中央政府、地方政府和国有企业利益分歧下的多重博弈与管制失效——宇通客车管理层收购案例研究  

The Multiple Game and the Failure in Control when there is an Interest Conflict between the Central Government and Local Governments and State-owned Enterprises——a Case Study of the Managers' Purchase of Yutong Passenger Cars

作　　者：朱红军[1] 陈继云[2] 喻立勇[2] 

机构地区：[1]上海财经大学会计与财务研究院 [2]上海财经大学会计学院

出　　处：《管理世界》2006年第4期115-129,共15页Journal of Management World

基　　金：上海财经大学会计与财务研究院资助;上海市重点学科经费和上海市哲学社会科学规划课题(2004BJB007)的支持

摘　　要：本文通过研究宇通客车的管理层收购事件,发现现行国有产权分级管理制度、国有资产处置收益权利划分制度导致中央政府和地方政府间目标利益的不一致,具体表现在国有企业管理层收购的管制方面,地方政府与国资委、财政部、证监会等中央级政府部门间有着不同的管制策略,充当了不同的行为角色,甚至出现了地方政府与地方国有企业合谋采用“司法高于行政”策略巧妙规避中央级政府部门相关管制政策的引人深思现象。案例研究同时发现,宇通客车管理层在与地方政府合谋的同时,还存在多种途径攫取包括地方政府在内的公司全部股东利益的迹象,以实现管理层自身利益的最大化。因此,当前如何科学合理地划分各级政府责、权、利及其政绩考核以实现各级政府管制目标的统一,以及如何合理协调行政与司法在国家经济管理方面的关系问题是完善国有企业管理、规范公司运作的前提和基础。By the study of the event of the managers' purchase of Yutong Passenger Cars, we have discovered that the existing system of state-owned property being managed by governments of different levels, and the present system of dividing the right of dividing earnings from disposing the state-owned assets have resulted in the incongruity of target interests between the central and local government, which phenomenon has found expression in the fact that, in terms of the control of managers' purchase of state-owned enterprises, the local governments, State Commission of State Property, Ministry of Finance, Commission for Supervision of Securities and other departments of the central government have different control strategies, and play different roles, and even in the fact that the local governments and the state enterprises managed by local managers have conspired to adopt the strategy of the slogan of ' judicial powers being greater than administrative executive powers' to sneakily evade the adoption of related control policies made by related department of the central government By our case study, we have also found that, while the managers of Yutong Passenger Cars have connived with the local governments, they have cut out many ways to grab the benefit of all shareowners, including the local governments, so as to maximize the interest of these managers themselves Therefore, at present, how to scientifically and reasonably split the responsibilities, right and benefit of various levels of governments and how to examine their performance to realize the unification of control goals of various levels of governments, and how to rationally coordinate the relations between administration and judicature in the state economic administration, are the prerequisites and foundation of perfecting the administration of state enterprises and normalizing company operation

关 键 词：中央政府 地方政府 管制 管理层收购 

分 类 号：F224.32[经济管理—国民经济]