Investigation On Listed Company's Strategic Motivation And Effect Of Industrial Strategic Investors

To listed companies,there are two types of strategic investors:financial strategic investors and industrial strategic investors.Financial strategic investors focus on shortand medium-term achieved returns,and industrial strategic investors pay attention to the long-term development of companies.In the process of China's economic reform,the main dilemma faced by listed companies in China is not only insufficient capital chain and limited financing channels,but also problems such as low core technology capability,unreasonable property structure,difficult expansion of customer base and inefficient corporate governance.Industrial strategic investors have advantages in capital,technology and management,and actively participate in corporate governance because they have common strategic objectives with the invested listed companies.However,in view of the fact that China's stock market is still in the stage of development,investors are mostly speculative,and the real industrial strategic investments are very few,and the previous theoretical research is mostly confined to the banking industry,and other industry enterprises are lack of experience to learn from.As a result,listed companies may take huge potential risks while obtaining capital and resources from industrial strategic investors,which is a huge challenge for regulators and listed companies.Therefore,based on the existing theoretical research results,this paper chooses the case of NavInfo Co.,Ltd.introduced into Tencent for in-depth analysis.It is not only the first case of mixed ownership reform of listed companies but also state-owned enterprises,which has great reference significance for both listed companies and state-owned enterprises.After a comprehensive analysis of this case,listed companies,especially listed state-owned enterprises,have a reference on how to introduce industrial strategic investors and follow-up running-in.At the same time,this paper also strives to put forward effective suggestions for this practice.Firstly,this paper elaborates the research background and significance of the paper,and expounds three viewpoints of scholars at home and abroad on the impact of introducing strategic investors: positive impact,negative impact and depending on different factors.There are mainly multi-factor index system and single-factor index system in introducing the evaluation system of strategic investors' effectiveness,and briefly outlines the research ideas and methods,thus leading to research topics.Secondly,this paper introduces the concept and characteristics of industrial strategic investors,the strategic motivation and mechanism of introducing industrial strategic investors to listed companies,and expounds the scholars' research on the effectof introducing industrial strategic investors through competition and cooperation theory,efficiency theory,industrial alliance theory and shareholder activism theory.Thirdly,this paper takes NavInfo Co.,Ltd.as a typical case to introduce Tencent Holdings,an industrial strategic investor.By using case analysis,comparative analysis and financial index method,this paper briefly introduces the basic situation of the investee NavInfo Co.,Ltd.and the industrial strategic investor Tencent Holdings,and then analyses the introduction of industrial strategy based on the general motivation of listed companies.The motive of investors is to analyze the way of introducing industrial strategic investors and the process of resource integration,and to analyze the financial development of the four-dimensional map in the recent three years through financial ratio analysis,so as to evaluate the effect of the overall development of the NavInfo Co.,Ltd.after the introduction of Tencent.After a series of analysis,the author concludes that the introduction of Tencent Holdings is successful.Tencent's sharetaking has brought a far-reaching and positive impact to NavInfo Co.,Ltd.: the new industry chain of NavInfo Co.,Ltd.continues to extend to the middle and lower reaches;thanks to the large data resources platform of the Internet,the change of product services is accelerating,the traditional geographic information service providers are transforming into digital maps,vehicle networking and dynamic traffic information service providers;and the medium and long-term development capacity has been significantly improved.Finally,this paper summarizes the reasons for the new success of NavInfo Co.,Ltd.:firstly,the policy support of decentralization of government;secondly,the full integration and utilization of resources of industrial strategic investors;thirdly,the two sides maintain a good partnership.At the same time,the author gives some suggestions on introducing strategic investors in industry,scientifically choosing investors according to their own situation,fully integrating the resource advantages of both sides,and preventing short-term speculative risk.Through the analysis and Research on the introduction of industrial strategic investors by Listed Companies in China,we can provide experience for many enterprises,so as to reasonably assess whether it is necessary to introduce industrial strategic investors and choose investors suitable for their own long-term development.To help more listed companies improve their capital situation,enhance product competitiveness,obtain technical and human resources,enhance the voice of enterprises in the industrial chain,truly realize the optimal allocation of resources,and enhance thecore competitiveness of the company.Therefore,with the increasingly severe domestic competitive environment and the proliferation of short-term speculation,listed companies should be more cautious in choosing financing methods,seeking suitable industrial strategic investors,and forming a good partnership with them,integrating resources efficiently,and becoming stronger in the fierce market competition.