Research On The Relationship Between Strategic Investor Type And Enterprise Performance

To solve the problem of resource constraints and governance defects,small and medium-sized high-tech enterprises in China are actively introducing strategic investors through equity financing.Strategic investors refer to a legal entity that has certain advantages,long-term and large share holding target business shares,capable and willing to participate in company operation and management,and actively promote the development of target enterprises.However,after the introduction of strategic investors,the development of enterprises has been polarized.The previous literature studies have not reached a consistent conclusion.This paper takes the heterogeneity of strategic investors as a breakthrough,and conjectures that the different performance of strategic investors on enterprise is related to the type of strategic investors introduced.This article is based on the Principal-Agent Theory,the Effective Supervision Hypothesis,the Equity Balance Theory and the Strategic Alliance Theory.According to the difference of endowment,strategic investors are divided into industrial strategic investors and financial strategic investors,taking small and medium-sized high-tech enterprises as the research object,this paper discuss the differences between different types of strategic investors and their impact on enterprise performance based on 2009-2016 years' experience data of IPO enterprises in China's Growth Enterprise Board.Research results show that: Different types of strategic investors have different characteristics of investment behavior,and have different effects on enterprise performance;The shareholding ratio of industrial strategic investors is negatively related to firm performance,the number of industrial strategic investors is positively correlated with the enterprise performance and the number of directors and supervisors who are appointed by the industrial strategic investors has not been confirmed.The shareholding ratio of financial investor is positively correlated with firm performance,the number of financial strategic investors is negatively correlated with the enterprise performance and the number of directors and supervisors who are appointed by the financial strategic investors is negatively related to frim performance.Further analysis shows that business related relationship will play a regulatory role in the relationship between different types of strategic investors and enterprise performance.The details are as follows: business related relationship enhances the negative correlation between the proportion of industrial strategic investors and the enterprise performance;business related relationship weakens the positive relationship between the number of industrial strategic investors and enterprise performance;business related relationship enhances the positive relationship between the proportion of financial strategic investors and the enterprise performance;business relationship weakens the negative correlation between the number of financial strategic investors and enterprise performance;business relation weakens the negative relationship between the number of directors and supervisors who are appointed by the financial strategic investors and enterprise performance.The above findings show that enterprises should introduce different types of strategic investors according to their resources demand and development goals,and set up the proportion and number of strategic investors and the number of directors and supervisors stationed in enterprises,and we should pay attention to the relationship between the strategic investors and their own business in order to play the best effect.The results of this paper provide an acceptable reason for explaining the inconsistent conclusions of the previous research.We have further refined the relationship between the various types of strategic investors and the target enterprises,making the research more detailed and in-depth,enriching the relevant theories,and having very important theoretical significance.In addition,the results of this study can provide guidance for the practice of Chinese enterprises,having valuable practical significance.