我国民营企业并购国有企业问题研究

【作者】 叶毅军；

【导师】 余维祥；

【作者基本信息】 贵州大学 ， 企业管理， 2008， 硕士

【摘要】 并购、重组是当前我国经济生活中的热点问题,更是国有企业改革与国民经济发展中的重大现实问题。它对盘活国有存量资产,实现优势企业低成本扩张,促进社会经济结构、产业结构、产品结构调整,有着十分重要的作用。随着我国经济体制改革的进一步推进,国家对民营经济的态度经历了一个从“接受”、“认可”到“支持”的过程,民营企业得到了迅猛的发展;同时,国有企业改革的步伐也不断加快,政府提出了“抓大放小”、“组建大型企业集团”的方针政策。这二者结合,就出现了大批有实力的民营个人资本参与国有企业改制,对一部分国有企业,特别是国有中小型企业进行并购重组。但是,由于缺乏一套完整规范的操作程序和指导思路,许多民营企业家或个体在并购国有企业存量资产过程中走了不少弯路,出现了许多困惑,甚至导致并购行为失败。一个完整的企业并购包括并购前目标企业的选择,具体实施并购的过程以及并购后的整合等几个环节,这几个环节通常是相辅相成。本研究目的,在于探讨民营企业如何才能成功实现对国有企业的并购。重点研究了民营企业并购国有企业时对目标企业的价值评估和面对多目标企业时如何选择最理想的并购目标,以及并购后如何实现有效整合等相关问题。在对以上问题研究分析的基础上,结合企业并购相关理论知识,提出促进民营企业成功实施这一并购行为的的对策建议,以期对民营企业并购国有企业提供积极的借鉴意义。更多还原

【Abstract】 Merger & Acquisition is not only the central issue in our present economy, but also the major realistic problem of state-owned enterprises reform and national economy. Merger and annexation plays an important role in vitalizing the national stock capital, realizing the low-cost enlargement for advantageous enterprises, and motivating the modification for social economic structure, industrial structure and product structure.With the further advance of economic system reform, our country’s attitude to private economy has undergone a process from acceptance to approval, and to support. In this way, private economy has got great development. Meanwhile, state-owned enterprise reform quickens its pace and government proposes the policy of "managing the big, liberating the small" and "forming large enterprise group".With combination the above aspects, there are many personal representatives in private sector who take part in state-owned enterprise reform, merging some state-owned enterprises, especially some middle-sized and small enterprises.However, lacking the whole systematic operating procedures and the guiding thoughts, many private entrepreneurs have endured an arduous way. Thus, some puzzles arose and the merger failed.The enterprise M&A includes: the choice of the target enterprise before M&A. the process of concrete implement and also the integration after M&A.A few links are usually complement to each other. The research purpose of this paper is to find out how can the private-enterprises merger the state-owned enterprises successfully. This paper put emphasis on the value assessment of goal enterprise、how to choose the best goal enterprise to merger and acquisition when the private enterprise faces multi-enterprise、how to realize the effective conformity after M&A and the other related question. On the foundation of question researched, Pointed out some problems of enterprises operation and management when the private-owned enterprise was merging the state-owned enterprise and finished, and put forward countermeasure about the problems combining with the speculative knowledge of M&A, expects to provide use for reference for private-owned enterprises merger state-owned enterprise.更多还原