混合所有制改革下国有企业引入战略投资者效果研究——以中国联通为例

Research on the Effectiveness of Attracting Strategic Investors to State-owned Enterprises under Mixed Ownership Reform-China Unicom as an Example

中国联通2017年通过混合所有制改革,引入了14家处于行业领先地位、实力强、具备协同合作潜力与业务互补基础的战略投资者,通过非公开发行股票形式募集资金约617.25亿元,引入战略投资者的阵容与募集资金的规模都是混改案例中较为罕见的。以引入战略投资者这一混改路径为切入口,探究混改下中国联通引入战略投资者的路径和效果。研究发现,引入战略投资者对中国联通的发展产生了积极影响,从战略投资者的选择上看,中国联通与战略投资者达成优势互补,形成协同效应。从混改效果上看,引入战略投资者不仅提升了中国联通的盈利能力与线上营运能力,而且在其创新投资业务领域实现了收入的大幅增长。

In 2017,China Unicom introduced 14 strategic investors with strong potential for synergy and business complementarity,who are industry leaders,through a mixed ownership reform,and raised about 61.725 billion yuan in the form of non-public offering of shares.Taking the introduction of strategic investors as the entry point of the hybrid reform,we explore the path and effect of introducing strategic investors in China Unicom under the hybrid reform.It is found that the introduction of strategic investors has had a positive impact on the development of China Unicom,and in terms of the selection of strategic investors,China Unicom and strategic investors have reached complementary advantages and formed synergistic effects.In terms of the effect of the hybrid reform,the introduction of strategic investors not only improves China Unicom's profitability and online operation capacity,but also achieves significant revenue growth in its innovative investment business area.