随着中国资本市场的快速发展，企业对于再融资的需求越来越强，再融资途径也逐渐多元化，对比配股、发行可转债等再融资方式，定向增发的财务门槛低、发行成本低、定价机制灵活、审批程序简单，因此受到众多上市公司的青睐。作为定向增发的其中一种模式，引入战略投资者不仅可以为上市公司带来资金，还可以使双方在资源、管理、技术等方面实现协同。2020年出台的再融资新规给予了战略投资者一系列政策优待，市场中投资者的积极性不断提高，想要通过引入战略投资者助力企业成长的案例也大幅增加。本文以X企业为例，通过研究公司定向增发引入战略投资者N企业的动因及绩效，为相同行业领域的其他企业提供参考。

本文首先通过案例分析法对双方概况，所在行业背景和战略投资者的引入过程进行介绍，并解决本次战略投资者的选择与界定问题；其次，根据战略联盟理论和协同效应理论分析X企业引入战略投资者的动因；最后，通过市场绩效分析、财务绩效分析和非财务绩效分析相结合，全面评价X企业引入战略投资者的效果。

经过分析得出以下结论：第一，N企业符合新办法下对战略投资者的相关要求，被X企业选择还因为其可以在规模扩张、市场拓展等方面支持X企业且二者合作密切；第二，X企业引入战略投资者的动因包括获得财务支持，完善战略布局和实现协同效应三个方面；第三，市场绩效层面，从由事件研究法得出的结果可以看出，X企业在公告其将引入N企业作为战略投资者的短时间内股票收益率明显增长，说明市场对此事件持积极态度，同时公司价值也有所提升。第四，财务绩效方面，通过在偿债能力、营运能力、盈利能力、成长能力四方面选取合适的指标，对企业自身在引入战略投资者前后5年进行纵向对比，并与对应指标行业均值进行横向对比，分析出阶段性大量的账款和存货积压使X企业的偿债能力和营运能力较弱，而盈利能力和成长能力在与N企业持续良好的业务合作中得到了较大提升。第五，非财务绩效方面，通过对X企业技术创新和海外业务扩张情况进行分析，发现X企业与N企业在技术创新和全球资源方面都达到了良好的协同。

基于以上结论，本文提出三条建议：第一，选择合适的战略投资者对企业至关重要，企业应挑选与自身业务、资源和战略规划相契合的投资者。对于专用设备制造企业，引入上下游企业作为战略投资者可以更好地与对方实现协同共赢；第二，引入战略投资者前后，企业应注重资金规划和资金管理，确保战略合作协议的有效性；第三，企业在引入战略投资者后需要密切关注财务绩效的变动情况，对X企业来说还需要进一步防范潜在风险。

With the rapid development of China's capital market, enterprises have an increasingly strong demand for refinancing, and the refinancing channels are gradually diversified. Compared with rights offering, convertible bond issuance and other refinancing methods, private placement has low financial thresholds, low issuance costs, flexible pricing mechanisms and simple approval procedures, so it is favored by many listed companies. As one of the modes of private placement, the introduction of strategic investors can not only bring funds to listed companies, but also enable both parties to achieve synergy in resources, management, technology and other aspects. The new refinancing regulations introduced in 2020 have given strategic investors a series of preferential policies, and the enthusiasm of investors in the market has been continuously improved. The number of cases that want to help enterprises grow by introducing strategic investors has also increased significantly. Taking X Company as an example, this paper provides reference for other enterprises in the same industry by studying the motivation and performance of the strategic investor N Company introduced by the company through private placement.

Firstly, this paper introduces the overview of both parties, the industry background and the introduction process of strategic investors through case analysis, and solves the selection and definition of the investors. Secondly, this paper analyzes the motivation of Enterprise X to introduce strategic investors according to relevant theories. Finally, through the combination of market performance analysis, financial performance analysis and non-financial performance analysis, the effect of introducing strategic investors in X enterprise is comprehensively evaluated. 

After analysis, the following conclusions are drawn: First, N enterprise meets the relevant requirements for strategic investors under the new method, and it is selected by X enterprise because it can support X enterprise in scale expansion, market expansion and other aspects, and the two cooperate closely; Second, the motivation of X enterprise to introduce strategic investors includes three aspects: obtaining financial support, improving strategic layout and achieving synergistic effect; Third, in terms of market performance, the results obtained by the event study method show that the stock return rate of X enterprise increases significantly in a short time after it announces that it will introduce N enterprise as a strategic investor, indicating that the market has a positive attitude to this event, and the company value has also been improved; Fourth, in terms of financial performance, by selecting appropriate indicators in the four aspects of debt paying ability, operation ability, profitability and growth ability, this paper makes a vertical comparison of the enterprise itself in the five years before and after the introduction of strategic investors, and makes a horizontal comparison with the average value of the corresponding indicator industry, and analyzes that the periodical large amount of accounts and inventory overstock make the debt paying ability and operation ability of X enterprise weak. The profitability and growth ability have been greatly improved in the continuous good business cooperation with N enterprises; Fifth, in terms of non-financial performance, through the analysis of X enterprise's technological innovation and overseas business expansion, it is found that X enterprise and N enterprise have achieved good synergy in technological innovation and global resources.

Based on the above conclusions, this paper puts forward three suggestions: First, choosing the right strategic investors is crucial for enterprises, and enterprises should select investors that are compatible with their own business, resources and strategic planning. For special equipment manufacturing enterprises, the introduction of upstream and downstream enterprises as strategic investors can better achieve win-win cooperation with each other; Second, before and after the introduction of strategic investors, enterprises should pay attention to capital planning and capital management to ensure the effectiveness of strategic cooperation agreements; Third, after the introduction of strategic investors, enterprises need to pay close attention to the changes in financial performance, and X enterprises need to further guard against potential risks.