Research On The Influence Of Introducing Strategic Investors Into State-Owned Enterprises On Enterprise Innovation Performance

Mixed ownership,as a new type of economy,is the general tendency and the main theme of SOE reform.The introduction of strategic investors is the most common and effective method to carry out the SOE mixture reform,and it plays an important role in the reform of SOE.Because of their special character and mission,there are some problems in corporate governance,such as too much stock ownership,low management efficiency,lack of independent decision making,and deviation of owner and manager’s goal.The introduction of strategic investors in the mixed reform of SOEs,the rational participation of strategic investors in SOE,and the advantages of SOE can be used to optimize the management system,stimulate the enterprise’s vigor,and promote the innovation business.Along with The Times’ s rapid development,technological and industrial changes,innovation is becoming more and more important.The General Secretary also suggested in the 20th Report that the reform of state owned enterprises should be deepened and innovation should be maintained.In this paper,China Unicom is used as a case study to the effect and influence of introducing strategic investors on the innovation performance of SOEs,and provides a new way of developing SOEs.Firstly,this paper introduces the background and significance of introducing strategic investors to SOE’s innovation performance.Then,it makes a brief introduction to the theory of agency,super-property,innovation,and corporate governance.Then,based on the above study,the thesis builds the theoretical framework of this thesis.Secondly,China Unicom is chosen as the research object,and it introduces BATJ and other types of companies as strategic investors in 2017 to analyze the impact of China Unicom’s introduction of strategic investors on corporate innovation performance.Its action path can be summarized as "introduction of strategic investor-corporate governance-innovation activities",including ownership structure,management of the board of directors,board of supervisors governance,product market and capital market.At last,the paper builds the innovation performance appraisal system,analyses the innovation performance of China Unicom from the innovation input,output and innovation efficiency.It is concluded that:(1)The introduction of strategic investors can help firms to improve their innovation performance;(2)Strengthen the voice power of the strategic investors,which can realize the optimization of corporate governance and diversification of ownership structure;(3)Strategic investors actively participate in internal and external governance of enterprises,improve the quality and efficiency of enterprise innovation activities,and play a key role in enhancing innovation performance;(4)China Unicom has introduced high quality strategic investors from all kinds of sectors,which will help the enterprises to realize their business synergy and innovation business.