Case Research Of China Unicom's Directed Issuance Of Introducing Strategic Investors

With the further deepening of the equity reform of state-owned enterprises,whether state-owned enterprises need to introduce strategic investors,how to introduce strategic investors has become a common concern of the government and enterprises.In 2013,the equity reform of state-owned enterprises was put forward at the Third Plenary Session of the 18 th CPC Central Committee.This means that in the long period of time,the reform of state-owned enterprise mixed ownership will take the equity structure reform as the entry point.From the reality,state-owned enterprises can help state-owned enterprises to ease financing pressure,improve corporate management system and mechanism,and optimize resource integration to achieve long-term development of enterprises through the introduction of strategic investors.Since the National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission in 2016,the state-owned enterprises such as China Eastern Airlines Group,China Southern Power Grid and China Shipbuilding have been the first batch of equity structure reform pilots.The number of enterprises and the scope of industrial enterprises with optimized ownership structure have been expanding.As of 2018,The number of state-owned enterprises that have been optimized by introducing strategic investors has reached 50,and the utilization rate of state-owned capital has been effectively improved.However,most of the above-mentioned enterprises that use strategic investors to implement the optimization of shareholding structure are local state-owned enterprises and subsidiaries of large-scale central enterprises.Very few state-owned enterprises carry out equity reform at the group level.As the first large-scale central enterprise to implement the equity reform of the strategic investors at the group level,China Unicom has a milestone significance in the process of equity optimization of state-owned enterprises.Based on this,this paper selects the case of China Unicom's private placement of strategic investors,and uses a variety of research methods such as case study and financial analysis to analyze the effects of introducing strategic investors.The article firstly summarizes the existing literature review of the introduction of strategic investors in the private placement of state-owned enterprises at home and abroad,and defines related concepts,and expounds some of the theoretical foundations involved in the article.Then,this paper introduces the basic situation of China Unicom,the formation of the strategic investor program and the specific content;then analyzes the motivation of China Unicom's private placement of strategic investors;secondly,this paper is based on profitability,operational capability,and debt service.The four aspects of capability and development capability are the entry points to evaluate the effect of the strategic investors on the financial performance of China Unicom.The evaluation of the changes in corporate governance structure,business development and investment strategy The effect of China Unicom's business strategy;the impact of this event on the secondary market is evaluated by the analysis of stock price changes and stock yield changes.Summarizing the above analysis,it is found that China Unicom has achieved considerable effects in the above aspects by introducing strategic investors into private ownership reform through private placement.Finally,the article summarizes several inspirations to provide relevant theoretical and practical experience for state-owned enterprises that want to introduce strategic investors in the future.