Financial investment: generally, less than 20% of the shares only receive dividend income, which is only the nature of equity participation and does not control financial and business policies.
Industrial investment: holding investment in a certain business, market, technology or resource;
Second, according to these two categories, combined with the meaning of the problem.
It should be industrial investment, which can be analyzed from the impact on all aspects of the enterprise after investment. Simple examples are as follows:
2. 1 Assume that the core competitiveness of an enterprise is its design ability in real estate development, and the current long-term investment is to expand the market of the same business in a certain area, that is, to open up new markets; For example, a real estate enterprise in the north buys a small real estate enterprise in a city in the south, mainly because the investee has more land reserves, and the investor intends to expand into the southern market. At this time, the acquisition of such small real estate enterprises is called the market development strategy in the intensive growth strategy in the theory of competitive strategy. In line with the company's strategic goals, it is a reasonable primary goal.
2.2 Suppose the enterprise is a steel mill, and its core competitiveness is processing various special steels. However, due to the increase in iron ore prices in recent years, it is expected that it will fluctuate in the future. In order to maintain the core competitiveness (processing capacity of special steel) and reduce the price risk caused by rising raw material prices, the company plans to acquire a mining company, which is vertical integration and backward integration in the integrated growth strategy. This situation first conforms to the company's strategic goal, that is, the reasonable primary factor.
2.3 Suppose the enterprise is a steel mill, and its core competitiveness is to process all kinds of special Zhong Gang. However, in recent years, due to the continuous fluctuation of market conditions and falling prices, the company has no choice but to relax its credit policy, resulting in a large number of accounts receivable, and the company's cash flow risk continues to increase. If bank loans or equity financing are adopted, the cost will be extremely high. After further understanding, the company took a fancy to part of the equity sold by a catering group company that year. This catering group belongs to a cash cow enterprise, which generates a large amount of cash every year. However, its shareholders intend to connect the steering wheel with Nongchao, transfer part of their shares and invest in new business. After meeting with the existing shareholders of the catering group, the company agreed that the catering group would transfer 65,438+05% of its cash equity to the steel plant, and at the same time, 50% of the company's investment could be offset by the steel supports built by supermarkets and agricultural cooperative companies, and an agreement was reached. The annual dividend rate of catering group is not less than 50%. According to the calculation and forecast, the company can recover the investment funds after investing in 15% equity, and there will be a relatively stable cash dividend in the following year, which is in line with the company's development strategy. This is reasonable.