武汉机械厂改制方案的设计与分析
摘要
我国的国有企业改制经过了三十多年的探索与实践,在理论上取得了一些突破性的认识,现已进入一个高速推进的阶段。中央直属大型国有企业改革正在紧张有序的进行。
论文以水电八局武汉机械厂改制方案为研究对象,通过改制理论的阐述,公司发展历史回顾与现状分析,包括产权结构、人员现状以及资产负债分析,提出了改制的必要性,以之来获得生存和发展的机会。
本文重点对改制方案设计进行了研究。首先根据设计的依据、原则,结合企业实际,提出了企业改制的总体思路,即“分块实施改制,通过债务重组及资本运作筹措改制资金,总体完成改制”,并就如何操作进行了具体的探讨,以确保改制资金筹措到位。国有企业改制方案设计的核心内容就是改制模式的选择,目前主要有向管理层转让、承债式兼并、增资扩股(包括债转股)、资产购买以及破产重组等五种可借鉴模式。经过分析与探讨,提出了适合本公司的改制模式。然后对改制方案设计中的难点进行了分析,提出了相应的对策。
文章最后,在改制方案设计研究的基础上提出了公司的改制实施方案,期望能帮助该厂尽快顺利完成改制。
After more than 30 year’s exploration and practice, the transformation of our country’s state-owned enterprises has obtained some unprecedented theoretic understanding and entered into a stage of rapid promotion. The reform of the state-owned enterprises is intensely but orderly carried on.
The thesis selects the project of the reform of the machinery factory of Wuhan of No. 8 Engineering Bureau of Water Conservancy & Water Power of China as the research object. It discusses about the transform theory, analyzes the history and present situation of the corporate, including the property structure, the present situation of personnel as well as the analysis of capital-debt, and brings forward the necessity of the reform so that it can gain the chance of survival and development.
The thesis focuses on the design of the reform project. According to the basis and principles of the design, considering the actual situation of the enterprises, the thesis proposes the overall design, i.e.“performing the reform in separate parts, collecting funds through debt reorganization and equity-raising, and then completing the reform together“, and discusses on the details of how to carry out the reform, which can guarantee the fund. The core content of the project of state-owned enterprises reform is the choice among the five reforming mode which presently includes MBO.Debt-for merger: Increasing-investment-patterns (including the debt-to-equity swap), Purchase assets and Bankrupt reorganization. Through analysis and discussion, the author set forth the reforming mode suitable to the corporation, which is a mode: bankrupt reorganization. Then the thesis analyzes the difficulties in the design, including problems such as the treatment of the property, personnel allocation and the setting of stock of the new corporation.
In the final part of this paper, the thesis proposes the performing scheme of the reforming project and the strategy of further development based on the research on the project design, and hopes that this research can help the corporation carry out the reform task quickly and successfully.
论文以水电八局武汉机械厂改制方案为研究对象,通过改制理论的阐述,公司发展历史回顾与现状分析,包括产权结构、人员现状以及资产负债分析,提出了改制的必要性,以之来获得生存和发展的机会。
本文重点对改制方案设计进行了研究。首先根据设计的依据、原则,结合企业实际,提出了企业改制的总体思路,即“分块实施改制,通过债务重组及资本运作筹措改制资金,总体完成改制”,并就如何操作进行了具体的探讨,以确保改制资金筹措到位。国有企业改制方案设计的核心内容就是改制模式的选择,目前主要有向管理层转让、承债式兼并、增资扩股(包括债转股)、资产购买以及破产重组等五种可借鉴模式。经过分析与探讨,提出了适合本公司的改制模式。然后对改制方案设计中的难点进行了分析,提出了相应的对策。
文章最后,在改制方案设计研究的基础上提出了公司的改制实施方案,期望能帮助该厂尽快顺利完成改制。
After more than 30 year’s exploration and practice, the transformation of our country’s state-owned enterprises has obtained some unprecedented theoretic understanding and entered into a stage of rapid promotion. The reform of the state-owned enterprises is intensely but orderly carried on.
The thesis selects the project of the reform of the machinery factory of Wuhan of No. 8 Engineering Bureau of Water Conservancy & Water Power of China as the research object. It discusses about the transform theory, analyzes the history and present situation of the corporate, including the property structure, the present situation of personnel as well as the analysis of capital-debt, and brings forward the necessity of the reform so that it can gain the chance of survival and development.
The thesis focuses on the design of the reform project. According to the basis and principles of the design, considering the actual situation of the enterprises, the thesis proposes the overall design, i.e.“performing the reform in separate parts, collecting funds through debt reorganization and equity-raising, and then completing the reform together“, and discusses on the details of how to carry out the reform, which can guarantee the fund. The core content of the project of state-owned enterprises reform is the choice among the five reforming mode which presently includes MBO.Debt-for merger: Increasing-investment-patterns (including the debt-to-equity swap), Purchase assets and Bankrupt reorganization. Through analysis and discussion, the author set forth the reforming mode suitable to the corporation, which is a mode: bankrupt reorganization. Then the thesis analyzes the difficulties in the design, including problems such as the treatment of the property, personnel allocation and the setting of stock of the new corporation.
In the final part of this paper, the thesis proposes the performing scheme of the reforming project and the strategy of further development based on the research on the project design, and hopes that this research can help the corporation carry out the reform task quickly and successfully.
引文
[1]张文魁,国企改制调查报告:成本支付、股权结构、绩效变化,改革,2005年第10期
[2]徐鸣,关于中央企业和中央企业集团改制的基本思路,经济管理与研究,2006-12-23
[3]张晓文,徐光东,王建梅,对国有大型企业股份制改革的调查与分析,中国经济时报,2005-03-29
[4]张丽辉,国企股份制改造中主辅分离与辅业改制研究,河南金融管理干部学院学报,2006年第6期
[5]陈文通,国有企业改革的根本问题和新举措,理论前沿,99第4期
[6]孙继军,国有企业改革:路径的依赖及其选择,甘肃科技,2006年9月
[7]刁永祚,国有企业改革与发展的战略定位,长白学刊,1997.4
[8]张燕,国有企业改革中土地资产处置问题探析,土地经济与管理,2006年第3期
[9]齐志新,国有企业改制中收入激励的帕累托最优标准,集团经济研究,2006·9下旬刊
[10]李晓燕,谢长青,基于规避国有资产流失的企业改制问题研究,商业经济,2006年第10期
[11]绍宁,进一步拓宽改革思路做好主辅分离辅业改制工作,河南企业,2006年第9期
[12]杨明非、于立广,浅谈国企改制中的难点问题,集团经济研究,2006·9下旬刊
[13]谢艳华、霍艳梅、孙淑云,试论国有企业职工身份置换的内涵和必要性,河北建筑科技学院学报(社科版),2004年3月
[14]李素萍,新疆兵团改制企业的内部控制问题研究,商场现代化,2006年11月(下旬刊)
[15]林正大、张延智,中小企业成长战略如何确定,企业战略,2006·10
[16]徐长玉、刘志生,当代中国经济体制改革,陕西人民出版社,2002,56-62
[17]乔均,国有企业改革研究,西南财经大学出版社,2001,12-20
[18]中共中央关于建立和完善社会主义市场经济体制若干问题的决定,人民日报,1993-11-14
[19]关于完善社会主义市场经济体制若干问题的决定,中国新闻网,2003-10-14
[20]钱卫清,国有企业改制法律方法-从传统形态向现代机制转变,法律出版社,2001,11-13
[21]科斯,企业性质(译文载:论企业的制度结构),上海三联书店,1994,15
[22]张维迎,企业理论与中国企业改革,北京大学出版社,1999,33
[23]刘伟,产权通论,北京出版社,1997,02-04
[24] R.H.COASE,The Nature of the Firm. the Economica,1996,38-42
[25]色诺芬,经济论(中译本),商务印书馆,1961,1-4
[26]张维迎,企业的企业家-契约理论.,上海三联书店,1995,293
[27] R.Demsetz Towarda Theory Droperty Rights ,American Economic Reyiew,1989,Vo157,P347-359
[28]钱伟,国有企业产权改革研究,经济管理出版社,2003,21
[29]盛洪,现代制度经济学,北京大学出版社,2001,09-11
[30]李敏,产权理论比较,经济科学出版社,2001,10-13
[31]井辉,国有企业改革中两种产权理论比较,财经科学,2000,(3): 14-16
[32] R.H.Coase The Problem of social coast. Journal of Law and Economics,1960,2 10-44
[33] ROSS,S.The Economic Theory of Agent: the Principal’s Problem American Economic Review,1973,62(2)
[34]Mirrless,J The Optimal Structure of In centives and Authority within an Organization Bell Journal of Economic, 1976,7
[35]Stiglitz,J.E.Incentives and Risk Sharing in Share cropping Review of Economic Studies,1974,(3):4
[36] Roger Guesnerie Pareto. Optimality in Non-convex Economic,American:American Economic ,1975,
[37]易宪容,交易行为与合约选择,经济科学出版社,1998,6
[38]李必强,刘运哲,现代企业组织制度中的委托代理关系,中国管理科学,1999,2(4)
[39]王全兴,劳动法学,高等教育出版社,2003,53
[40]罗珉,资本运作,西南财经大学出版社,2001,2
[41]莫德旺,中国财务顾问理论与实务(企业改革者的参考经典),国防科技大学出版社,2004,297-302
[42]高杰,国企改制模式选择,中国管理传播网,2005-4-30
[43]北京德恒律师事务所,国企改制的五种模式,新知动力网,2004-6-6
[44]银温泉,企业改革:模式选择与配套设计.,中国经济出版社,1994,35-37
[45]王炜,电力多经企业改制模式研究,中国知网,2005,22-33
[46]庄莉,陆雄文,员工持股和管理层持股,从美国到中国,经济理论与经济管理,2000,(3),11-15
[47]董其铸,孙振江.股权期权激励制度浅谈,法律屋网,2005-6-24
[2]徐鸣,关于中央企业和中央企业集团改制的基本思路,经济管理与研究,2006-12-23
[3]张晓文,徐光东,王建梅,对国有大型企业股份制改革的调查与分析,中国经济时报,2005-03-29
[4]张丽辉,国企股份制改造中主辅分离与辅业改制研究,河南金融管理干部学院学报,2006年第6期
[5]陈文通,国有企业改革的根本问题和新举措,理论前沿,99第4期
[6]孙继军,国有企业改革:路径的依赖及其选择,甘肃科技,2006年9月
[7]刁永祚,国有企业改革与发展的战略定位,长白学刊,1997.4
[8]张燕,国有企业改革中土地资产处置问题探析,土地经济与管理,2006年第3期
[9]齐志新,国有企业改制中收入激励的帕累托最优标准,集团经济研究,2006·9下旬刊
[10]李晓燕,谢长青,基于规避国有资产流失的企业改制问题研究,商业经济,2006年第10期
[11]绍宁,进一步拓宽改革思路做好主辅分离辅业改制工作,河南企业,2006年第9期
[12]杨明非、于立广,浅谈国企改制中的难点问题,集团经济研究,2006·9下旬刊
[13]谢艳华、霍艳梅、孙淑云,试论国有企业职工身份置换的内涵和必要性,河北建筑科技学院学报(社科版),2004年3月
[14]李素萍,新疆兵团改制企业的内部控制问题研究,商场现代化,2006年11月(下旬刊)
[15]林正大、张延智,中小企业成长战略如何确定,企业战略,2006·10
[16]徐长玉、刘志生,当代中国经济体制改革,陕西人民出版社,2002,56-62
[17]乔均,国有企业改革研究,西南财经大学出版社,2001,12-20
[18]中共中央关于建立和完善社会主义市场经济体制若干问题的决定,人民日报,1993-11-14
[19]关于完善社会主义市场经济体制若干问题的决定,中国新闻网,2003-10-14
[20]钱卫清,国有企业改制法律方法-从传统形态向现代机制转变,法律出版社,2001,11-13
[21]科斯,企业性质(译文载:论企业的制度结构),上海三联书店,1994,15
[22]张维迎,企业理论与中国企业改革,北京大学出版社,1999,33
[23]刘伟,产权通论,北京出版社,1997,02-04
[24] R.H.COASE,The Nature of the Firm. the Economica,1996,38-42
[25]色诺芬,经济论(中译本),商务印书馆,1961,1-4
[26]张维迎,企业的企业家-契约理论.,上海三联书店,1995,293
[27] R.Demsetz Towarda Theory Droperty Rights ,American Economic Reyiew,1989,Vo157,P347-359
[28]钱伟,国有企业产权改革研究,经济管理出版社,2003,21
[29]盛洪,现代制度经济学,北京大学出版社,2001,09-11
[30]李敏,产权理论比较,经济科学出版社,2001,10-13
[31]井辉,国有企业改革中两种产权理论比较,财经科学,2000,(3): 14-16
[32] R.H.Coase The Problem of social coast. Journal of Law and Economics,1960,2 10-44
[33] ROSS,S.The Economic Theory of Agent: the Principal’s Problem American Economic Review,1973,62(2)
[34]Mirrless,J The Optimal Structure of In centives and Authority within an Organization Bell Journal of Economic, 1976,7
[35]Stiglitz,J.E.Incentives and Risk Sharing in Share cropping Review of Economic Studies,1974,(3):4
[36] Roger Guesnerie Pareto. Optimality in Non-convex Economic,American:American Economic ,1975,
[37]易宪容,交易行为与合约选择,经济科学出版社,1998,6
[38]李必强,刘运哲,现代企业组织制度中的委托代理关系,中国管理科学,1999,2(4)
[39]王全兴,劳动法学,高等教育出版社,2003,53
[40]罗珉,资本运作,西南财经大学出版社,2001,2
[41]莫德旺,中国财务顾问理论与实务(企业改革者的参考经典),国防科技大学出版社,2004,297-302
[42]高杰,国企改制模式选择,中国管理传播网,2005-4-30
[43]北京德恒律师事务所,国企改制的五种模式,新知动力网,2004-6-6
[44]银温泉,企业改革:模式选择与配套设计.,中国经济出版社,1994,35-37
[45]王炜,电力多经企业改制模式研究,中国知网,2005,22-33
[46]庄莉,陆雄文,员工持股和管理层持股,从美国到中国,经济理论与经济管理,2000,(3),11-15
[47]董其铸,孙振江.股权期权激励制度浅谈,法律屋网,2005-6-24