摘要
论文题目：国企引入战略投资者的效果研究——以中国联通为例
论文类型:案例分析
专业方向：金融机构管理
摘要
目前，我国混合所有制改革还在持续发展中，已经混改的部分国企产生的效
果逐渐显现，但对混改的认识也存在一些分歧，国有企业在新经济背景下更是面
临着机遇和挑战。一些实践表明混改对国有企业改善公司治理结构、增强市场竞
争力和实现市场化机制具有重要作用，从而提高了国企的经营效率。中国联通是
从集团层面率先进行混改的国有企业，引入战略投资者后无论是股权结构还是董
事会结构都发生了明显的变革，在企业经营业绩方面也取得了显著成效。鉴于中
国联通关于混改的各项披露工作完成的比较完善，并且引入战略投资者参与混改
后，公司整体情况也有所改观，所以选择中国联通作为研究公司，并对其他国企
混改形成参考价值。
本文基于中国联通引入战略投资者参与混改的背景和意义，明确了研究思路，
对案例分析所涉及到的理论和文献展开梳理，重点集中在公司治理结构层面。在
案例介绍部分，本文详细分析了中国联通的混改历程和混改原因，并对战略投资
者的基本情况进行了简要概述。在案例分析方面，一方面是从公司治理方面，对
混改路径中引入战略投资者后的股权变化和董事会结构变化进行阐述，并对业务
协作和管理协作进行分析；另一方面是从经营绩效的角度进行效果分析，通过短
期、中长期和考虑对比公司的方式更有助于恰当地评价中国联通引入战略投资者
的效果。
基于研究分析可以看到中国联通是国资控股和战略投资者通过超额委派董
事的方式参与公司决策，实现了公司管理效率的提高；通过搭建战略投资者命运
共同体，构建了市场化机制和新型商业模式。此外，战略投资者通过超额委派董
事参与公司经营决策，这种结构安排既保障了国资控股，又保障了战略投资者的
利益和话语权；虽然股权结构依然“一股独大”，但使战略投资者激励相容。进
一步深入分析后发现，引入战略投资者后通过监督制衡机制的完善、资源协同效
应的作用机理促进了中国联通公司治理改革，进而对企业市场价值和经营绩效产
生了积极的影响。因此，研究公司以引入战略投资者的方式进行混改是新一轮国
企混改中需要关注的问题，混改国企和战略投资者存在资源业务的互补时更有利
于推动企业发展。
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摘要
最后本文对国企混改引入战略投资者提出建设性的建议，可以学习中国联通
混改中没有放弃国有资本的控股股东地位，而是通过股权和董事会权力非对等配
置给予了充当战略投资者角色的民营企业适当话语权，这样同样可以使民营企业
积极利用自身资源促进混改企业绩效提升；经营不善、业绩较差的地方国企选择
战略投资者时要注重其资源的异质性和与自有资源是否优势互补，充分发挥双方
的协同作用；完善混改相关制度，推动国企切实同等保护不同所有制的产权，维
护不同背景资本所有者的利益。
关键词：混合所有制改革；战略投资者；效果研究；中国联通
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Abstract
Abstract
At present, China's mixed ownership reform is still in continuous development,
and some state-owned enterprises that have undergone mixed ownership reform are
gradually showing their effects. However, there are some differences in understanding
of mixed ownership reform, and state-owned enterprises are facing opportunities and
challenges in the context of the new economy. Some practices show that mixed
reform plays an important role in improving the corporate governance structure,
enhancing the market competitiveness and realizing the marketization mechanism of
state-owned enterprises, thus improving the operating efficiency of state-owned
enterprises. China Unicom is the first state-owned enterprise to carry out mixed
reform at the group level. After the introduction of strategic investors, both the
shareholding structure and the board structure have undergone significant changes,
and remarkable results have been achieved in business performance. In view of China
Unicom's relatively complete disclosure of the mixed-ownership reform and the
introduction of strategic investors to participate in the mixed-ownership reform, the
overall situation of the company has improved, so China Unicom is selected as the
research company, and forms reference value for other state-owned enterprises in the
mixed-ownership reform.
Based on the background and significance of China Unicom's introduction of
strategic investors to participate in mixed-mix reform, this paper clarified the research
ideas and combed the theories and literatures involved in the case analysis, focusing
on the corporate governance structure. In the part of case introduction, this paper
analyzes in detail the history and reasons of China Unicom's mixed-ownership reform,
and gives a brief overview of the basic situation of strategic investors. In terms of case
analysis, on the one hand, from the perspective of corporate governance, the changes
in equity ownership and board structure after the introduction of strategic investors in
the path of mixed reform are described, and the business collaboration and
management collaboration are analyzed. On the other hand, effect analysis is carried
out from the perspective of business performance. It is more helpful to evaluate the
effect of China Unicom's introduction of strategic investors by comparing companies
in the short, medium and long term.
Based on the research and analysis, it can be seen that China Unicom is a
state-owned holding company and strategic investors who participate in the
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