A Research On The Synergistic Effect Of Introducing Strategic Investors Into State-owned Enterprises Under The Background Of Mixed-Ownership Reform

Since the central Committee deliberated and approved the Three-year Action Plan for SOE Reform in 2020,China’s new round of SOE reform has been deepened,with the number of reformed enterprises continuously increasing and the scope of reform continuously expanding.In March 2022,Premier Li Keqiang further proposed in his government work report to "accelerate the optimization and structural adjustment of the state-owned economy,deepen the reform of mixed ownership,and complete the three-year action task of SOE reform".The reform of SOE mixed ownership was gradually deepened.The new round of reform of state-owned enterprises is committed to realizing the marketization of internal governance and management mechanism of state-owned enterprises and establishing modern and perfect enterprise governance and management mechanism,so that state-owned enterprises can realize the reform.Therefore,this thesis selects the reform case of China Unicom,the first pilot state-owned enterprise with good reform effect,for in-depth study,explores its reform process and effect with strategic investors,extracts the mechanism and approach of positive effect between the two parties,and expects to provide experience and reference for the subsequent similar reform of state-owned enterprises.The thesis is divided into four parts.In the first part,related concepts and theoretical basis of mixed reform and synergistic effect are clarified,and the status quo of mixed reform in China and the reform background of China Unicom are briefly introduced,laying a theoretical and practical foundation for the subsequent analysis of this thesis.The second part,after analyzing the internal motivation of China Unicom’s introduction of strategic investors,introduces in detail the whole reform process of China Unicom’s introduction of strategic investors.The third part,in organizing resources,business integration between China Unicom and strategic investors,on the basis of analyzing the optimization of Unicom internal governance mechanism after the reform,at the same time using the event study method and EVA analysis to China Unicom market reaction after the reform and the enterprise economic value were analyzed,and highlights the effect of the reform in many aspects,Make the conclusion of this thesis more accurate and objective.The fourth part,based on relevant theories and the above analysis,extracts the causes and ways of the synergistic effect of China Unicom’s reform;At the same time,considering the importance of enterprise intangible assets,outside of the operation,management and financial synergies to increase strategic synergy evaluation dimensions,on the basis of the selected comparable companies,using comparative analysis,horizontal and vertical comprehensive analysis of relevant data,judging China Unicom after the introduction of strategic investors in all aspects of synergies.Through analysis,this thesis gets the following conclusion: China Unicom after the introduction of strategic investors,appointed by excess outside shareholders into the board of directors,the integration of both business and technical resources,optimize the corporate governance mechanism,in the short term increased corporate market value and economic value,in business,management,financial and strategic aspects are synergistic effect was realized.This thesis obtains the following enlightenment:(1)State-owned enterprises should actively seek external forces to achieve their own reform;(2)When introducing strategic investors,state-owned enterprises should pay attention to the introduction of investors related to the main business and complementary advantages;(3)State-owned enterprises should pay attention to the reform of ownership structure and corporate governance mechanism after the mixed-ownership reform,develop appropriate and modern enterprise management system while ensuring the safety of state-owned assets,and fundamentally realize the reform.The innovation points of this thesis are as follows:(1)from the perspective of synergistic effect,the reform effect of introducing strategic investors into state-owned enterprises is explored;(2)Considering the importance of intangible assets,the evaluation dimension of strategic synergy effect is added.