| State-owned enterprises play an important role in economic development.State-owned enterprises have advantages in taxation,financing,technical support,policy and natural resources.However,there are some disadvantages.Compared with private enterprises,there is no flexible market operation mechanism and lack of economic efficiency.This leads to the low utilization of social resources.With the rapid development of market-oriented economy,the development of state-owned enterprises has been impacted and slowed down.In order to reinvigorate the economy of state-owned enterprises,promote the healthy development of China’s economy and improve the utilization rate of resources,China has accelerated the reform of mixed ownership of state-owned enterprises in recent years.The Third Plenary Session of the 18 th central Committee of the communist party of China proposed to actively develop the mixed ownership economy.This represents the beginning of a new round of reform of state-owned enterprises.China’s state-owned enterprises are divided into public welfare and commercial enterprises.Different types of state-owned enterprises should choose different ways to mixed-ownership reform.For commercial soes,in order to adapt to the fierce market competition as soon as possible and improve their performance,the introduction of strategic investors has become the first choice for commercial soes to mixed-ownership reform.Based on this background,this paper selects commercial local state-owned Shede SpiritsCo.,Ltd as a case study by introducing strategic investors to mixed-ownership reform.The company went with the tide of The Times,actively participated in the reform,became the forerunner in the tide of mixing and changing.It played an exemplary role for other famous wine enterprises.This paper adopts case analysis to study the effect of the introduction of strategic investors in Shede SpiritsCo.,Ltd.Firstly,this paper reviews the literature on mixed ownership reform and strategic investors,and introduces the theoretical basis of case analysis.Secondly,the concept of strategic investors is expounded in detail,and the influence mechanism of strategic investors on state-owned enterprises is analyzed in combination with theories,which lays a foundation for the case analysis in the following paper.Then it introduces the process of introducing strategic investors into company and analyzes the influence of introducing strategic investors on Shede SpiritsCo.,Ltd,mainly from the market response,corporate governance,operation management and financial performance four aspects of the effects of specific analysis.It is found that there are three main reasons for the introduction of strategic investors in Shede SpiritsCo.,Ltd.The first is to comply with the policy guidance of the mixed reform of state-owned enterprises,enhance the vitality of the county economic development,promote the strategic adjustment of the distribution of state-owned economy,and revitalize the state-owned stock assets.Second,the industry competition is increasingly fierce.Third,the enterprise’s own development needs.Shede SpiritsCo.,Ltd once ranked the first in the production and sales of Chinese liquor industry.However,influenced by the policy,wrong development strategy and imperfect incentive mechanism,the company’s development momentum is insufficient and it cannot achieve common development with the industry.Therefore,it is very necessary to carry out reform by entering into strategic investors.The final conclusion of this paper is that the introduction of strategic investors improves the governance structure of the alcohol industry,effectively improves the company’s operation and management,and brings positive economic effect to the company: It adopts the expansion development strategy,improves the liquidity,the management efficiency and the company’s profitability.The relevant implications are as follows :(1)Select strategic investors that are conducive to their own development.(2)Improve their own strength with the help of strategic investors. |
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