| State-owned enterprises play a key role in promoting the high-quality economic development of our country,but there are also low efficiency,lack of vitality and other problems,therefore,we should deepen the reform of state-owned enterprises consistently.How to promote the mixed reform of state-owned enterprises has always been the focus of state-owned enterprise reform.Since the 18 th National Congress of the CPC,the mixed reform of China’s state-owned enterprises has entered a new stage.It has been practiced continuously for more than 10 years,and has experienced a process from testing the water to long-term sustainable development.Among them,the introduction of strategic investors is one of the key points of the mixed reform.The study of its introduction is of great significance to the improvement of the modern enterprise system of state-owned enterprises,the enhancement of core competitiveness and the long-term sustainable and high-quality development.This paper selects the case of Shanxi Fenjiu introducing CRE Yang Company Limited as a strategic investor to promote the mixed reform,analyzes the motivation of the mixed reform to attract investment,introduces the specific process,and focuses on the problem of exploring the path of the influence of the introduction of strategic investors on the enterprise value,and evaluates the influence of the mixed reform to attract investment on the enterprise value.Firstly,based on the review of relevant literature,the concepts related to mixed reform,strategic investors and enterprise value are defined,and corporate governance theory,synergy theory,stakeholder theory and resource-based theory are applied to provide a theoretical framework for the motivation,path and effect analysis in the following paper.Secondly,the motivation analysis is carried out from both sides respectively.The analysis shows that:(1)The motivation of Shanxi Fenjiu is to strengthen corporate governance,enhance competitiveness in the industry,and attract talents and capital through external channels;(2)CRE Yang Company Limited based on the strategic purpose of entering new industries,optimistic about the long cultural brand foundation of Fenjiu and other motivations.Thirdly,it analyzes the effect path of introducing strategic investors to influence enterprise value.Through the analysis,it is found that the three paths of corporate governance,operation and management play a role in promoting the improvement of the level of governance and the efficiency of operation and management.Among them,at the governance level,the introduction of strategic investors has optimized the shareholding structure,the board of directors and its professional committee,and the internal incentive of Fenjiu,and made the governance more professional.At the management level,it mainly empowers Shanxi Fenjiu from sales channels and technological innovation to complement its advantages.At the management level,the management level is improved from brand building,management experience and human resources.Finally,through short-term market reaction,long-term comprehensive value creation including capital,industry,innovation,social value four aspects of evaluation,analysis of the effect of the introduction of CRE Yang Company Limited.The results show that:(1)In the short term,the reaction of the capital market fluctuates and the attention of the market increases.(2)In the long run,the participation of strategic investor is conducive to the realization of capital,industry,innovation and social value creation of Shanxi Fenjiu.After the introduction of CRE Yang Company Limited,Shanxi Fenjiu promoted performance growth,capital value appreciation,EVA value,ROE and operating income indexes increased significantly;Make greater contribution to industrial development and increase the value of core business,contribution and influence in industrial value;R&d investment and R&D personnel have been improved,and innovation ability has been improved;Providing jobs,raising taxes,promoting employee growth and increasing dividends increase social value creation.At the same time,the market value index has multiplied and the industry ranking has been improved.In general,the introduction of strategic investors has a positive effect on the development of Shanxi Fenjiu,especially the long-term and sustainable development of the enterprise,which is conducive to the creation of long-term value.The main innovation points of this paper are:(1)From the perspective of strategic investors,it analyzes the value improvement of Shanxi Fenjiu mixed reform of state-owned enterprises,analyzes the path of introducing strategic investors to influence enterprise value in detail,and makes in-depth evaluation of the effect of influencing enterprise value,enriching the case studies related to the reform of state-owned enterprises;(2)In the effect evaluation of enterprise value,this paper takes multi-dimensional consideration to avoid the limitation of too single dimension,and makes comprehensive evaluation from short-term market reaction to long-term capital,industry,innovation and social value,which makes up for the deficiency of only using financial indicators for effect evaluation,and also provides corresponding reference for the effect evaluation of state-owned enterprise reform in the future.This paper raises suggestions from the enterprise and government levels: At the enterprise level,strategic investors who can bring complementary resources,have strong economic foundation and relevant business experience should be introduced as far as possible in the selection of strategic investors.They should start from long-term value enhancement,say no to short-sighted tendency,have clear reform goals and plans,and deepen cooperation with strategic investors to improve the comprehensive competitiveness of enterprises,and realize the enterprise’s comprehensive value creation in capital,industry,innovation and society;On the other hand,the government should provide a favorable institutional environment,strengthen guidance for the reform of state-owned enterprises,improve the evaluation system of state-owned enterprises,and provide help for state-owned enterprises to become world-class enterprises. |
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