Research On The Value Creation Of Mixed Reform By Introducing State-Owned Strategic Investors Into Family Enterprise

The Proposal of the CPC Central Committee on Formulating the 14 th Five-Year Plan for National Economic and Social Development and 2035,adopted at the Fifth Plenary Session of the 19 th CPC Central Committee,once again emphasized deepening the mixed-ownership reform of state-owned enterprises,proposed to deeply transform the operation mechanism and build a friendly and clean relationship between government and business.The economic status of family enterprises in today’s private enterprises is gradually rising.The cases of family enterprises actively participating in mixedownership reform are also increasing.With the consumption upgrading driven by economic development,the health concept of "new medical treatment" has become popular in the society.As a major health sector,the medical retail industry has joined the competition one after another.Due to the limited resources of physical retail,especially family retail enterprises,it is difficult to complete the expansion strategy by themselves,so introducing state-owned strategic investors is a good strategy.As for whether the introduction of state-owned strategic investors can bring positive value creation to family enterprises,the academic community has not formed a unified opinion,and few scholars have explored the mechanism of strategic investors on the introduction side.Based on the above situation,this paper will select Yixintang,a typical medical retail family enterprise,to be introduced into Baiyunshan,a state-owned strategic investor,and discuss the impact of this reform on the value creation of Yixintang from the introduction motivation-effect of mixed reform and action path.The research ideas are as follows:Firstly,it analyzes the motivation of introducing state-owned strategic investors and the selection of strategic investors from external and internal factors.Secondly,the value creation effect is summarized through the analysis of the specific indicators of the market value,intrinsic value and social value of Yixintang.From the corporate governance,strategic synergy and income distribution of the three perspective,in-depth strategic investors Baiyunshan power path to hall to realize value creation,in addition to this,in combination with the study,compiled with hall during the introduction of Baiyunshan may not implemented in the process of the integration and the problems existing in the expected,summed up the corresponding Suggestions.By the way,based on the research on hall change before and after the introduction of Baiyunshan after come to the conclusion: first,the choice of strategic investors should fit the enterprise strategic target of the current,and the introduction of the heterogeneity of equity family enterprise internal governance can bring effective improvement,longterm cooperation basis is easy to understand each other,can to a certain extent,reduce the resource integration costs;Secondly,the state-owned strategic investors have created positive value for the introducing party on the whole.Specifically,the state-owned strategic investors have brought positive influence on the introducing party in three aspects: market value,internal value and social value creation.Third,state-owned strategic investors mainly improve their decision-making efficiency by optimizing the ownership structure and the composition of senior executives,and then create value for the company in the way of strategic coordination and stable income distribution.Fourth,the injection of state-owned capital can bring financing convenience to the introducing party,but it exposes the problem of low efficiency in the implementation of the plan to integrate resources of both sides and expand the production capacity of TCM decoction pieces.There are some innovations in the theory,research content and perspective of this paper,which are mainly reflected in the following aspects: first,the method of case study is adopted to avoid the mainstream industry,and the typical representative of family enterprises introducing state-owned strategic investors in the pharmaceutical retail industry is selected as the case;Second,combining the resource dependence theory,modern butler theory and super property right theory,pay attention to the synergistic effect formed by the combination of the degree of state-owned equity participation in governance and the characteristics of family business governance,which is more in line with the market situation in China on the theory selection;Thirdly,the motivation,value creation effect and action path of family enterprises introducing state-owned strategic investors were systematically sorted out,and the method system of pharmaceutical retail enterprises participating in mixed reform under the background of the new medical system was constructed to a certain extent.Fourthly,in terms of the research content of value creation effect,this paper introduces the concept of social value,tries to analyze the relationship between enterprise social value,market value and internal value,so as to expand the research boundary of value creation effect brought by the introduction of strategic investors.