超产权视角下PE推动国企并购重组改革的策略研究  

A Strategic Look at the PE-driven M&A Reform of Stated-owned Enterprises from the Perspective of Beyond Property Right

作　　者：李爱庆[1] 陈荣秋[1] 吴九红[2] 

机构地区：[1]华中科技大学管理学院,武汉430074 [2]北京大学经济学院,北京100871

出　　处：《管理评论》2009年第12期9-17,共9页Management Review

摘　　要：本文运用超产权理论深入探讨影响国企竞争环境的意识形态因素,以及私募股权(PE)基金推动国企并购重组改革的作用机制。研究表明,引入PE外部资源,强化内部竞争,改善激励机制,建立国企效率与其民生责任的新关联,是简化国企多元化经营目标,有效提升国企效率的重要机制。在此分析基础上,本文从政府、国企、PE三位主体的不同角度,提出了PE推动国企改革的宏微观组合策略。This article utilizes the Beyond Property Right Theory to discuss the competitive environment of a state-owned enterprise from the ideology factor, as well as the function mechanism of the enterprise＇s M＆A reform promoted by Private Equity （PE） funds. This research indicates that, a well established PE firm can introduce to the state-owned enterprise external resources, strengthen its internal competition and improve its incentive mechanisms. The PE firm can also help to establish a link between the state-owned enterprise＇s efficiency and its livelihood responsibility. This is why PE funds are potentially an important mechanism that can effectively promote enterprise efficiency by simplifying its multi-management goal. Based on this analysis foundation, this paper looks at the triangle-relationship between government, state-owned enterprise and PE firms from each of their perspectives, and reaches the conclusion and recommends the macro and micro combined strategy of PE promoting state-owned enterprise M＆A reform.

关 键 词：超产权理论 私募股权(PE)基金 国企改革 并购重组 

分 类 号：F271[经济管理—企业管理]