会计学院知识库

摘  要

当前国有企业的发展重点主要侧重在体制改革上，而混合所有制则是改革的关键。当前正处于混合所有制发展的新阶段，越来越多的国有企业参与混改的效果逐步显现，受益于混改为企业活力的激发、质量和经济效益的提高，国有资本功能得以放大。战略投资者仍是多数企业初次尝试混改时愿意选择的方式，因此，国家和企业都十分重视战略投资者的在企业经营管理的积极作用，希望通过引入高度战略协同的战略投资者，加强其“话语权”从而助力国有企业深化改革，将双方的优势有效融合，促进双方加速实现目标。

本文采用案例研究法，将航空业混改先行者东方航空作为本文的研究对象，以东方航空多次引入战略投资者的动因及效果探索为主线，从财务效果和非财务效果两个角度进行剖析，并分析东方航空混改的驱动因素及引入战略投资者的过程，据此总结出适合其他国有企业改革的经验。

首先，基于委托代理理论、战略联盟理论、协同理论以及通过查阅战略投资者的相关文献，发现东方航空选择引入战略投资者的具体原因，并详细分析了东方航空的战略投资者的基本背景和实施过程。其次，分别从从短期市场反应和长期财务角度，定量分析东方航空引入战略投资者后对其财务效果造成的影响。最后，选择针对东方航空引入战略投资者后的非财务效果分析，并从管理协同、业务协同、资本协同这三个层面分别阐述。因此，得到如下启示：国有企业应持续深化混合所有制改革，注重混改路径与企业的契合程度，要选择与企业高度匹配、战略协同的战略投资者。

关键词：战略投资者 混合所有制改革 效果分析

Abstract

Now, the development focus of state-owned enterprises mainly focuses on the institutional reform, and mixed ownership is the key to the reform.At present, it is in a new stage of mixed ownership development. More and more state-owned enterprises participating in the mixed reform is gradually showing. Benefiting from the stimulation of the vitality of mixed enterprises economic benefits, function of state-owned capital has been amplified.Strategic investors is still the most enterprises first try to change willing to choose way, therefore, countries and enterprises attach great importance to the positive role of strategic investors in enterprise management, hope that through the introduction of highly strategic collaborative strategicinvestors, strengthen its "voice" to help state-owned enterprises to deepen reform, the advantages of both sides, and realize both sides with growth and progress.

This paper adopts the case study method, the aviation industry as the research object of this paper, with the cause of strategic investors as the main line, from the financial effect and non-financial effect, and analyze the process of driving factors and the introduction of strategic investors, thus summarizes the experience suitable for other state-owned enterprises reform.

First of all, based on the principal-agency theory, strategic alliance theory, coordination theory and the relevant literature of strategic investors, the specific reasons why China Eastern Airlines chose to introduce strategic investors are found, and the basic background and implementation process of China Eastern Airlines' strategic investors are analyzed in detail.Secondly, from the perspective of short-term market reaction and long-term financial analysis, the impact of China Eastern Airlines after the introduction of strategic investors is quantitatively analyzed.Finally, the paper analyzes the non-financial effect of China Eastern Airlines after the introduction of strategic investors, and expounds it separately from the three aspects of management coordination, business coordination and capital coordination.Therefore, the following enlightenment: State-owned enterprises should continue to deepen the mixed ownership reform, pay attention to the fit degree of the mixed reform path and enterprises, and choose strategic investors who are highly matched and strategically coordinated with enterprises.

Key words:Strategic investors; Mixed-ownership reform; Effect analysis