Analysis On The Effect Of Introducing Strategic Investors Into The Mixed-ownership Reform Of Shede Liquor Industry

Since 90 s of last century,the reform of mixed ownership was officially put forward,and now it has entered a new stage.The key is to enhance the vitality of enterprises.In the mixed reform of state-owned enterprises,there are many ways of mixed reform.The introduction of strategic investors can theoretically promote the reform of property right structure and improve the level of governance,but there is also the possibility of seizing the interests of state-owned enterprises and causing the loss of assets.Therefore,it is very important to explore the impact of introducing strategic investors in the actual mixed reform and study the risk prevention countermeasures for the adverse situation to ensure the safety of state-owned assets in the mixed reform of state-owned enterprises.Based on this,this thesis selects the introduction of strategic investors into the mixed ownership reform of state-owned enterprises in shede liquor industry as a case,combs the motivation and process of the mixed reform,analyzes the effect and causes of the mixed reform,studies the risks existing in the mixed reform and explores the reasons to put forward suggestions.In the case analysis,the author first introduces the case that shede liquor industry introduces the mixed reform of strategic investors.Introduce the basic situation of the case company,study its mixed reform motivation,sort out the mixed reform process,and conduct pricing analysis to explore whether the transaction price is fair.Secondly,enter the research focus of this thesis,that is,the effect analysis of introducing strategic investors,mainly from four aspects.Above all,study its short-term and long-term enterprise value through event research method and long-term stock price changes.Furthermore,analyze the changes of internal governance and related decisions of shede liquor industry after the introduction of strategic investors.In addition,through the financial index analysis method,this thesis compares the financial data of shede liquor industry with that of the reference enterprise and industry,and analyzes the impact of the introduction of strategic investors on the business performance.Then analyze the causes of the effect of mixed reform.Thirdly,the author analyzes the risk of wealth transfer after the introduction of strategic investors,that is,to study the occupation of non operating funds by strategic investor Tianyang holdings and its related parties.This part combs the transferee’s capital occupation process and motivation,analyzes the adverse impact of capital occupation on the enterprise value and image,long-term solvency,innovation willingness and ability of shede wine industry,and deeply analyzes the reasons for the success of its capital occupation to grab benefits,so as to find the deficiencies in the mixed reform.Lastly,according to the above reason analysis,this thesis puts forward relevant suggestions on risk prevention in the mixed reform.The study found that the initial change of the wine industry was to help private enterprises to seize opportunities in the increasingly competitive the industry and to enhance their vitality by means of private capital.Secondly,the introduction of strategic investors has a certain supporting effect and positive effect.Specifically,First of all,boost market confidence in the short term and improve enterprise value in the long term.In addition,improve the design of internal governance system and improve decision-making.Thirdly,improve profitability and development ability,and optimize short-term debt repayment and operation ability.The main reasons for the positive results are the support of the state and the government,the complementary advantages of the two sides and the implementation of the strategy of "optimizing production and subverting marketing".What’s more,there is also the risk of wealth transfer in the mixed reform,and the occupation of funds has brought many negative effects,which led to the failure of the mixed reform.Through in-depth analysis,it is found that the capital occupation is closely related to the unreasonable design of the mixed reform scheme before the mixed reform,the defects in the actual operation of the company’s internal governance after the mixed reform,and the lax external supervision in the process of mixed reform.In this regard,we should reasonably design the mixed reform scheme and improve the degree of equity checks and balances.Besides,after the mixed reform,we will further optimize corporate governance,give full play to the supervisory role of state-owned shareholders,and pay attention to preventing cronyism.Finally,Strengthen the process control of mixed reform from the outside,improve the audit quality,and pay attention to the role of media supervision.