引入战略投资者对企业经营绩效的影响研究  

The Influence of Introducing Strategic Investors on Business Performance

作　　者：吕靖烨[1] 赵倩[1] BASHIR FARRUKH 许帅帅 LYU Jingye;ZHAO Qian;BASHIR FARRUKH;XU Shuaishuai(School of Management,Xi’an University of Science and Technology,Xi’an 710054,China;International School,Xi’an University of Science and Technology,Xi’an 710054,China)

机构地区：[1]西安科技大学管理学院,陕西西安710054 [2]西安科技大学国际学院,陕西西安710054

出　　处：《技术与创新管理》2024年第1期41-48,共8页Technology and Innovation Management

基　　金：国家社会科学基金一般项目“我国‘一带一路’能源投资政策绿色效果评价与改进策略研究”(20BJY076);陕西省哲学社会科学重大理论与现实问题研究一般项目“陕西省碳排放-经济增长-生态环境协同发展测度与对策研究”(2021ND0235)。

摘　　要：引入战略投资者可以发挥战略协同作用,使企业股本结构得到最优配置,提高企业治理水平,是企业发展的良好契机。通过实证深入探究引入战略投资者对企业经营绩效的影响,使上市公司完善引入战略投资者的相关机制,发挥战略投资者的最大优势,从而实现改善企业经营绩效的目标。以2000-2022年间我国沪深A股235家引入战略投资者的上市公司为研究样本,将净资产收益率、资本积累率、应收账款周转率、流动比率分别作为被解释变量,战略投资者持股比例作为解释变量,公司规模和资产负债率作为控制变量,构建模型,分析战略投资者与企业经营绩效之间的关系。实证研究结果表明:引入战略投资者对企业经营绩效有显著的促进作用。为了借助战略投资者的优势改善企业经营绩效,结合实证分析结果,提出以下对策建议:一是战略投资者应当完善自身投资理念;二是企业应当选择合适的战略投资者;三是国家需要完善相关法律法规。The introduction of strategic investors can play a strategic synergistic role,make the optimal allocation of enterprise equity structure,improve the level of corporate governance,and is a good opportunity for enterprise development.The purpose of the research is to explore the impact of the introduction of strategic investors on the business performance of enterprises,enable the listed companies to improve the relevant mechanism of the introduction of strategic investors,and give play to the biggest advantages of strategic investors,so as to achieve the goal of improving the business performance of enterprises.Taking 235 listed companies in Shanghai and Shenzhen A-shares in China that introduced strategic investors from 2000 to 2022 as the research sample,the return on net assets,capital accumulation rate,accounts receivable turnover rate and current ratio were taken as the explanatory variables,the shareholding ratio of strategic investors was used as the explanatory variables,and the company size and asset-liability ratio were used as control variables,and a statistical model was constructed to analyze the relationship between strategic investors and corporate operating performance.The empirical research results show that the introduction of strategic investors can significantly improve the business performance of enterprises.In order to improve the business performance of strategic investors,combined with the empirical analysis results,the following countermeasures and suggestions are put forward:first,strategic investors should improve their own investment philosophy;second,enterprises should choose appropriate strategic investors;third,the state can improve relevant laws and regulations.

关 键 词：战略投资者 持股 经营绩效 公司治理 经济后果 

分 类 号：F272.3[经济管理—企业管理] F272.5[经济管理—国民经济]