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在双循环背景下，国有企业进行混合所有制改革的重要性、必要性有目共睹。继党的十八届三中全会提出：积极发展国有资本、集体资本、非公有资本等交叉持股、相互融合的混合所有制经济，十九大强调深化改革以来，国资国企改革已驶入快车道，不断取得新的进展。通过引入不同性质的战略投资者，能够改变国企股权结构，激活微观主体活力，建立现代化市场机制、监管机制，焕发新的生命力。定向增发融资成本低、手续简便，以此方式引入战略投资者，能够吸引优质资本，降低融资成本，助力企业发展。

在制药行业曾创造多个辉煌记录的东北制药，自2010年以来连年亏损，2018年东北制药定向增发引入战略投资者辽宁方大进行改革，能否再次崛起，创造辉煌？本文展开研究讨论。

本文在研究国内外相关文献的基础上，首先，从宏观政策、医药制造业行业竞争、经营发展需要这几个方面分析东北制药定向增发引入辽宁方大的动因，其次，利用事件研究法分析短期市场效应，结果表明带来了短期正向财富效应；利用AHP和EVA对企业长期绩效和企业价值进行评估，研究发现，引入战略投资者能够缓解企业资金压力，优化企业管理，提升长期财务绩效、提高企业价值，同时股东回报明显提高；从非财务绩效角度而言，通过改革，东北制药更加注重创新研发、人才质量。建立市场化激励机制，提高员工福利待遇。积极履行企业社会责任，体现大爱精神。最后提出如下建议：其他拟引入战略投资者进行改革的企业，要根据自己的实际情况选择恰当的引入方式，其也应该选择合适的、积极的战略投资者，共享资源，实现协同发展。

In the context of dual circulation, the importance and necessity of mixed ownership reform in state-owned enterprises are obvious to all. Following the proposal at the Third Plenary Session of the 18th Central Committee of the Communist Party of China to actively develop a mixed-ownership economy with cross-shareholding and mutual integration of state-owned capital, collective capital, and non-public capital. , keep making new progress. By introducing strategic investors of different natures, it is possible to change the equity structure of state-owned enterprises, activate the vitality of micro-subjects, establish a modern market mechanism and regulatory mechanism, and revive new vitality. Private placements have low financing costs and simple procedures. Introducing strategic investors in this way can attract high-quality capital, reduce financing costs, and help enterprises develop.

Northeast Pharmaceutical, which has created many brilliant records in the pharmaceutical industry, has been losing money year after year since 2010. In 2018, Northeast Pharmaceuticals introduced strategic investor Liaoning Fangda to carry out reform through private placement. Can it rise again and create brilliance? This paper will start the research discussion.

Based on the study of relevant domestic and foreign literatures, this paper firstly analyzes the reasons for the introduction of Liaoning Fangda into Liaoning Fangda from the aspects of macro policy, pharmaceutical manufacturing industry competition, and business development needs. Second, it uses event research to analyze short-term Market effect, the results show that it has brought a short-term positive wealth effect; using AHP and EVA to evaluate the long-term performance and enterprise value of enterprises, the study found that the introduction of strategic investors can ease the financial pressure of enterprises, optimize enterprise management, improve long-term financial performance, Improve corporate value and significantly improve shareholder returns; from the perspective of non-financial performance, through reforms, Northeast Pharmaceuticals pays more attention to innovative R&D and talent quality. Establish a market-based incentive mechanism to improve employee benefits. Actively fulfill corporate social responsibility and reflect the spirit of great love. Finally, the following suggestions are put forward: other companies that plan to introduce strategic investors for reform should choose an appropriate introduction method according to their actual situation, and at the same time, they should also choose appropriate and active strategic investors, share resources, and achieve coordinated development.