会计学院知识库

在我国，国有企业在经济发展的过程中一直占据着主要的地位。但是，在经济转型发展的过程中，国有企业也出现了许多制约发展的问题。因此，有必要对国有企业进行改革。目前，国家以及地方都出台了相关政策，鼓励支持国有企业采取各种措施积极推进改革，其中引入战略投资者就是一种重要的改革方式。

白酒企业承担着发展地方经济的重任，所以多数白酒企业仍是国有企业的身份。因此，本文选取知名白酒企业山西汾酒作为研究对象，运用产权理论、资源依赖理论、协同效应理论和战略联盟理论，对山西汾酒引入战略投资者的动因和绩效进行研究。首先，针对山西汾酒引入战略投资者这一案例进行简介，详细描述山西汾酒引入战略投资者的具体实施过程；其次，从内部和外部两个角度出发，探讨山西汾酒引入战略投资者的动因；再次，主要分析山西汾酒引入战略投资者前后财务指标和经济增加值的变化趋势，同时，从非财务绩效的角度出发对山西汾酒的绩效变化做出全面评价；最后，基于案例分析得出相关结论，并在此基础上进一步总结出有关启示。

通过对案例进行研究，得出以下结论：第一，引入战略投资者有助于完善公司的治理结构；第二，引入战略投资者能够提升企业的经营管理水平；第三，引入战略投资者能够显著改善企业绩效。具体来看，引入战略投资者后山西汾酒盈利能力、营运能力、成长能力以及经济增加值都有了明显的提升，同时在市场份额扩张、营销模式创新、品牌价值提升、人才队伍建设等非财务绩效方面都有了显著的改善。本文得到的启示主要有：首先，在国有企业改革的过程中，国有企业要根据自身实际情况，选择合适的改革路径；其次，在选择战略投资者时可以确定引入标准，主动接洽优质战略投资者；再次，在引入战略投资者的过程中，一方面要达到优化股权结构的目的，另一方面也要防范战略投资者进行财务投资的风险；最后，引入战略投资者之后，双方要坚持优势互补、互利共赢的原则，从而达到提升企业价值的目的。

In China, state-owned enterprises have always played a major role in the process of economic development. However, in the process of economic transformation and development, there are many problems restricting the development of state-owned enterprises. Therefore, it is necessary to reform the state-owned enterprises. At present, the state and local governments have issued relevant policies to encourage the support of state-owned enterprises to take various measures to actively promote reform, among which the introduction of strategic investors is an important reform way.

Baijiu enterprises are undertaking the important task of developing local economy, so most Baijiu enterprises are still the status of state-owned enterprises. Therefore, this article selects Shanxi Baijiu as a research object, and uses the theory of property rights, resource dependence theory, synergy effect theory and strategic alliance theory to study the motivation and performance of Shanxi Fen Liquor's introduction of strategic investors.First, the paper introduces the case of Shanxi Fenjiu to strategic investors, and describes the specific implementation process of Shanxi Fen Liquor introduction into strategic investors; secondly, from the internal and external perspectives, the paper discusses the reasons for Shanxi Fen Liquor to introduce strategic investors; thirdly, it mainly analyzes the change trend of financial indicators and economic added value of Shanxi Fenjiu before and after the introduction of strategic investors At the same time, the paper makes a comprehensive evaluation of the performance change of Shanxi Fenjiu from the perspective of non-financial performance; finally, based on the case analysis, the relevant conclusions are drawn, and on this basis, the relevant enlightenment is further summarized.

Through the case study, the following conclusions are drawn: first, the introduction of strategic investors can help to improve the corporate governance structure; secondly, the introduction of strategic investors can improve the management level of enterprises; third, the introduction of strategic investors can significantly improve corporate performance. Specifically, after the introduction of strategic investors, the profitability, operation ability, growth ability and economic added value of Shanxi Fen Liquor have been significantly improved. Meanwhile, the non-financial performance of Shanxi Fen Liquor has been significantly improved in terms of market share expansion, marketing model innovation, brand value promotion and talent team construction. The main enlightenment of this paper is as follows: first, in the process of state-owned enterprise reform, state-owned enterprises should choose the appropriate reform path according to their own actual situation; secondly, when choosing strategic investors, they can determine the introduction standards and actively contact with high-quality strategic investors; thirdly, in the process of introducing strategic investors, on the one hand, we should achieve the purpose of optimizing the equity structure, and on the other hand, we should optimize the equity structure On the one hand, we should also prevent the risk of financial investment by strategic investors; finally, after introducing strategic investors, both sides should adhere to the principle of complementary advantages and mutual benefit and win-win results, so as to achieve the purpose of enhancing the enterprise value.