国企改革与产权交易研究
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摘要
本文主要运用理论分析与数理模型分析结合的方法，以产权交易为主线，从宏观理论和微观绩效上探讨我国国有企业改革、国有资产管理体制改革的历程及在新时期所具有的特征和面临的问题。文章首先介绍了产权和产权交易的基本理论，重点分析了中国学者关于产权概念及其现实意义的阐述。本文认为：产权交易是市场经济的内在要求，从广义的角度上讲，产权交易涉及了企业的所有经营活动。股权在本质上是证券化的产权，股权交易从而是证券化的产权交易；产权交易是企业开展资本营运的主要形式；企业并购是一种重要的产权交易活动。本文分析了国有企业改革的历史进程及以并购重组为主要方式和主要特征的大规模的产权交易所表现出来的特点。本文重点分析了国有股的减持和流通问题、国有资产的退出问题、国有资产的流失与保值增值问题等，并运用数理模型分析了企业绩效与股权结构的关系、中国企业并购的微观与宏观绩效，以及影响中国企业并购绩效的各种因素。最后得出结论：我国的国企改革、国有资产管理体制改革已经进入了一个以企业并购重组为主要方式和主要特征的大规模的产权交易的新阶段，企业的并购重组、企业的产权交易将是新时期国企改革、国有资产管理体制改革的主要方式和方向；提高企业并购绩效应注重企业家制度的建立、企业股权结构的优化、企业法人治理结构的建立和完善，特别是规范具有双重身份的中国政府在产权交易中的行为。
This theme main be studied by combining theoretical analysis with the model analysis, and make the trade of property rights trade for the main line, discuss the characters and the problems of our country state-owned business enterprise reform, the state-owned capital manages the process of the system reformation at a new period with the macroscopic theories and with tiny view results .The article introduces the basic theories of property rights and trade of property rights at first, mainly analyzed the Chinese scholar's concept concerning property rights and its realistic meanings .and in my opinions: The trade of property rights is inside request in the market economy, ascend to speak from the broad sense, the trade of property rights involve the business enterprise all to operate the activity. The ownership of a share is a stock certificate to turn in essence of the trade of property rights, the ownership of a share trades from but is a stock certificate to turn of the trade of property rights; The trade o
f property rights is a main form that business enterprise open the exhibition capital operation; M&As is an important kinds of activity of trade of property rights. This text analyzed the history progress of the state-owned enterprise reformation and the main characteristic of the large-scale business enterprise trade of property rights with M&As for the main way and characters. This text point analyzed a tiny view for reducing holding with circulating problem, state-owned property backing wrongly, government-owned capitally running off problem etc., and studied the business enterprise results and structural relation, Chinese business enterprise in ownership of a share and the results of M&As, and the affected factors. Get a conclusion finally: The reform of the state-owned enterprises and the state-owned property management systems have entered for a new stage with M&As for main way and main characteristic large-scalely producing property rights trading, the M&As will be a main way in that new period of sta
te-owners enterprise reform and the state-owned capital management system's reform with direction; For increasing the results should make a point of the scale economy, entrepreneur of the business enterprise to establish
institutionally, the business enterprise legal person manages to establish structurally with perfect, especially norm the behavior of Chinese government with the dual body in the produce trade of property rights.
This theme main be studied by combining theoretical analysis with the model analysis, and make the trade of property rights trade for the main line, discuss the characters and the problems of our country state-owned business enterprise reform, the state-owned capital manages the process of the system reformation at a new period with the macroscopic theories and with tiny view results .The article introduces the basic theories of property rights and trade of property rights at first, mainly analyzed the Chinese scholar's concept concerning property rights and its realistic meanings .and in my opinions: The trade of property rights is inside request in the market economy, ascend to speak from the broad sense, the trade of property rights involve the business enterprise all to operate the activity. The ownership of a share is a stock certificate to turn in essence of the trade of property rights, the ownership of a share trades from but is a stock certificate to turn of the trade of property rights; The trade o
f property rights is a main form that business enterprise open the exhibition capital operation; M&As is an important kinds of activity of trade of property rights. This text analyzed the history progress of the state-owned enterprise reformation and the main characteristic of the large-scale business enterprise trade of property rights with M&As for the main way and characters. This text point analyzed a tiny view for reducing holding with circulating problem, state-owned property backing wrongly, government-owned capitally running off problem etc., and studied the business enterprise results and structural relation, Chinese business enterprise in ownership of a share and the results of M&As, and the affected factors. Get a conclusion finally: The reform of the state-owned enterprises and the state-owned property management systems have entered for a new stage with M&As for main way and main characteristic large-scalely producing property rights trading, the M&As will be a main way in that new period of sta
te-owners enterprise reform and the state-owned capital management system's reform with direction; For increasing the results should make a point of the scale economy, entrepreneur of the business enterprise to establish
institutionally, the business enterprise legal person manages to establish structurally with perfect, especially norm the behavior of Chinese government with the dual body in the produce trade of property rights.
引文
[1] Joseph C. krallinger. Merger & Acquisitions Managing the Transaction. New York: Mc Graw Hill Company Inc, 1987
[2] Ravencraft, David J. Mergers, sell-offs, and economics Efficiency. Washington D.C : The Brooking Institute, 1987
[3] Williamson, O. E. A Study in the Economics of International Organization. New York: Free Press, 1975
[4] Visscher. Merges and Public Policy Macmillan Books. New York: MIT Press, 1975
[5] Reid, Samuel Richardson. The New Industrial Order: Concentration, Regulation and Public Policy. New York: McGraw-Hill Books, 1976
[6] Jensen. Agency Costs of Free Cash Flow, Corporate Finance and Takeover. American Economic Review, 1976, 76(4): 323-329
[7] Muller, P. E. The determinants and effects of mergers: An Intentional Comparison Oelgeschlager. Cambridge Mess : Guna&Hain Books, 1980
[8] 常修泽．资产重组——中国企业兼并研究．第一版．陕西：陕西人民出版社，1992
[9] 吴德庆．企业兼并问题研究．第一版．北京：中国人民大学出版社，1992
[10] 刘世庆．企业产权交易．第一版．北京：中国社会科学出版社，1992
[11] 唐丰义．产权流动——大趋势与新挑战．改革，1994，(5)：12—16
[12] 芮明杰．企业产权交易研究．第一版．北京：中国社会科学出版社，1993
[13] 刘加隆．社会主义国有资产研究．第一版．北京：经济科学出版社，1992
[14] 厉以宁．转型问题探讨．财经研究，1995，(6)：30-34
[15] 陈明森．社会主义产权交易研究．第一版．北京：经济科学出版社，1995
[16] 王学东．国有资本运营机制重构论．第一版．北京：中国经济出版社，2001
[17] 黄速建．收购与合并——企业产权交易及其市场组织．第一版．北京：商务印书馆，1995
[18] 周昌贡．国有企业改革新论．第一版．北京：经济科学出版社，1995
[19] 常修泽．纵横产权改革．中国商贸，2001，(18)：30-34
[20] 芮明杰．高速度公司——国企改革的目标模式．上海经济研究，2000，(3)：20—23
[21] 陈明森．国有资本退出与国有经济战略性调整．福建省社会主义学院学报，
2001，(1)：40-43
[22] David Me Walker．《牛津法律大辞典》(中译本)．第二版．北京：光明日报出版社．1988
[23] P. Alberl. The structure of a contract and the theory of a non-exclusive resource. Journal of Law and Economics, 1970, 54(13): 513-522
[24] Alchian, A. A. and Allen, W. R. Exchange and Economic analysis of Property Rights. Cambridge: Cambridge University Press, 1989
[25] E. Furuboton. Elementary Principles of Economics. New York: Macmillan Press, 1923
[26] 张五常．经济学方法论．社会科学战线，2002，(4)：34-40
[27] Demsetz, H. Toward a theory of property rights. American Economic Review, 1967, 122(57): 347-359
[28] 张维迎．企业的企业家——契约理论．第一版．上海：上海三联出版社，1995
[29] 苏星．所有制、产权与国有资产管理．第一版．北京：经济科学出版社，1992
[30] 刘凯湘．经营权与国有企业产权性质．中外法学，1997，(2)：55-60
[31] 韩志国．产权交易：中国走向市场经济的催化剂．改革，1994，(4)：20—25
[32] 丁建中．产权理论及产权改革目标模式探索．第一版．上海：上海社会科学出版社，1994
[33] 刘伟．经济改革与发展的产权制度解释．第一版．北京：首都经济贸易大学出版社，2000
[34] 赵炳贤．资本运营论．第一版．北京：企业管理出版社，1997
[35] Coarse, R. H. The problem of social cost. Journal of Law and Economics, 1960, 54(3): 1-11
[36] Auerbach, Alam J. Mergers and Acquisitions. Chicago: The University of Chicago Press, 1988
[37] 马建堂，黄达，林岗．世纪之交的国有企业改革研究．第一版．北京：经济科学出版社，2000
[38] 阎嗣烈，张志强．国有资本营运论．第一版．北京：中国经济出版社，2001
[39] 胡建绩．产权重组．第一版．上海：上海译文出版社，1997
[40] 白津夫．国有资产管理体制改革十大风险．瞭望，2003，(22)：40-43
[41] 李士忠．加强国有企业监管，防止国有资产流失．化工管理，2001，(6)：21-23
[42] 乔均．国有企业改革研究．第一版．四川：西南财大出版社，2002
[43] 姚萱．上市公司资产重组的风险及防范．华北工学院学报，2003，(3)：22-25
[44] 邓聚龙．灰色系统基本方法．第二版．武汉：华中理工大学出版社，1993
[45] Myers, Bruce T. Merger Integration. Chain Store Age, 1998, 74(1): 7-9
[46] Stiglitz, J. and Weiss, A. Credit rationing in Market with imperfect Information. American Economic Review, 1999, 71 (8): 393-410
[47] 魏成龙．企业规模经济——企业并购与企业集团发展研究．第一版．北京：中国经济出版社，1998
[48] Wilson, C. The Nature of Equilibrium in Markets with Adverse selection. Bell Journal of economics, 1978, 11(3): 108-130
[49] Clark John J. Business Merger and Acquisitions Strategies Prentice Hall. Chicago : Englewood Cliffs NJ, 1985
[50] 魏成龙．企业产权交易与重组．第一版．北京：中国经济出版社，2002
[51] Nardozza Francis J. After the Merger: Now What?. Lodging Hospitality, 1997, 54(3): 33-35
[52] 刘小玄．中国企业发展报告(1990-2000)．第一版．北京：社会科学出版社，2001
[2] Ravencraft, David J. Mergers, sell-offs, and economics Efficiency. Washington D.C : The Brooking Institute, 1987
[3] Williamson, O. E. A Study in the Economics of International Organization. New York: Free Press, 1975
[4] Visscher. Merges and Public Policy Macmillan Books. New York: MIT Press, 1975
[5] Reid, Samuel Richardson. The New Industrial Order: Concentration, Regulation and Public Policy. New York: McGraw-Hill Books, 1976
[6] Jensen. Agency Costs of Free Cash Flow, Corporate Finance and Takeover. American Economic Review, 1976, 76(4): 323-329
[7] Muller, P. E. The determinants and effects of mergers: An Intentional Comparison Oelgeschlager. Cambridge Mess : Guna&Hain Books, 1980
[8] 常修泽．资产重组——中国企业兼并研究．第一版．陕西：陕西人民出版社，1992
[9] 吴德庆．企业兼并问题研究．第一版．北京：中国人民大学出版社，1992
[10] 刘世庆．企业产权交易．第一版．北京：中国社会科学出版社，1992
[11] 唐丰义．产权流动——大趋势与新挑战．改革，1994，(5)：12—16
[12] 芮明杰．企业产权交易研究．第一版．北京：中国社会科学出版社，1993
[13] 刘加隆．社会主义国有资产研究．第一版．北京：经济科学出版社，1992
[14] 厉以宁．转型问题探讨．财经研究，1995，(6)：30-34
[15] 陈明森．社会主义产权交易研究．第一版．北京：经济科学出版社，1995
[16] 王学东．国有资本运营机制重构论．第一版．北京：中国经济出版社，2001
[17] 黄速建．收购与合并——企业产权交易及其市场组织．第一版．北京：商务印书馆，1995
[18] 周昌贡．国有企业改革新论．第一版．北京：经济科学出版社，1995
[19] 常修泽．纵横产权改革．中国商贸，2001，(18)：30-34
[20] 芮明杰．高速度公司——国企改革的目标模式．上海经济研究，2000，(3)：20—23
[21] 陈明森．国有资本退出与国有经济战略性调整．福建省社会主义学院学报，
2001，(1)：40-43
[22] David Me Walker．《牛津法律大辞典》(中译本)．第二版．北京：光明日报出版社．1988
[23] P. Alberl. The structure of a contract and the theory of a non-exclusive resource. Journal of Law and Economics, 1970, 54(13): 513-522
[24] Alchian, A. A. and Allen, W. R. Exchange and Economic analysis of Property Rights. Cambridge: Cambridge University Press, 1989
[25] E. Furuboton. Elementary Principles of Economics. New York: Macmillan Press, 1923
[26] 张五常．经济学方法论．社会科学战线，2002，(4)：34-40
[27] Demsetz, H. Toward a theory of property rights. American Economic Review, 1967, 122(57): 347-359
[28] 张维迎．企业的企业家——契约理论．第一版．上海：上海三联出版社，1995
[29] 苏星．所有制、产权与国有资产管理．第一版．北京：经济科学出版社，1992
[30] 刘凯湘．经营权与国有企业产权性质．中外法学，1997，(2)：55-60
[31] 韩志国．产权交易：中国走向市场经济的催化剂．改革，1994，(4)：20—25
[32] 丁建中．产权理论及产权改革目标模式探索．第一版．上海：上海社会科学出版社，1994
[33] 刘伟．经济改革与发展的产权制度解释．第一版．北京：首都经济贸易大学出版社，2000
[34] 赵炳贤．资本运营论．第一版．北京：企业管理出版社，1997
[35] Coarse, R. H. The problem of social cost. Journal of Law and Economics, 1960, 54(3): 1-11
[36] Auerbach, Alam J. Mergers and Acquisitions. Chicago: The University of Chicago Press, 1988
[37] 马建堂，黄达，林岗．世纪之交的国有企业改革研究．第一版．北京：经济科学出版社，2000
[38] 阎嗣烈，张志强．国有资本营运论．第一版．北京：中国经济出版社，2001
[39] 胡建绩．产权重组．第一版．上海：上海译文出版社，1997
[40] 白津夫．国有资产管理体制改革十大风险．瞭望，2003，(22)：40-43
[41] 李士忠．加强国有企业监管，防止国有资产流失．化工管理，2001，(6)：21-23
[42] 乔均．国有企业改革研究．第一版．四川：西南财大出版社，2002
[43] 姚萱．上市公司资产重组的风险及防范．华北工学院学报，2003，(3)：22-25
[44] 邓聚龙．灰色系统基本方法．第二版．武汉：华中理工大学出版社，1993
[45] Myers, Bruce T. Merger Integration. Chain Store Age, 1998, 74(1): 7-9
[46] Stiglitz, J. and Weiss, A. Credit rationing in Market with imperfect Information. American Economic Review, 1999, 71 (8): 393-410
[47] 魏成龙．企业规模经济——企业并购与企业集团发展研究．第一版．北京：中国经济出版社，1998
[48] Wilson, C. The Nature of Equilibrium in Markets with Adverse selection. Bell Journal of economics, 1978, 11(3): 108-130
[49] Clark John J. Business Merger and Acquisitions Strategies Prentice Hall. Chicago : Englewood Cliffs NJ, 1985
[50] 魏成龙．企业产权交易与重组．第一版．北京：中国经济出版社，2002
[51] Nardozza Francis J. After the Merger: Now What?. Lodging Hospitality, 1997, 54(3): 33-35
[52] 刘小玄．中国企业发展报告(1990-2000)．第一版．北京：社会科学出版社，2001