Research On The Motivation And Effect Of Gotion High-tech’s Introduction Of Strategic Investor Through Private Placement

Since the reform and opening-up of our country,all walks of life have presented flourishing development.In order to seize the market opportunity,many companies begin to adjust their business model actively and constantly seek opportunities of resource integration,among which,introducing strategic investors is an important way of resource integration.As the new refinancing regulations further lower the threshold for private placement,more and more listed companies choose the way of private placement to introduce strategic investors,hoping to raise development funds,or with the help of strategic investors’ high-quality resources,improve the core competitiveness of enterprises.However,not all companies can meet expectations,and the existing literature mainly conducts empirical studies based on large samples,reaching different conclusions.Therefore,this thesis studies the case of Gotion High-Tech’s introduction to Volkswagen China,and analyzes the motivation and effect of its private placement to introduce strategic investors,which has certain reference value.This thesis mainly adopts the method of combining literature research and case study.In terms of literature research,from the related research of private placement,the motivation of the introduction of strategic investors by listed companies and the effect of the introduction,the existing literature opinions are summarized.Combined with the existing literature,this thesis expounds the concepts of private placement and strategic investor,as well as the characteristics of the introduction of strategic investors through private placement of listed companies,and summarizes the motivation of the introduction of strategic investors through private placement of listed companies.At the same time,it summarizes the theories of corporate governance,synergy effect,strategic alliance and information asymmetry,which are used as the theoretical basis of case analysis.In terms of case analysis,this thesis focuses on the event that the introduction of Gotion High-Tech’s private placement to Volkswagen China.Firstly,it expounds the implementation process of Gotion High-Tech’s private placement.In addition,the thesis analyzes the reasons why the company introduced Volkswagen China through private placement from the perspectives of external motivation and internal motivation,and then analyzes the effect of the company’s introduction of Volkswagen China through private placement from the perspectives of corporate strategy,corporate governance,financial status and shareholder wealth,and studies the effect mechanism of the introduction of strategic investors on corporate performance.Finally,this thesis summarizes and refines the case,and draws some enlightenment,in order to provide experience for other enterprises to promote this path.This thesis has conducted an in-depth analysis of the case of Gotion High-Tech’s introduction of strategic investors through private placement,exploring the motivation,impact,and mechanism of the effect of the case.The research shows that Gotion High-Tech’s introduction of the strategic investor has avoided the integration risk of both parties,the company has improved its governance level through optimizing the board of directors and shareholder structure,and the company has improved its financial performance in the short term after introducing strategic investors,It has also expanded the mid-end to high-end customer market with the help of Volkswagen’s brand endorsement.Based on these conclusions,the following research implications are drawn.First of all,the company needs to introduce strategic investors guided by business coordination and integrated development;secondly,according to the long-term development strategy,the company needs to choose appropriate financing methods to introduce strategic investors;thirdly,the company should make clear the function positioning of shareholders,and pay attention to avoid governance risks after introducing strategic investors;finally,the company should pay attention to the resources integration of both sides to better play the synergistic effect.The research in this article can provide reference and significance for other listed companies in China to introduce strategic investors through private placement.However,this thesis also has some shortcomings.It is only two years until the research point of this thesis that Gotion High-Tech announced the behavior of introducing strategic investors through private placement.Therefore,After the introduction of strategic investors,how to better integrate resources and improve corporate performance is still a problem worthy of continued attention.