论中国经济转型中的企业并购

【作者】 余红涛；

【导师】 洪远朋；

【作者基本信息】 复旦大学 ， 政治经济学， 2004， 博士

【摘要】 本文以中国经济转型为切入点，将企业并购与转型过程中的产权基础、经济结构转型和市场环境转型等重要问题作为研究的核心内容。作者认为，将转型问题与企业并购相结合，这一独特视角将会把理论界对中国企业并购的演进、特性、问题、发展思路等问题的研究引入更为深刻的阶段。 本文主要针对四个问题进行研究：1．企业为什么要进行并购。2．企业怎样进行并购。3．为达到中国经济转型的目标，哪些企业，哪些行业应该成为中国并购发展的主流，从而带动中国经济的持续良性发展。4。什么是中国企业并购发展的最优化模式，是照搬国外经验还是建立适应现阶段经济转型的有中国特色的并购模式。 本文在具体的内容上，按研究专题设置，全文分为三篇十章。 第一篇，企业并购的理论和历史演变，作者从三方面分三章进行了阐述。 第一章：首先说明了企业并购的基本概念和基本含义，并对企业并购的不同类型进行了辨析，回顾了中外企业并购的历史演进。 第二章：用经济学的方法，对马克思经济学和西方经济学中的资本集中、分工、股份制、垄断等与企业并购极为相关的理论进行了归纳和总结，作为构建全文的理论基础。作者认为，马克思主义经济学能够较好的解释企业并购的实质，西方经济学在市场结构和企业组织等方面的研究具有很强的实践指导意义。 第三章：进一步对企业并购动因的分析进行了总结，将之归纳为企业并购的内部动因和外部动因，以说明企业并购的现实动力。通过研究，作者认为，真正驱动企业并购的是企业内在利益驱动和利益主体间的博弈，企业并购的外在动力是激烈的市场竞争压力。 第二篇，中国经济转型与企业并购的关系。这一篇作者将转型分为两个层面，即经济结构的转型和市场环境的转型，以六章阐述了中国经济转型与企业并购二者之间相辅相成的密切关系。 第四章：首先研究了中国经济转型的基础—产权改革与企业并购的关系。将制度经济学的相关研究进行展开，结合中国企业产权改革发展演进的过程，作者发现中国的企业并购和企业产权制度改革是紧密联系的一对矛盾。企业并购作为一种方法和工具成为中国产权制度改革的突破口之一，随着中国产权制度改革的进一步深化，特别是股份制和民营经济的发展反过来又成为推动中国企业并购的动力，这种螺旋式的发展模式有助于中国企业的改革和经济发展。 第五章：企业并购和国有经济战略调整的关系。作者认为在实现国有经济战摘要略调整两个目标的过程中，企业并购成为一个重要的方式，从中国当前经济发展的现状来看，鼓励企业以并购方式实现经济结构的调整有非常积极的意义。然而在中国经济转型的现实中，企业并购这种方式的推行仍然存在许多障碍。 第六章:企业并购与市场结构调整的关系。作者分析了中国市场结构的特征和问题，并在比较和分析了美国企业并购对市场结构影响的基础上提出，中国在非国家垄断的行业，有必要形成寡头垄断、垄断竞争为主的市场结构，而企业并购在这个调整过程中将起到至关重要的作用。 第七章:开放型经济转型与企业并购的关系。作者在对国内外跨国公司并购的主要模式和案例评价和分析后认为对转型中的中国经济来说，经济开放是必然选择，有利于满足我国对技术、资本、管理、人力资源等关键生产要素的需求，改善中国企业的国际竞争力。企业并购在这个过程中起到重要作用，通过并购，可以吸引外商投资，取得对国外企业的控制权，迅速、直接的获得经营发展所需的生产要素，提高国外市场的市场占有率。 第八章:资本市场深化与企业并购的关系。本章研究了目前中国证券市场发展与企业并购的关系。作者认为，中国资本市场是未来中国企业并购的主要平台，也将发挥更大的作用。作为并购中介，我国应构建以国有大型证券公司和四大国有资产管理公司为主的全能型的投资银行业务体系。既可为企业并购提供战略、财务等咨询服务，也能为企业并购提供融资服务。 第九章:政府行为与企业并购的关系。从法律制度的角度，研究了我国政府、国外政府对企业并购的相关法律和监管制度，分析了我国在并购立法和规范方面的问题和不足。提出政府强化对企业并购的制度供给，政府的角色应从企业并购的直接参与者转变为企业并购的有效监督者，提高干预企业并购的效率。 第三篇，企业并购的前景与中国企业并购体系的构建，即本文第十章。 作为全文的总结，在分析了中外企业并购的趋势后，对构建符合中国当前经济转型要求的企业并购体系提出了自己的见解。作者认为，中国企业并购体系的构建，要突出经济转型和经济增长的目标，以充分发挥企业并购的功能为原则;深化产权改革是基础，继续强化资本市场的作用，尽快恢复和规范产权交易市场;以国有经济为主体，民营、外资为重要组成的多元化并购主体:加快中国并购市场体系建设步伐，政府由参与者转变为监督者，尽快制定企业并购的专有法律，建立国有控股的大型全能型投资银行。更多还原

【Abstract】 Mergers and Acquisitions of enterprises (M&A) is an economic activity of acquiring the holding share of other enterprises through the trade of property rights under the market economy. M&A is an inevitable product in the development of market economy. Since the end of 19th century, the world has witnessed five large-scale merger surges. In the aspects of the number and trading amount, the fifth M&A surge, which happened from the late 20th century, has reached the summit in the human history. In the year of 2000, the total M&A amount was US$ 3.4 hundred million, in which the trading amount of international M&A reached US$1.1 hundred million, ten times that of 1990. With the development of the world’s economy, the intensifying of market competition and deepening of the economic globalization, M&A has become a vital part of the global economy.With economic restructuring and social development, M&A has been more frequent and the scale has become larger. In 2002, the trading amount of M&A totaled US$29 billion, doubled that of 2001. And in 2003, it still kept a constant growth momentum. For China, M&A is still a rather fresh economic activity with three major characteristics.M&A in China is conducted under the specific situation of economic transition from a planned economy to a market economy. The essence of the transition is to deal properly with the relations between macroscopic and microscopic interests, to establish a perfect constitutional environment and a market system, and to make market mechanism a major means of resources disposition. In the process of economic transition, there spring up several problems such as the reform of state-owned enterprises, optimization of resources disposition, economic restructuring and shift in governmental functions. Therefore, M&A has become an important means to solve these problems. However, a relatively perfect market system for M&A has not been formed in China.M&A in China sprouts and develops under the condition of open economy. Along with China’s entry into WTO, it integrates into the global economic system gradually and is now developing at an even faster speed. With its relatively low productivity and severe shortage of capital, China has no choice but to adopt the policies of opening to the outside world to attract productive factors such as capital, technology and talents. As a result, it is inevitable that many M&A activities take place between and among Chinese enterprises and foreign enterprises. Hence, a large number of M&A activitiesABSTRACTare driven by the outside force.Financial and Banks reform is one of the driving forces of M&A activities in China. In the meantime, the imbalance of reform makes M&A activities unable to reach an optimum state. The development of stock market in China is one of the basic conditions of M&A. And these activities conducted between and among listed companies have become the main stream. However, the deficiencies in the development of financial intermediary organizations and bond market have restrained the ongoing of M&A in China.Domestic studies on M&A are mainly from two angles. One is from the interests of the parties concerned. It explores the influence of M&A on the governing structure and development of enterprises and the guidance and policies made by the government. It also explores how the creditors such as commercial banks and asset management companies make better use of their assets through acquisition and reshuffle. The other one is to research on the M&A operations conducted among listed companies and their performance, etc. The main purpose of the research is to test the effectiveness of M&A in China and try to find existing problems and ways to solve them.All concerning parties, including the government, enterprises, banks and investors should keep on studying on some issues to reach common grounds so as to promote the healthy development of M&A in China.1. What are the motives of M&A? It is not simple overlay of scale, but reallocation and optimization of resources and productive factors. Its es更多还原