【摘要】 针对当前国有企业合并重组浪潮,本文以2008年电信重组为例,通过构建盈利能力和营运能力两方面的指标,从企业微观层面来评估企业并购绩效。结果发现,中国移动的经营效率和运行效率在合并前后变化不明显,中国电信的经营效率在合并后大幅下滑,但是,运行效率得到明显提升,中国联通的盈利能力和营运能力在合并后均出现了大幅度下滑,而造成中国联通和中国电信合并后盈利能力降低的主要原因是合并后企业内部成本费用的急剧上升。三家运营商合并后的企业规模差异较大,难以形成有效竞争的格局。从国际竞争力角度而言,合并后的中国联通和中国电信在盈利能力和营运能力方面与世界500强中的电信运营商还存在着较大的差距。更多还原

【Abstract】 Since the foundation of the SASAC in 2003,in order to improve international competitiveness of state-owned enterprises and optimization of industrial structure,the central and local governments form large-scale enterprise group through "Powerful combination"of state owned enterprises and "strong and weak consolidation".In 2006,the State Council issued the "on promoting the adjustment of state-owned capital and state-owned enterprise restructuring guidance"setting the acquisition targets of "the number of central enterprises to adjust to 80-100 even 30-50 home",the SASAC is always adhere to speed up the strategic reorganization of state-owned enterprises. By the end of 2015,the number of central enterprises has been restructured into 106 from 196 in 2003. Not only that,local state-owned enterprises has also followed the central government,accelerating the pace of merger and reorganization,such as the 130 state-owned enterprise of Guangzhou intends to turn 40. Therefore,this paper takes the latest round of telecom restructuring in 2008 as an example,analyzing the change of enterprise operating performance by this merger and reorganization behavior from the enterprise level. By testing the original intention of the merger and reorganization of state-owned enterprises,it can provide the suggestion for the policy of merging and restructuring of state-owned enterprises.This paper selects the relevant financial data of China Mobile,China Unicom,China telecom from 2006 to 2012 and the World’s Top 500 telecom operators from 2009 to 2012,constructing the indicators of profitability and operating capacity from the micro level enterprises to evaluate estimation performance of mergers and acquisitions. The conclusion of this paper is that:( 1) China mobile business efficiency and operating efficiency did not change significantly before and after the merger,this is mainly because the size and market share of China Railway Company acquired by China Mobile is small,the impact of merge is not obvious; China Unicom’s profit ability and operating capacity after the merger decline significantly,indicating that China Unicom doesn’t well integrate the existing assets and business and control the rise of cost caused by the expansion of enterprise scale,eventually making the enterprise’s operation and profit ability reduce; the China Telecom’s profit ability index fell sharply after the merger,but the operation ability index improved significantly,which reflects the China telecom make full use of the advantage of the fixed line network to promote the mobile business after the merger,but due to the huge internal organization and management expenses after the merger,the enterprise’s profit ability cannot be improved.( 2) The size difference of three enterprises is large,it is difficult to form a pattern of effective competition. In the entire telecommunications market,the market structure is very unfair,China Mobile has an obvious advantage. By the end of2012,China Mobile’s market share is 50. 96%,the China Telecom’s market share is 25. 94%,China Unicom’s market share is 23. 08%. With the substitution effect of mobile phones on the phone,China Mobile’s market share is growing,Chinese Unicom and China Telecom is difficult to compete with the China Mobile.( 3) From the perspective of international competitiveness,China Unicom and China Telecom still have a large gap with the world’s top 500 telecom operators after merger,showing that the merger and reorganization of the state-owned enterprise did not achieve the goal of improving the international competitiveness of enterprises,to cultivate world-class telecommunications companies.Through the conclusion of this paper, we put forward the following three aspects of policy recommendations. First,on the industry level,the large-scale of state-owned enterprises merger and reorganization will increase market concentration and the degree of monopoly,reducing the efficiency of resource allocation. Therefore,in order to realize the competitive market structure,we should not only need to strengthen of state-owned enterprises with the anterior structure of competitive review,but also deregulate the access of telecommunications industry and other monopoly industries,breaking the barriers to entry,especially institutional barriers. Second,from the enterprise level,the reorganization of the formation of giant enterprises tend to produce X non-efficiency,low efficiency of organizational management,dynamic technology,and many other "large enterprise disease". Enterprises can not blindly through the merger to expand the scale of enterprises,in the long run,to enhance the core strengths and even international competitiveness of enterprises are from the internal accumulation and growth of enterprises.更多还原