【作者】 赵晶；

【导师】 伍中信；

【作者基本信息】 湖南大学 ， 会计学， 2006， 硕士

【摘要】 企业并购在西方已有近百年的历史,它作为经济扩张、调整产业结构、调节资源配置的有效手段在很大程度上推动了西方各国经济的发展。相比之下,我国国有企业的并购历史比较短,始于20世纪80年代初。二十年来的实践证明,国有企业并购是盘活国有企业存量资产、提高国有企业竞争能力的有效途径,对于国有经济的可持续发展和经济体制的顺利转变发挥了极为重要的作用。与此同时,在国有企业并购活动中也暴露出诸多问题和障碍,如产权关系模糊、股权结构失衡、政府行政干预过多、法律法规不健全、社会保障体系发展滞后等等。这些问题和障碍是国有企业并购活动中不可回避的,如果不及早设法解决和清除,势必危及国有企业长远、健康的发展。该项研究就是在这样一种背景下产生的。文章从效率理论、产业组织理论、新古典经济理论、代理理论和产权理论等多方视角对如何促进国企并购及其产权效率展开了研究,认为产权效率导向的国企并购重组改进应该从产权结构调整以及消除国企并购中的产权障碍来着手。本文的研究取得了具有实践指导意义的研究成果,不仅有利于我国经济的长远发展、社会的稳定和谐,而且对国企改革的不断深入、产权体系的不断完善都具有重大的理论、现实意义和实践价值。本文分为四大部分,第一部分即第一章,主要目的是在分析我国国企并购现状的基础上提出其存在的问题,并为国企并购的研究铺垫理论基础。第二部分包括第二章和第三章,主要内容是在分析产权制度、产权结构与产权效率三者之间关系的基础上,针对国企并购这一具体行为,创造性的给出了“国企并购产权效率”这一指标来度量其有效性,在此基础上,又分别从不同产权结构下的企业绩效差异和产权结构调整成本两个角度探讨了效率型国企并购应该具备的产权特征,从而构建了一个衡量国企并购的产权效率分析框架。第三部分即第四章,主要任务是在产权效率的指导下,针对我国国企并购中存在的问题,提出我国国企并购的改进对策。第四部分结论,是对本文研究工作的总结和回顾。更多还原

【Abstract】 M&A of enterprises has a long history of more than 100 years in the western developed countries. To a great extent, M&A of enterprises as an effective means promoted the development of related every country’s economy. By comparison, the history of SOEs’ M&A is very short which occurred in 1980s. Since the past 20 years, M&A has been proved to be a useful way that was good to dispose rationally the economic resources and improve the SOEs’ competitiveness. It played an important role in the continue development of state-owned economy and the transform of economic system. At the same time, problems exist in M&A of SOEs such as the blur of property right relationship, the out-of-balance of stock right structure, the inadequacy of governmental interference, the lag of social security, etc. If we don’t do our best to solve them, they will undoubtedly endanger the healthy development of SOEs because they are inevitable in the process of SOEs’M&A. Based on this background, my paper utilizes efficiency theory, industrial organization theory, neoclassical economic theory, agency theory and property right theory to do some researches on SOEs’ M&A and Property efficiency, which points out that property right efficiency-oriented SOEs’M&A improvement should focus on adjusting property right structure and removing SOEs’ M&A obstacles. This paper achieves some outcomes to supervise practice that not only make for national economy’s healthy development and society harmony and stabilization but also have great academic and realistic significance and practice value for continually deepening SOEs’ reform and perfecting property right system. The whole paper consists of four parts, the following is the main content of each one.The first part: Based on the analysis of present conditions, we point out practical problem in the process of SOEs’M&A and persists in drawing lessons from the several typical part of current western economic theories to explain the economic cause of M&A.The second part: Based on the analysis of the relation among property right system, property right structure and property right efficiency, we bring forward the concept of property right efficiency of SOEs’M&A to evaluate the action of its M&A ,and we discuss the property right characteristic of SOEs’M&A with high efficiency by the two view points of the enterprise performance difference under different property right structures and the adjustment cost of property right structures, so we establish a property right analysis modal of SOEs’M&A.The third part: By the guidance of property right efficiency of SOEs’M&A, we put forward some specific suggestions to solve the problem in the process of SOEs’更多还原