民营“并购系”的扩张冲动与企业价值的变动 ------基于德隆案例的反思.doc

摘 要 上个世纪末，中国的资本市场出现了所谓的“并购系”现象，并成为一大热点。然而短短几年，“德隆系”、“鸿仪系”、“托普系”等大型民营企业所控制的“并购系”相继坍塌。它们的溃败几乎都有一个共性：增速远高于其他同类企业，但在遇到危机之后则迅速衰退甚至倒闭，陷入“大而快、快而垮”的怪圈。 为何中国民营大企业溃败的现象不断出现？带着这一疑问，本文以民营“并购系”作为研究对象，在对其成因及价值成长途径进行研究的基础上，对德隆案例进行了客观、深入的诊断分析，得出以下结论：（1）“德隆系”由兴至衰，影响其价值持续增长的真正的原因在于盲目的多元化扩张、混乱的产融结合战略以及粗放的家族式治理模式，而且大部分民营“并购系”都具有以上缺陷；（2）在目前中国经济环境和制度约束下，民营企业更适宜走专业化基础上的相关多元化道路；（3）在目前中国金融环境下，如果以纯粹的融资动机去实施产融结合战略，是注定要失败的，产融结合只有建立在完善的治理结构、严格的风险控制和高效的监管体系基础上才能促进企业的长远发展；（4）民营“并购系”公司治理中的问题主要表现为两个方面的矛盾冲突：一是民营“并购系”的不断迅猛扩张与不断强化的家族控制之间的矛盾冲突；二是民营“并购系”控制的上市公司控股股东与中小股东之间的矛盾冲突。 关键词：民营“并购系” 企业价值 多元化 公司治理 Abstract At the end of last century, there has been a phenomenon called “merging system” in China’s capital market. The failure of these large-scale private enterprises like “Delong System”, “Hongyi System”, “Tuopu System” has the identical features: the speed of their increase is much faster than other enterprises of the same kind, but they tend to decline and even go bankrupt when they encounter crises. This phenomenon is not only strange but also hard to explain. Why is the proportion of the failure of large-scale private enterprises so high? Triggered by this question, this paper conducts researches into the “merging system” and makes study on the contributing factors and the means of value growth. After diagnosing and analysing the case of “Delong System”, I find: 1) The process of “Delong System” which witnesses its decline proves that the actual cause for its value increase is the aimless multi-business expansion, chaotic strategy for the combination of industry and finance, and careless family management style. The paper points out that most of the merging system have the above-mentioned defective characteristics. 2) Influenced by China’s current economic environment and system, private enterprises are more suitable to follow a route of relevant diversification on the basis of speciality. 3) In the present Chinese financial context, the enterprises will surely fail if they expect to ac