Research On The Performance Of Chang An Automobile’s Mixed Ownership Reform ——Based On The Perspective Of Strategic Investors

With the continuous development of economic globalization and my country’s increasingly perfect market mechanism,there are more and more opportunities in the market,but also many challenges.Therefore,more and more enterprises have adopted various reform measures to improve their market competitiveness,to stimulate business vitality.Stateowned enterprises,in particular,urgently need to reform to improve the efficiency of their operations so as not to avoid being lost to the market.In this background,the reform of stateowned enterprises appeared.The Third Plenary Meeting of the 18 th Central Government stated that while maintaining the original operating system,the mixed ownership system should be actively promoted.The hybrid reform of state-owned enterprises is a necessary option that can improve the efficiency of resource allocation as well as corporate performance.In terms of the choice of approach to the mix,there are clear benefits to bringing in strategic investors that because it can not only bring huge capital,advanced technology,and generate synergistic effects;at the same time,it can adjust the equity structure of enterprises to prevent "one share dominance",strengthening the company’s governance and continuously enhancing its competitiveness.Chang an Automobile,in order to better operate and expand its new energy vehicle business,undertook a hybrid reform in2019 by introducing strategic investors with a view to being able to improve its competitiveness..Therefore,this paper selects Chang an Automobile as a case,based on the perspective of strategic investors,studies the performance after the mixed reform,and analyzes the impact of introducing strategic investors on corporate performance.This paper first discusses the background and significance of the study,organizes the relevant literature,and then introduces the relevant concepts and theories,leading to the content of this research.In the study content,the background,motivation and process of Chang an Automobile’s mixed ownership reform are firstly described in detail;secondly,the reasons for the introduction of strategic investors are analyzed;thirdly,the impact analysis of the mixed ownership transform on the financial results and the non-financial performance of the company as well as the study on the performance of Chang an Automobile after the mixed ownership transform based on EVA indicators;in the financial performance analysis,the analysis of financial indicators is mainly used to analyze the changes in liquidity,earnings,operating capacity and growth capacity before and after the hybrid reform through horizontal and vertical comparisons.In terms of non-financial performance,it analyzes and researches its product structure,investment,strategic goals,and analyzes the changes in the company’s performance after Chang an Automobile presented strategic investors in an allround and multi-angle manner.Finally,it summarizes the impact of Chang an Automobile’s presentation of strategic investors on the company’s performance and puts forward relevant suggestions.The innovation of this paper is that most of the existing researches focus on the classification of strategic investors in the mixed reform and the research on the introduction of strategic investors by banks in the mixed reform.There are few cases of state-owned companies introducing strategic investors for hybrid reform,there is also little literature on the use of EVA indicators to analyze the performance of hybrid reforms.This paper selects the introduction of strategic investors in Chang an Automobile’s hybrid reform as a case study,starting from the cause of the effects of the bringing in strategic investors on corporate performance,and provides a further analysis of the effect of the hybrid reform on the performance of Chang an Automobile,whose experience in the hybrid reform can provide certain reference significance for other automobile industries.