Research On Investor Choice Of State-owned Enterprises In Mixed Reform

The Third Plenary Session of the Eighteenth Central Committee of the Party set the reform of mixed ownership of state-owned enterprises as an important direction for the healthy development of state-owned enterprises,and opened a new round of state-owned enterprise reform.One of the key steps of mixed ownership reform is to introduce other non-public capital to solve the problems of unreasonable shareholding structure and imperfect corporate governance mechanism that state-owned enterprises face,so as to stimulate the vitality of state-owned enterprises and improve their market competitiveness.Different types of investors will have very different effects on the development of state-owned enterprises.When introducing other capital,choose strategic investors or financial investors.How to choose and combine to ensure that the benefits of mixed reform of state-owned enterprises are maximized?These problems need to be clearly stated in the early preparation stage of mixed reform of state-owned enterprises,but in practice investors' selection criteria and steps are not clear enough,which leads to the slow progress of mixed improvement and even the loss of state-owned assets.Based on modern enterprise system theory,enterprise property rights management theory,strategic management and strategic alliance theory,this paper finds that modern governance structure is unreasonable,incentive mechanism is imperfect,insider control and exit channels are not smooth,etc.The main reason.The introduction of investors can effectively improve the above problems,mainly in that introducing suitable investors can optimize the equity structure and corporate governance mechanism of state-owned enterprises,improve the existing state-owned asset management system,and produce synergies.According to the purpose of mixed reform of state-owned enterprises,when choosing investors,we must focus on the types of investors,the complementarity of the industry,and whether they can meet the specific needs of state-owned enterprises.This article takes Shandong Expressway Co.,Ltd.as a case to examine the selection criteria and role of investors.The conclusion of this article is:different types of state-owned enterprises should analyze the specific situation when conducting mixed reform,choose investors according to their own real needs,and avoid mixing reform as a political task;In addition,investors should not only pay attention to micro-angles such as industry complementarity,financial indicators and non-financial indicators,but also focus on soft power such as brand reputation,corporate culture,and management governance capabilities.It can provide experience for many state-owned enterprises in how to choose investors in the mixed reform,and complete the mixed ownership reform faster and better.