Research On Motivation And Performance Of Introducing Strategic Investors Into State-Owned Enterprises From The Perspective Of Mixed Ownership Reform

State-owned enterprises are the mainstay of China's national economy.They have been playing an irreplaceable role in many key fields and important departments.They are of great significance to ensure the sustained,healthy and rapid development of our economy.However,the drawbacks of state-owned enterprises have been criticized,in view of the problems of property rights system,organizational structure,governance mechanism and incentive mechanism of stateowned enterprises.Since the Third Plenary Session of the Eleventh Central Committee in 1978,China has carried out several rounds of reform,including the reform of market economy system,the construction of modern enterprise system of state-owned enterprises and the reform of non-tradable shares.However,due to the deep-rooted drawbacks of state-owned enterprises,the reform of state-owned enterprises still has a long way to go.Against this background,the Third Plenary Session of the 18 th CPC Central Committee held in November 2013 pointed out the direction for the new round of state-owned enterprise reform.Reform of mixed ownership is very important,and emphasized many times in the follow-up meetings and documents.And the pilot enterprises of the reform of mixed ownership were established in batches.The status of enterprise reform can be seen.Therefore,the reform of mixed ownership in state-owned enterprises has important research significance.The new round of mixed ownership reform is by no means "mix" in the form of equity.Its key lies in the marketization of internal mechanisms such as governance,management and incentives.In practice,there are many ways to reform the mixed ownership,including employee stock ownership,holistic listing,introducing strategic investors and so on.Among them,the introduction of strategic investors is one of the important ways.Strategic investors usually refer to legal persons who hold the shares of the invested enterprises in order to obtain long-term and stable returns.In the process of investing in the target enterprises,they often choose to hold the shares of the invested enterprises for a long time,and achieve the long-term strategic development goals of the invested enterprises.Compared with the invested enterprises,the strategic investors have obvious advantages in many aspects,such as capital,talent,technology,management concept,market competition,marketing methods,and so on.In the long-term investment process,they have formed rich experience in participating in company management,which has very important significance for solving the old problems of state-owned enterprises in China and improving the competitive status of state-owned enterprises.In view of this situation,this paper focuses on the enterprises that choose to introduce strategic investors to reform under the background of mixed ownership reform,and analyses the specific application of mixed ownership reform by introducing strategic investors to selected case companies,hoping to provide relevant experience and reference for the mixed reform of state-owned enterprises in China,especially for enterprises which have the need to introduce strategic investors.This paper chooses China Unicom as a case study,and makes an in-depth study on its introduction of strategic investors to carry out mixed ownership reform,and including explores the specific motivation and performance of China Unicom's introduction of strategic investors.Firstly,this paper elaborates the research background and purpose.Secondly,based on the theory of property rights,principalagent theory and strategic alliance theory,this paper reviews the domestic and foreign literature on the reform path,performance of mixed ownership and the introduction of strategic investors.Thirdly,it combs the current situation of the reform of mixed ownership in state-owned enterprises.On this basis,this paper uses statistical analysis method to study the mixing of state-owned enterprises listed in Shanghai and Shenzhen Stock Exchanges after the start of the new round of stateowned enterprise reform,especially the introduction of strategic investors.Then,combined with the background introduction,theoretical analysis and reform status,this paper analyses the specific motivation of introducing strategic investors into China Unicom's mixed reform,and analyses the comprehensive effects of introducing strategic investors on China Unicom from the aspects of financial performance,market performance and corporate governance.Finally,the relevant conclusions and enlightenment are drawn through the above analysis.The innovation of this paper lies in the combination of mixed ownership reform and the introduction of strategic investors to carry out relevant research on the reform of state-owned enterprises.In the specific research process,the statistical analysis of the mixed ownership reform of listed state-owned enterprises in Shanghai and Shenzhen Stock Exchanges since the start of the new round of state-owned enterprise reform has certain significance for enriching the research data of the mixed ownership reform,and also to a certain extent enlightenment for the later mixed ownership reform of state-owned enterprises.