央企并购模式研究.pdf

Abstract the reformand hasadramatic Duringthirty-towyeas opening，theeconomy inChina．Therewereseriesofreformon state-ownedassets gro伽a the nmnagement theChinese ordertofulfillthe ofthe and systemby government,in duty preservation incrementofthe state-owned valueofthe and assets．Therefore，the mergers CentralState-owned has acrossthenation Acquisitions during Enterprisesswept severaltimes．CentralState-owned havedominant in Enterprisesusually positions most becauseof inSO of industries，but involvingmanyindustries，oldsystem and and amountof CeIltral managementoperationlarge non—performingassets，the State-owned hadbeeninabad situationfora time．It Enterprises operation long resultedinthereductionofthestate-ownedassetsvalue． the of and Chinese ledthe progress acquisitions，the During mergers govemment innovationonthe State-ownedAssets and operationsystem．The Supervision theState reform AdministrationCommissionof to the Council(SASAC)started State-owned reduce ofCentral theamountof opera