Research On The Motivation And Economic Consequences Of Introducing Strategic Investors Into China's Listed Enterprises

With the continuous development of China's securities market,listed companies have introduced strategic investors as a new financing model in addition to the traditional financing methods such as additional issuance,allotment,convertible bonds,etc.,and have entered people's vision.Generally speaking,after introducing strategic investors,enterprises will first obtain sufficient liquidity,and enterprises can use all aspects of enterprise development in their domains.At the same time,the two parties will also sign a strategic cooperation agreement so that companies can more easily obtain more advanced technologies,wider market channels and more mature management experience owned by strategic investors.In addition,companies introduce strategic investors through non-public issuance of stocks,usually with a lock-up period of three years.Using this method can prevent the stock from being purchased and then quickly sold.Companies and investors should be honest with each other,work together,and jointly bear potential risks,so as to achieve mutual benefit and win-win.One of the risks of introducing strategic investors is that strategic investors usually hold a large amount of shares,which will obviously change the original shareholding structure of the company,and the company may face the risk of control transfer.Through combing the relevant literature,it is found that there have been few domestic researches on the economic consequences of the introduction of strategic investors by listed companies in China this year,and there are few relevant studies specifically focusing on the traditional retail industry.Many studies are based on empirical evidence,and few cases are specifically analyzed.In today's continuous development of China's securities market,the introduction of strategic investors is a relatively rare means of financing.Regarding whether enterprises should actively seek investors,what kind of motives can motivate listed companies to develop by introducing strategic investors,and what specific economic consequences the introduction of strategic investors will bring to the enterprises are all major companies.Issues to consider.Therefore,this article focuses on SUNING 's introduction of Ali baba Group as its strategic investor to carry out relevant investigations and analysis to explore the main reasons behind this behavior and the impact of obtaining financing.Not only can it provide a case for more companies to seek outside financing,but also has certain theoretical and practical significance.This article uses case study method,literature study method and comparative analysis method.On the basis of domestic and foreign scholars' research on the introduction of strategic investors,SUNING introduced strategic investors as the research object to explore the main reasons behind this behavior And the impact of access to financing.First of all,this paper summarizes the relevant domestic and foreign literatures,expounds the motivations for companies to introduce strategic investors and what economic consequences they will cause,and briefly describes the main characteristics of strategic investors and related theories to provide a basis for research.Secondly,this article gives a specific introduction to the case,mainly including the background of the case,the specific situation of the enterprises of SUNING and Ali baba,and the process of SUNING introducing Ali baba as a strategic investor through the non-public offering Specific implementation.Once again,it analyzes the motivation of SUNING to introduce strategic investors,the influence mechanism of introducing strategic investors to SUNING,and the economic consequences.Specifically,from the short-term stock price fluctuation and price-earnings ratio,and using the event analysis method to analyze the market response of SUNING after introducing strategic investors.Analyze the changes in the financial performance of SUNING after the introduction of strategic investors in terms of profitability,operating capacity,solvency and development capabilities.Analyze the changes in performance and analyze the impact of SUNING on its business strategy after introducing strategic investors.By analyzing and exploring the above cases,this article understands that after a listed company introduces strategic investors,a large amount of capital can significantly improve its internal financial situation,the company's operating performance has been greatly improved,and the introduction of strategic investors Provided help for the transformation of enterprises.Based on the main results of the case analysis,this article puts forward some suggestions for the introduction of strategic investors in China's listed companies,hoping to provide a case basis for other companies that use the same financing methods in actual situations.