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国务院在2015年的54号文件《关于国有企业发展混合所有制经济的意见》中明确提出，要支持国有企业通过各种形式对非国有企业进行参股，并支持具有较强成长性和发展潜力的非国有企业。因此，在我国的混合所有制改革中，不仅要鼓励国有企业引入民营战略投资者，也要鼓励民营企业引入国有战略投资者。近年来，民营企业的发展环境在某种程度上受到了制约，导致了公司的一系列问题，在此种情况下，民营企业选择引入国有战略投资者，依靠国企背景，帮助其纾困，从而实现公司的破茧重生。

本文选取的案例是我国生态环境保护的龙头企业，有着“中国园林第一股”的东方园林，它是第一批引入国有战略投资者的民营企业，因此用东方园林做为研究对象具有一定的代表作用。本文首先采用文献分析，回顾国内外学者关于民营企业引入国有战略投资者的相关文献。其次采用案例分析法，在简单回顾东方园林引入国有战略投资者历程的基础上，分析企业引入国战投的宏观动因、行业动因以及公司自身动因。接着，本文从治理效果、市场效果、财务效果三个方面分析了东方园林引入国有战略投资者的实际效果。在公司治理方面，东方园林降低了股权集中度，提升了股东间制衡能力，完善了治理结构；在市场效果方面，东方园林第一次引入国有战略投资者事件在市场反应上偏于消极，第二次引入则带来了良好的市场反应，提升了公司的短期绩效。在财务效果方面，东方园林获取了大量资金，改善了公司的融资环境，使得东方园林的盈利能力、偿债能力、营运能力和发展能力都得到了一定程度的改善，但是公司偿债风险仍然巨大，关于EVA值，东方园林五年来EVA值持续下降，但引入国有战略投资者后下降趋势明显减缓，因此东方园林引入国有战略投资者会提高其持续价值的创造能力。

结合上述分析结果，总结了东方园林引入国有战略投资者存在过度融资导致负债结构不合理、效率传导路径受阻、创新机制面临抑制风险、产权清晰度影响混改积极性的相关问题。并提出了引入国投后企业应正确对待宽松的融资约束、夯实效率传导机制、引入国投企业正确认知政治关联的价值、清晰划分产权界限的优化建议。

The State Council clearly proposed in Document 54 Opinions on State-owned Enterprises Developing Mixed Ownership Economy in 2015 that state-owned enterprises should be supported to participate in non-state-owned enterprises through various forms, and non-state-owned enterprises with strong growth and development potential should be supported. Therefore, this paper holds that in the mixed ownership reform, not only state-owned enterprises should be encouraged to introduce private strategic investors, but also private enterprises should be encouraged to introduce state-owned strategic investors. Recent years, the development environment of private enterprises has been restricted to some extent, leading to a series of problems of the company. Under such circumstances, private enterprises choose to introduce strategic state-owned  investors to help them save by virtue of the background of state-owned enterprises, so as to realize the rebirth of the company.

The case selected in this paper is the leading enterprise of ecological environmental protection in China, which has the Oriental garden as "the first stock of Chinese garden". It is also one of the pioneers of introducing state-owned strategic investors into private enterprises. Therefore, the Oriental garden as the research object has a certain representative role. This paper firstly uses literature analysis to review the relevant literatures of domestic and foreign scholars on the introduction of state-owned strategic investors by private enterprises, and summarizes effect of the introduction of Strategic state-owned investors. Next, use of case study method, according to the brief review of the history of Oriental Landscape's introduction of Strategic state-owned investors, the author analyzes the macro motivation, industry motivation and the company's own motivation of the introduction of state-owned strategic investors. Then, from the governance effect, market effect and financial effect, this paper analyzes the practical effect of Oriental gardens introducing state-owned strategic investors.In terms of corporate governance, Oriental Landscape has reduced the degree of ownership concentration, enhanced the ability of checks and balances among shareholders, and improved the governance structure. In terms of market effect, the first introduction of state-owned strategic investors in Oriental Landscape was somewhat negative in the market reaction, while the second introduction brought good market response and improved the short-term performance of the company. In terms of financial effect, Oriental Garden has obtained a large amount of capital, improved the company's financing environment, and improved its profitability, debt paying ability, operation ability and development ability to a certain extent. However, the company's debt paying risk is still huge. As for EVA value, Oriental Garden's EVA value has continued to decline in the past five years. However, after the introduction of state-owned strategic investors, the downward trend is obviously slowed down. Therefore, the introduction of state-owned strategic investors will improve the sustainable value creation ability of Oriental Gardens.

Combined with the above analysis results, the author summarized the problems related to the unreasonable debt structure caused by excessive financing, the blocked transmission path of efficiency, the risk of restraining the innovation mechanism, and the definition of property rights affecting the enthusiasm of the mixed reform when Oriental Garden introduced state-owned strategic investors. It also puts forward some optimization suggestions that enterprises should treat the loose financing constraints correctly, strengthen the transmission mechanism of efficiency, correctly recognize the value of political correlation and clearly divide the boundary of property rights after introducing State Investment Corporation.