Research On The Relationship Between Strategic Investors,social Responsibility Of State-owned Enterprises And Performance Of State-owned Enterprises

Under the premise of China's basic national conditions and the specific nature of state-owned enterprises,state-owned enterprises have always been at the core of China and are in an indispensable position in the process of continuously achieving high-quality development of China's economic level.However,the advantages and disadvantages are always accompanied by each other.State-owned enterprises lead and drive the national economic development while still having some drawbacks that restrict and hinder the development and improvement of state-owned enterprises to a certain extent: such as inefficient internal decision-making,unclear property rights,and A series of problems such as the difficulty of distinguishing between government and enterprises and the partial loss of state-owned assets.One of the reasons why the performance of state-owned enterprises is significantly lower than that of private enterprises can be attributed to the above drawbacks.Because the importance of state-owned enterprises and their own problems make the implementation of a certain degree of reform of state-owned enterprises become an inevitable trend,but due to the characteristics of the dual attributes of economic and social benefits of state-owned enterprises and the increasing concern of the masses for the fulfillment of corporate social responsibility,In the process of mixing and reform,we can not blindly improve the performance of the company as the sole purpose,or even sacrifice social benefits to improve economic efficiency.We need to propose the "economic + social" dual goal for the characteristics of state-owned enterprises.The premise further proposes targeted and corrective measures and puts them into practice,in order to truly achieve the original intention of mixed reform.In August 2017,China Unicom reform started the “first shot” of the new round of mixed reform in 2017.The introduction of strategic investors is one of the major measures implemented in the process of China Unicom's mixed reform.This paper takes the initiative of introducing strategic investors as an entry point,and deeply studies the relationship between strategic investors,state-owned enterprise social responsibility and state-owned enterprise performance.First of all,this paper sorts out a series of related literatures at home and abroad,and defines related concepts such as strategic investors,corporate social responsibility and corporate performance.At the same time,the related theories are basically explained,and relevant theories are deeply analyzed.The relationship between strategic investors,state-owned enterprise social responsibility and state-owned enterprise performance,and then put forward relevant assumptions based on theoretical analysis;then select the data of state-owned listed companies from 2011 to 2016 as a sample,and explore and study strategic investors,state-owned enterprise social responsibility and state-owned enterprise performance from an empirical perspective.Through empirical research,the following conclusions are drawn: strategic investors have a significant positive correlation with state-owned enterprise social responsibility;state-owned enterprise social responsibility has a significant positive correlation with state-owned enterprise performance,and the introduction of strategic investors can significantly promote state-owned enterprise social responsibility and state-owned the positive correlation between enterprise performance;the ratio of state-owned enterprise performance to the introduction of strategic investors has a significant inverted U-shaped relationship,and there is an optimal introduction ratio.However,the proportion of shares held by state-owned enterprises that have been introduced to strategic investors has not yet reached the best.Finally,based on the research conclusions,the paper proposes targeted countermeasures for the introduction of strategic investors in this new round mixed reform.