摘要
金融是现代经济的核心,金融发展对实体经济的发展有显著的促进作用。私募股权基金(Private Equity Fund,简称PE)自上世纪九十年代以来发展迅猛,在发达国家的资本市场中作用日益重要,西方学者对私募股权基金的重视程度大为提高,从一般性金融工具的分析转到金融制度创新层面的研究。
随着中国资本市场的不断发展和完善,本土的私募股权基金近年来快速成长壮大,对企业发展的促进作用逐步显现。私募股权基金作为财务投资者主要投资于未上市企业,只占有少数股权,并不谋求控股地位,通过在资本市场上市或并购退出来获利。私募股权基金的盈利模式恰与国有企业改革发展对机构投资者的需求相吻合。
私募股权基金不仅给金融市场注入了活力,也为国有企业改革发展提供了新的思路和启迪。国有企业改革进入以大型企业改革为重点的新阶段后,以往针对中小型国有企业以出售为主的指导思想,以及行政指令等传统手段已经无法适应新形势新任务了,需要向市场化方向转化。在缺乏新思路、新手段的情况下,国有企业布局调整和股权多元化改革进程迟缓,亟待取得新的突破。作为新生金融资本的私募股权基金在推进国有企业改革发展方面将发挥越来越重要的作用。
作者纵观历史文献,发现国内外学者介绍分析私募股权基金基本理论与运作实践的著述较多,而对国有企业改革发展研究的文章、著作更是汗牛充栋,但是从私募股权基金在国有企业改革发展中的作用这个视角来研究却是凤毛麟角,在这个对中国经济实践具有很强现实意义,又在理论研究上有重要学术价值的领域,留有很大的研究空白。因此,本文从金融促进经济发展的大视野着眼,以借助私募股权基金加速国有企业改革发展为中心,着重研究如下四个问题：首先,从理论和实践两方面剖析私募股权基金功能和运行机理的独特优势；其次,阐述国有企业的理论定位和普遍发展趋势,着重分析中国国有企业改革发展的制约因素；第三,运用理论分析与实证分析相结合的方法,详尽论述私募股权基金对国有经济布局与结构、企业并购重组与产业整合、建立现代企业制度、技术创新、企业融资结构等方面的优化效应。最后,在总结全文基础上,提出实现私募股权基金效用最大化的政策与制度安排。
本文在结构上分为五章,各章节的内容和主要观点如下：
第一章为导论,主要提出本文的研究主题,说明研究内容、研究方法和主要创新与不足。首先,结合学术研究和现实经济发展的需求,提出借助私募股权基金促进国有企业改革发展这个本文的中心议题。其次,对私募股权基金和国有企业改革发展的相关研究进行文献综述,目的在于界定本文的研究范围,明晰本文与传统研究的不同。第三,对研究思路和逻辑结构进行梳理。最后,对本文的研究方法、主要创新与不足之处进行说明。
第二章对私募股权基金改善企业经营的机理进行分析。
首先,围绕私募股权基金的价值创造功能、资本市场实现功能以及弥补信息不对称的机理三个方面,着重在理论上分析私募股权基金的基本特征。从分析中可以看到,私募股权基金除具有传统的金融中介功能外,还可以作为投资者促进企业成长实现增值,成为创造价值的市场主体。私募股权基金是实现积聚资本、降低信息成本和交易成本、控制风险、提升公司治理水平、促进交易等资本市场功能的重要工具。私募股权基金通过筛选机制、信号机制及合约安排,有效控制因信息不对称而产生的逆向选择和道德风险。这些功能及运行机理是私募股权基金在资本市场中作用日益突出的缘由和独特优势所在。
其次,阐述国外私募股权基金在实践中对企业成长的促进,对自身功能的完善,以及私募股权基金发挥效用的约束条件。分析指出,有限合伙制是私募股权基金最主要的组织形式,基金管理人作为普通合伙人与投资者作为有限合伙人共同组成投资基金,充分发挥货币资本与人力资本的各自优势。普通合伙人的无限连带责任机制,向投资者释放基金管理人能力和从业态度的明确信号,并对基金管理人的不良行为形成强力制约。有限合伙制很好地解决了投资人安全和收益保障、投资人与管理人角色定位和管理人激励约束这三个私募股权投资的核心问题,符合私募股权基金的内在要求,相对于公司制和信托制基金具有比较优势。
再次,分析中国私募股权基金的特点及发展机遇。本节着重阐释了国有机构居于主导地位的鲜明中国特色,并强调中国经济的快速增长为本土私募股权基金提供了难得的发展机遇。
第三章展开对私募股权基金与国有企业改革发展耦合关系的研究。
首先,从提供公共品、管制理论、追赶型现代化国家发展模式三个方面对国有企业的功能定位进行理论探讨,并分析国有企业改革发展的普遍趋势。从国有企业的功能定位,以及世界各国国有企业改革发展的具体实践看,走向市场化,或对承担公共职能的国有企业加重市场化色彩,是一个普遍趋势。只有国有企业的改革发展以市场化为取向,作为市场化金融工具的私募股权基金才有发挥效用的必要条件,认清这个前提十分重要。
其次,通过回顾中国国有企业改革的理论演变和实践,剖析中国国有企业改革发展面临的问题及制约因素。分析得出,优化国有经济布局结构缺乏市场化的有效工具、股权多元化改革难以找到合格的机构投资者、技术创新内在动力不足、海外并购渠道狭窄和经验欠缺,是当前中国国有企业改革发展的主要制约因素。
第三,分析中国国有企业的金融需求,以及私募股权基金在解决中国国有企业改革发展症结方面的独特优势。分析表明,私募股权基金与国有企业改革发展具有强烈的耦合关系。中国国有企业改革发展产生了巨大的金融需求,近十万家国有企业的公司制股份制改革、企业并购重组、资产注入与整体上市等方面金融服务的需求缺口巨大,这不仅为私募股权基金发展提供了广阔空间,也将促生出私募股权基金推进国有企业改革发展的强大内在动力。从功能特性和运行机理看,私募股权基金是资本投入与金融服务的有机结合,不仅为国有企业提供充足的资金支持,还为有效突破制约改革发展的关键环节给予极大帮助,在促进国有企业改革发展方面具有其他金融机构难以起到的独特作用,拥有比较优势。
第四章是全文的重点,通过理论分析与实证分析相结合的研究方法,详尽论述私募股权基金对国有企业改革发展的优化效应。
首先,明确国有企业改革发展的方向和目标,这是私募股权基金发挥功能优势的前提和基础。当前中国国有企业改革发展的三大任务是：优化布局、加快建成现代企业制度、强化技术创新。
在布局与结构的战略性调整中,国有企业的分布范围要合理收缩,应主要布局在核心资源领域和基础设施、基础产业、基础服务等市场机制难以发挥作用或当前还需要国家重点控制的行业,逐步退出竞争性领域比较可行的方式是开放国有企业的股权。同时,从转变经济发展方式的国家战略出发,要集中国有资本不断加大在战略性新兴产业的投资,尽早形成能在国民经济发展中起主导和引领作用的高新技术产业群和骨干企业。
股权多元化是建立现代企业制度的切入点,完善公司治理机制,必须以股权多元化为前提。只有完成股权多元化改革,才能形成基于利益多元化的决策、运行和制衡机制,才能产生提升公司治理水平的持续动力。
应强化企业技术创新的内在动力。目前国有企业的出资人主要对企业当期的盈利状况进行考核,技术创新因素在考核标准中的权重过低,巨额研发投资难以在当期带来经济效益,影响企业的经营业绩,进而削弱企业技术创新的内在动力,应尽快改变不利于技术创新的考核导向。
其次,在运用国有企业改革发展案例和数据的基础上,重点分析私募股权基金在国有经济布局与结构、企业并购重组与产业整合、建立现代企业制度、技术创新、企业融资结构五个主要方面的优化效应。
分析显示,私募股权基金有利于消除国有企业分布领域过宽、行业错配、国际化程度低、并购整合不力、股权多元化改革迟缓、国有股权比重过高、治理机制不完善、缺乏技术创新内在动力、过度依赖银行间接融资等痼疾,改善国有企业的产业结构、产权结构、法人治理结构,强化技术创新,提升核心竞争力。充分运用私募股权基金将极大促进国有企业改革发展。
第五章在总结全文的基础上,提出实现私募股权基金效用最大化需要的政策和制度安排。从抓住产融结合契机、有效监管、建立和完善机制、运用灵活投资工具、完善多层次资本市场、减轻不合理税负和解除上市限制六个方面,阐述如何促进私募股权基金发展,使其更好地发挥对国有企业改革发展的促进作用。
本文在研究的角度和结论观点上有所突破和创新：
从金融促进实体经济增长的大视野着眼,系统分析私募股权基金在国有企业改革发展中的功能,从这个角度着手研究,突破了以往国有企业改革发展视角不够开阔,忽视金融对实体经济发展推动作用的局限,在国有企业改革发展的研究方向上独辟蹊径。
研究结论也有一些与众不同的观点,大致概括为：
第一,强调私募股权基金是突破当前国有企业改革发展瓶颈的有效工具。作为资本投入与金融服务的有机结合,私募股权基金不仅为国有企业提供充足的资金支持,还为有效突破制约改革发展的关键环节给予极大帮助,在以市场化手段推进企业并购重组、完善公司治理机制、增强技术创新内在动力和促进科技成果转化等诸多方面,提供高水准的金融服务和管理咨询指导,这既是其专业特长所在,也是其追求高额投资回报的必然选择,内在特性决定了私募股权基金是国有企业改革发展的有力推手。这一鲜明观点有力地回应了对私募股权基金在国有企业改革发展中功能有效性的怀疑。
第二,认为私募股权基金是国有企业股权多元化改革的合格投资者。对照大型国有企业对机构投资者的诉求,私募股权基金具有独特优势：作为公众集合资产,可在一定程度上规避私有化的质疑；不谋求控股地位的投资策略,使其容易被国有企业所接受；筹集资金能力强,有资金实力参与大型国有企业的股权多元化改革；拥有庞大业务网络,能为企业带来协同效应。这一判断对国有企业改革发展引入私募股权基金有可能导致国有资产流失,甚至引发私有化浪潮的担心和质疑,给予明确的回应。
第三,指出私募股权基金是产融结合的重要模式和便捷途径。私募股权基金可以较好地弥补金融资本与产业资本各自的不足,突破以往产业资本与金融资本仅仅在个别产品和项目上合作的局限性,谋求建立产融结合的一种制度性基础。从这个视角展开研究,将对产融结合的理论研究与实践发展起到有效的推动作用。
本文尚有许多不足之处,如由于私募股权基金在中国发展历史较短,直接介入国有企业改革发展的案例并不太多,同时法律规章并不强制私募股权基金向公众披露其财务数据和运行状况,因此,缺乏私募股权基金具体案例详实而全面的数据,相关研究机构的数据也多以宏观统计为主。数据规模有限,影响了选取样本的广泛性,致使定量分析受到很多限制,研究难免有所疏漏。
今后将进一步收集私募股权基金推动国有企业改革发展的案例及相关数据,以求更详尽地分析私募股权基金在国有企业改革发展中的功能。
Finance is the core of modern economy. Financial development is playing a significant role in facilitating the development of real economy. Private Equity Funds has been developing rapidly since1990s and is becoming more and more important to capital markets in developed countries. Western scholars have enhanced their studies on private equity funds to the level of institutional innovation in stead of general financial instruments.
With China's continuous development and improvement of capital markets, native private equity funds grew rapidly in recent years, showing a positive influence on business development. As financial investors, private equity funds make investments primarily in unlisted companies, without seeking a controlling position. Their ultimate goal is to sell or exit their investments on stock markets through an IPO of the portfolio company or to sell the company to a strategic acquirer for a return in excess of the price paid.
Private equity funds not only energize the financial markets, but also provide new ideas and inspiration for the reform and development of state-owned enterprises. At the stage of focusing on small and medium enterprises, to sell the state-owned enterprises was the main idea of reform and administrative instructions were commonly applied in the process. Coming to the stage of focusing on large enterprises, the traditional ways mentioned above no longer work, which calls for a market-oriented transformation. But due to the absence of new ideas and methods, the process of layout adjusting and equity diversification of state-owned enterprises has slowed down. New breakthroughs are in an urgent need. In the context of continuous improvement of market mechanism and financial deepening, private equity funds can be a new financial force which will surely promote the reform and development of state-owned enterprises.
The author of this paper noticed that, there is an immense number of literatures on theory and practice of private equity funds from scholars domestic and abroad, so is that of research on state-owned enterprises'reform and development. But in the meanwhile, it's hard to find studies on functions of private equity funds in reform and development of state-owned enterprises, which left a huge space for such kind of the research. Viewing from the perspective that finance can promote the development of real economy, this paper focuses its research on accelerating reform and development of state-owned enterprises by dint of private equity funds. It has great significance to China's economic activities and certain academic value in filling some theoretical gaps.
The logic of this paper is as follows. First, analyze the unique features and advantages of the role and operating mechanism of private equity funds from both theoretical and practical angles. Second, expound the theoretical positioning and the general development trends of state-owned enterprises, focusing on the constraints in the reform and development. Third, elaborate by using theoretical and empirical analysis methods the functions of private equity funds in adjusting of state-owned economy's layout and structure, mergers and acquisitions, restructuring, industry consolidations, the establishment of modern enterprise system, technological innovation, and optimizing corporate financing structure. Finally, bring up the policies and institutional arrangements for maximizing the effects of private equity funds based on concluding the main points in the paper.
This paper is structured by five parts. Contents and main points of each part are as follows.
Part one is the leadin which is to bring forward the research topic and to indicate the contents, methods, key findings, innovative points and weaknesses in the research. First, by analyzing the features of private equity funds and the constraints on reform and development of state-owned enterprises, set up the main topic as accelerating reform and development of state-owned enterprises by dint of private equity funds. Second, by summarizing related research literature on private equity funds and state-owned enterprises'reform and development, define the research scope of this paper and to clarify its differences from traditional research. Third, sort out the ideas and logical structure in this paper. Finally, explicate the research method, main conclusions, innovative points and weaknesses in the paper.
Part two is to analyze the mechanism of how private equity funds can be used to improve business operation.
First, by studying their value creation capabilities, functions on capital markets and mechanism in filling up the gap between asymmetric information, analyze essential characters of private equity funds. Analysis shows that in addition to traditional role as financial intermediaries, private equity funds can also add value to their investments by promoting business growth as investors, thus become the main participants on the market as value creators. Private equity funds are important tools on capital markets to accumulate capital, reduce information costs and transaction costs, control risks, improve corporate governance and promote transactions. Private equity funds control effectively the risk of adverse selection and moral hazard resulted from information asymmetry through filter mechanism, signal system and contractual arrangements. These are their unique advantages and the reasons that private equity funds are playing an increasingly prominent role on capital markets. In practice, venture capital funds promoted technological innovation while merge and acquisition funds accelerated industry consolidations.
Second, expound the role of private equity funds in accelerating business growth and improving the functions of their own, as well as constraint conditions for them to be effective in foreign countries. The best organizational form of private equity funds is limited partnership. Unlimited liabilities of general partners show the investors a clear signal about abilities and attitude of fund managers, and in the meanwhile pose a strong constraint to their bad behavior. The financing model of registered capital must be in place quickly under corporate system is not conducive to private equity funds'sub-financing mechanism. This model eliminates the continuous financing pressure on fund managers, thus will greatly weaken the constraint intensity of reputation mechanism. Limited partnership can be a good solution to the following three core issues in private equity investing: the safety of investment, the positioning of investors and managers, the incentives and restrictions to fund managers. Compared to corporate system and trust funds, limited partnership has unique advantages in line with the internal requirements of private equity funds. That's why limited partnership has become the mainstream private equity funds model globally.
Third, analyze the characteristics of Chinese private equity funds and their development opportunities.
Part three is to study the coupling between private equity funds and state-owned enterprises'reform and development.
First, discuss theoretically the functions and positioning of state-owned enterprises from three angles as the provision of public goods, control theory, the development of chase model nations, and analyze the general trends of state-owned enterprises'reform and development. Considering the functions and the positioning along with the reform and development practice of state-owned enterprises in the world, marketization or giving more market color to the state-owned enterprises bearing some public functions has become a general trend. As a market-based financial instrument, private equity funds can be helpful only if state-owned enterprises'reform and development is market-oriented.
Second, by reviewing the theory evolution and the practice of Chinese state-owned enterprises'reform, anatomize the problems and constraints confronted by Chinese state-owned enterprises in reform and development.
Third, analyze the financial needs of Chinese state-owned enterprises and how private equity funds can solve the crux in the reform and development of Chinese state-owned enterprises. There is a strong coupling between private equity funds and state-owned enterprises'reform and development. Chinese state-owned enterprises'reform and development created an enormous financial need. Nearly a hundred thousand state-owned enterprises involved in such activities as corporate or incorporate reform, mergers and acquisitions, asset injection and wholly listed. The big gap between the supply and the need for financial services provided not only a huge space for the development of private equity funds, but also endogenous dynamics for private equity funds to accelerate the reform and development of state-owned enterprises. Considering their features and operation mechanism, private equity funds play a unique role in promoting the reform and development of state-owned enterprises while other financial institutions can hardly do.
As the most important part, part four is to elaborate private equity funds' effects in optimizing state-owned enterprises'reform and development.
First, clarify the direction and goal of state-owned enterprises'reform and development, which is the premise and foundation for private equity funds to function. The Current three major tasks of Chinese state-owned enterprises'reform and development are:optimizing the layout, speeding up the completion of modern enterprise system, and strengthening technological innovation.
In the strategic adjustment of layout and structure, the distribution of state-owned enterprises is to have a reasonable shrink. State-owned enterprises should be positioned in core resource areas and where the market mechanism is difficult to play a role or areas need to be controlled by the state currently, such as infrastructure, basic industries and fundamental services. The more feasible way for state-owned enterprises to gradually withdraw from the competitive areas is to open their shareholding. Meanwhile, in respect of the national strategy of economic development model transformation, state-owned capital should be placed intensively in strategic emerging industries, so that a group of high-tech industries and key enterprises which is able to play the pioneering and leading role in development of national economy can come into being as soon as possible.
Equity diversification is the starting point of establishing modern enterprise system and the premise of improving corporate governance mechanism. Only when equity diversification reform is completed, can the mechanism of decision-making, operating and balancing based on interest diversity be formed, and the endogenous dynamics to continuously improve corporate governance be generated.
The willingness of the enterprises to be engaged in high-risk technological innovation should be encouraged and the assessment method which is not conducive to technological innovation should be changed. At present, investors of state-owned enterprises tend to assess mainly the current period's earnings, while technological innovation takes only a small portion in the assessment criteria. Because huge R&D investment can hardly bring economic benefits right in the current period, enthusiasm of technological innovation has been affected.
Second, based on cases and data of state-owned enterprises'reform and development, analyze the optimization effects of private equity funds in the following five major aspects:layout and structure of state-owned economies, mergers and acquisitions and industry consolidations, establishment of modern enterprise system, technological innovation, corporate financing structure.
Analysis shows that private equity funds can help to fix such problems in layout of state-owned economy as over wide and scattered distribution, industry mismatch, inefficiency, monopolism and unfair competition. They can also help to improve state-owned enterprises'industrial structure, equity structure, and corporate governance structure, to strengthen technological innovation and to enhance core competitive position. Full use of private equity funds will greatly facilitate the reform and development of state-owned enterprises.
Part five is to propose policies and institutional arrangements needed to maximize the effectiveness of private equity funds based on concluding the entire paper. The expatiation on how to facilitate the development of private equity funds comes from the following six aspects:seizing the opportunity of industries and finance combination, practicing effective supervision, establishing and perfecting mechanism, making clever use of investment tools, perfecting the multi-layer capital market, taxation and listing.
This paper is featured by its unique research angle, methods and perspectives. The breakthrough and innovations are as follows.
One is the unique research angle. The study on the functions of private equity funds in state-owned enterprises'reform and development is based on the perspective of how finance can accelerate the growth in real economy. From this angle, it developed a new style of its own in the research of state-owned enterprises'reform and development, exceeding the previous bounds resulted from lack of wide sight and the ignorance of financial impetus to development of real economy.
The other is the canonical empirical research. As for the research methods, this paper conducted a regression analysis on correlation of private equity funds versus technological innovation, and private equity funds versus M&A, by the application of time series models and panel models. Detailed data and canonical analysis contributes to the validity of conclusions.
This paper brought up the following sharp and innovative points of view.
Firstly, to break the current constraints in reform and development of state-owned enterprises is just the advantages of private equity funds. As an organic combination of Capital investment and financial services, private equity funds provide a suited solution to the constraints of state-owned enterprises' reform and development. It's both their professional expertise and inevitable choice for pursuit of high returns to provide financial support and counseling in financial services, corporate governance, business development and other areas. The intrinsic properties determined that private equity funds can be the pushing hands in state-owned enterprises'reform and development.
Secondly, private equity funds are qualified investors in equity diversification reform of state-owned enterprises. In accordance with the large state-owned enterprises' demands for institutional investors, private equity funds have the unique advantages. As public collective assets, they bear some public properties, thus can avoid the questioning of privatization to some extent when participating in state-owned enterprises' reform. As financial investors, they are not to seek the control of enterprises, thus are easy to be accepted by investors and managers of state-owned enterprises. Private equity funds have the ability to raise capital and the financial strength to participate in equity diversification reform of large state-owned enterprises. They are familiar with capital markets and possess outstanding financial skills. With their large network of markets and customers, private equity funds can bring synergy to businesses. The above judgments give a clear response to the questioning that in the state-owned enterprises'reform, the introduction of private equity funds will lead to a loss of state-owned assets and even a privatization wave.
Third, private equity funds are the important model and convenient shortcut for the combination of industry and finance. Private equity funds can make up the deficiencies of both financial capital and industrial capital. They can break through the previous limitation when industrial capital can only cooperate with financial capital at the level of individual product or project. They are seeking to form the institutional bases for the combination. The study from this perspective will play an effective role in promoting the theoretical discussion and practice of combination between industry and finance.
There are also some deficiencies in this paper. For example, due to the short history in China of private equity funds and the lack of cases on how they participated in state-owned enterprises'reform and development, plus the disclosure of their financial and operational data is not obliged by law, the cases and data quoted in this paper are not sufficient. The limitation on the scale of date may affect the quantitative analysis, resulting in omissions in the research. More data and cases will be collected in the future to improve the research on role of private equity funds in state-owned enterprises'reform and development.
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