The Analysis Of Motivation And Financial Performance Of Introducing Strategic Investors In The Mixed Ownership Reform Of China Unicom

Deeping reform of state-owned enterprises comprehensively is an important deployment to promote the sustainable and healthy development of state-owned enterprises in the new normal of China's economy.Mixed ownership reform is one of the hot spots in the reform of state-owned enterprises.Important instructions have been issued from the national level.The third plenary session of the 18 th central committee held in 2013 specially proposed that mixed ownership economy is an important form of realization of the basic economic system.In 2017,premier Li Keqiang pledged to deepen the reform of mixed ownership and take substantive steps in the field of telecommunications.The 19 th CPC national congress further stressed the need to deepen the reform of state-owned enterprises and develop a mixed ownership economy.In addition,because strategic investors are willing to participate in the corporate governance of the invested enterprises,and have advanced management experience and high-quality resources,they can help the invested enterprises to integrate resources and solve the problems of non-standard governance structure of state-owned enterprises,low operating efficiency and low ability to maintain and increase the value of assets.Therefore,the introduction of strategic investors to participate in the mixed ownership reform has become an important breakthrough to deepen the reform of state-owned enterprises.In September 2016,the national development and reform commission held a seminar on the pilot reform of mixed ownership of state-owned enterprises,and China Unicom group was included in the list of the first batch of pilot enterprises of mixed ownership reform.In August 2017,the reform of China Unicom group with its core assets as a main body,in the process of mixed ownership reform through stock nonpublic offerings and transfer the old methods such as introducing such as Baidu,Alibaba,Tencent,Jingdong,several strategic investors in the "capital",and through the election board of directors,equity incentive realization form of the "mechanism".The reform helped China Unicom out of the development dilemma,the competitiveness of the enterprise has been enhanced.This article through to China Unicom mixed ownership reform this case study,through the analysis of the introduction of strategic investors of mixed ownership reform and financial performance,and to find its experiences and lessons in the process of reform,in order to make up for the inadequacy of soe reform cases research,providing a reference for future reform of state-owned enterprises.Based on the case study of China Unicom's mixed ownership reform in 2017,this paper explores the motivation and financial performance of introducing strategic investors to participate the mixed ownership reform of state-owned enterprises.On the basis of reading domestic and foreign literature,this paper uses the method of induction and summary to sort out the main points of this research,and then constructs the analysis and research framework of this paper.This paper is divided into six parts to analyze the case of China Unicom introducing strategic investors to carry out mixed ownership reform.The first part is the introduction,which firstly introduces the research background and significance of this case,then sorts out the relevant literature on the mixed-ownership reform of state-owned enterprises,strategic investors and financial performance evaluation,and finally briefly describes the analytical logic and research framework of this paper.The second part explains the mixed ownership reform of state-owned enterprises and the related concepts of introducing strategic investors into the mixed ownership reform.In addition,this paper also introduces the relevant theoretical basis involved in case analysis.The third part intro duces the case of China Unicom introducing strategic investors to carry out mixed ownership reform,which includes the specific situation of China Unicom,the reform process and plan,the internal and external environment of China Unicom before the reform,and the impact of the reform on its shareholding structure and governance structure.The fourth part analyzes the motivation of China Unicom's mixed-ownership reform by introducing strategic investors from the internal and external factors.The fifth part analyzes the impact of the mixed-ownership reform on China Unicom from the aspects of profitability,debt paying ability,asset quality,business growth ability and comprehensive performance.The sixth part summarizes the case on the basis of the previous parts,and puts forward relevant Suggestions on the mixed ownership reform of state-owned enterprises and the introduction of strategic investors from the perspectives of the government and enterprises.This paper mainly adopts case study method,literature study method and comparative analysis of financial indicators.On the basis of theoretical research and in combination with the specific case of China Unicom,this paper draws the following conclusions: the mixed-ownership reform of China Unicom is a pioneering move in the reform of the telecommunications industry,which is a state monopoly.Under the severe internal environment,China Unicom carries out reform.In the process of reform,it introduces strategic investors to participate in corporate governance by means of reelection of the board of directors,so as to standardize the corporate governance structure.Through in-depth cooperation with strategic investors,China Unicom has improved its financial situation and enhanced its comprehensive competitiveness.Therefore,in the following reform process of state-owned enterprises,the state should further expand the scope of reform and introduce relevant policies to ensure the right of private capital to speak in state-owned enterprises so as to give full play to the management advantages of private enterprises.Meanwhile,it should also pay attention to maintain the control of state-owned capital.For state-owned enterprises,they should choose the right time and way to carry out the reform,pay attention to the type of strategic investors when introducing strategic investors into the reform,and take measures to ensure the right to speak of strategic investors,so as to give play to the role of strategic investors in corporate governance.