超产权视角下PE推动国企并购重组改革的策略研究.docVIP

超产权视角下PE推动国企并购重组改革的策略研究 HYPERLINK 李爱庆/ HYPERLINK 陈荣秋/ HYPERLINK 吴九红【专题名称】 HYPERLINK 社会主义经济理论与实践【专 题 号】F13【复印期号】2010年04期【原文出处】《 HYPERLINK 管理评论》(京)2009年12期第9～17页【英文标题】A Study on the Strategy of PE Pushing MA Reform in SOEs under the Perspective of Beyond Property Right【作者简介】李爱庆，陈荣秋，华中科技大学管理学院，武汉　430074；吴九红，北京大学经济学院，北京　100871????李爱庆，华中科技大学管理学院博士研究生；陈荣秋，华中科技大学管理学院教授，博士生导师；吴九红，北京大学经济学院博士后，南昌工程学院副教授。【内容提要】本文运用超产权理论深入探讨影响国企竞争环境的意识形态因素，以及私募股权（PE）基金推动国企并购重组改革的作用机制。研究表明，引入PE外部资源，强化内部竞争，改善激励机制，建立国企效率与其民生责任的新关联，是简化国企多元化经营目标，有效提升国企效率的重要机制。在此分析基础上，本文从政府、国企、PE三位主体的不同角度，提出了PE推动国企改革的宏微观组合策略。This article utilizes the Beyond Property Right Theory to discuss the competitive environment of a state-owned enterprise from the ideology factor, as well as the function mechanism of the enterprises MA reform promoted by Private Equity(PE) funds. This research indicates that, a well established PE firm can introduce to the state-owned enterprise external resources, strengthen its internal competition and improve its incentive mechanisms. The PE firm can also help to establish a link between the state-owned enterprises efficiency and its livelihood responsibility. This is why PE funds are potentially an important mechanism that can effectively promote enterprise efficiency by simplifying its multi-management goal. Based on this analysis foundation, this paper looks at the triangle-relationship between government, state-owned enterprise and PE firms from each of their perspectives, and reaches the conclusion and recommends the macro and micro combined strategy of PE promoting state-owned enterprise MA reform.【关 键 词】 HYPERLINK 超产权理论/ HYPERLINK 私募股权（PE）基金/ HYPERLINK 国企改革/ HYPERLINK 并购重组beyond property right theory/ HYPERLINK private equity(PE)/ HYPERLINK state-owned enterprise/ HYPERLINK merger and acquisition reorganization(MA)????引言????国企改革是我国经济体制改革的核心，但国企30年的改革实践探索仍未能有效提高国企运行效率，以致受到某些指责和质疑，目标多元化、激励机制差、预算软约束等常被视为导致国企效率低下的重要因素。????在建立现代产权制度方针指导下，国企并购重组改革成为提高国企运行效率，实现国家产业发展战略，