【作者】 陈华；

【导师】 郭文新；

【作者基本信息】 电子科技大学 ， 高级管理人员工商管理（EMBA）（专业学位）， 2012， 硕士

【摘要】 兰州市从2004年推动了国企改革的“393”改革模式,由此缔造了中国国企改革的“兰州模式”。兰州肉联厂有限责任公司因大量历史遗留问题而产生巨额亏损,长期拖欠工资和债务,债权人和员工等多次到省、市、区等各级政府部门上访、闹事、索要钱物等。该公司又系兰州市市区内唯一的国有肉联厂,肩负了保障兰州市300多万人口肉食品供应的重要任务。为此,兰州市国资委将兰州肉联厂有限责任公司作为兰州市的菜篮子工程而予以保留并拟出售其所持有的的全部国有股权。2007年6月至2007年12月,收购方四川大胜实业有限公司与绵阳市豪信实业有限公司合作,联合对兰州肉联厂有限责任公司实施兼并和收购。这个收购案中的特点是：第一、在原有的兰州市肉联厂的土地上盘踞着大量的“厂中厂”,四川大胜不得不要求兰州市国资委以兰州市肉联厂的名义回购所有的资产。第二、大胜在收购兰州市肉联厂的过程中得到了政府的许多帮助,反过来,四川大胜也帮助政府在长达3年的治理过程中解决了大量的国企改革难题。第三,这是一起典型的民企在不知道国企内部复杂利益纠葛的情况下参与收购的案例,为此,收购方不得不在后来的3年过程中与原高管层斗智斗勇。整个公司治理的过程也是一个剥夺高管层私人利益的过程。本文第二章应用相关理论对案例进行了深入的分析,这是一件民企兼并国企的较为典型的案例。重要的启示在于,民企兼并国企所获得的溢价用于了对整个企业后续治理的支出,对民企本身的价值贡献不大；其次,兼并过程和公司治理过程必须依赖于当地政府的协助和协调,政府可以帮助企业行使和保护自己的产权,更进一步解决国企职工在身份转换过程中的不适应难题；最后,民企治理兼并后的国有公司的过程是一个行使产权和控制权的过程,也是一个剥夺原高管层的私人利益的过程,如何治理考验民企的智慧。更多还原

【Abstract】 Lanzhou city has launched393reform mode for State-owned enterprise since2004, creating unique Lanzhou Mode for SOE reform. Due to serious historical problems, Lanzhou Meat Processing Limited Liability Company generates huge losses, debts and arrears of wage for a long time. The creditors and employees ever went to provincial, municipal, district and governments at all level to petition, cause trouble and ask for money for several times. Because the Company is the only State-owned meat processing enterprise to be responsible for supplying meat products for more than3millions people in Lanzhou, the Lanzhou Municipal SASAC retain it as the non-staple food project of Lanzhou, and intend to sell all State-owned equity held by them. From June,2006to December,2007, the purchaser Sichuan Dasheng Industry Co., Ltd. and Mianyang Haoxin Industry Co., Ltd. cooperated to merge and purchase the Lanzhou Meat Processing Limited Liability Company.This case is characterized by, first, due to the existence of many plant-within-plant on the area of former Lanzhou Meat Processing Limited Liability Company, Sichuan Dasheng had to ask the Lanzhou Municipal SASAC to buy back all assets in the name of Lanzhou Meat Processing Limited Liability Company; second, during the purchase, Dasheng obtained much help from the government, in return, Dasheng helped the government to resolve lots of difficulties in State-owned enterprise reform for3years; third, it’s typical in that the private enterprise took part in purchase without knowing the complex interest imbroglio in the State-owned enterprise, as a result, the purchaser had to wrestle with the former executives in the following3years, the process of governing the whole company is also a process depriving the private interests of the executives.The second chapter of this paper makes a deep analysis for the case according to related theory, it’s more typical in that the private enterprise merged the State-owned enterprise. The important enlightenment is that, first, the private enterprise merged the State-owned enterprise to obtain a premium, then used it in the following governance to the whole company, so the value contributing to the private enterprise is little; the merging process and the company governing process must rely on the assistance and coordination from the local government, the government can help the enterprise to execute and protect its own property rights, and further resolve the unaccommodated problems from the employees in the processing of changing status; and third, the process of governing the State-owned enterprise after being merged by the private enterprise is a process executing property rights and control power, also a process of depriving the private interests of the former executives, it is a test for the private enterprise to govern the State-owned enterprise.更多还原