management theory,and corporate governance theory to analyze the motives,methods,and impacts of invested companies in introducing overseas strategic investors.After the theoretical analysis,the case of Qingdao Haier's introduction of KKR was selected as an in-depth exploration object.This article first analyzes the motivation of Qingdao Haier to introduce strategic investors,and then pay attention to the impact of introducing overseas strategic investors on the effect of strategic implementation,corporate governance,investment behavior,and company business after the private placement.Finally,on the basis of this,the paper draws some conclusions and supplements some similar listed companies that intend to introduce overseas strategic investors through targeted issuance of securities to some worthy reference information.