国有股东的控股地位和控制权市场竞争——基于“鄂武商事件”的案例研究  

Holding Position of State-owned Shareholder and Corporate Control Competition: A Case Study Based on the "E Wushang Event"

作　　者：张媛春[1] 邹东海[2] 

机构地区：[1]山东大学经济学院,山东济南250100 [2]中山大学管理学院,广东广州510275

出　　处：《经济管理》2012年第8期53-64,共12页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目"投资者保护制度与控制权转移的效率研究"(70972074);山东省博士后创新项目专项基金项目"权力特征;控制权交易定价与交易效率:基于企业层面的微观分析"(200903081)

摘　　要：国有上市公司"鄂武商(000501)"在股改之后,六年内发生了两次激烈的控制权争夺战,这一事件折射出国有股东的控股地位所面临的竞争压力。本文首先分析了"鄂武商事件"的典型性,认为"鄂武商事件"代表了股权分置改革之后国有企业产权改革出现的新问题,即股权分置改革在解决国有股"一股独大"问题的同时,也把丧失控股地位的风险推到了国有股东面前;其次,本文认为,国有股东应该参与公司控制权的市场竞争,这并不违反效率原则。然而,非经济目标对国有股东的控制权竞争能力形成了约束,对此,本文认为,赋予国有企业职工在控制权竞争中相应的话语权是一个合理的平衡机制。本文结合案例分析并运用描述性模型对上述观点进行了论证。本文的研究可以为国有上市公司控制权市场竞争的理论研究和制度创新提供线索和参考。Split share structure reform reduces the concentration of ownership of state-owned enterprises. The ownership structure of state-owned enterprise tends to balance and diversity, but at the same time such kind of own-ership structure has also weakened the control of state-owned shareholders and provides a necessary condition for non-state shareholders to compete for state-owned control as while. As a state-owned listed company, E Wu Shang （000501） experienced two intense battles for control in the six years after its split share structure reform. The battles broke out between the state-owned shareholder and the private shareholder. This event reflects the reality of the issues of corporate control competition that state-owned shareholders have to face, showing the impact of non-state shareholders for the state-owned control. As we known, one of the main principles of the adjustment of China＇ s state-owned assets and state-owned enterprise restructuring is to maintain control and influence of state-owned economy. Under the competitive environment, to ensure the control and influence of state-owned enterprises should first ensure that the market competitiveness of state-owned shareholders. However, having absolute control over a long period of time, the state-owned shareholder is precisely the lack of market competitiveness. As a special market participant, how do State-owned shareholders maintain the control and influence in a competitive environment？ This is a new issue of SOE reform after Split share structure reform. This article focus on the following issues on the ＂E Wushang event＂ study： What is the institutional back-ground of ＂E Wushang event＂ ？ Whether the event is representative？ From the efficiency point of view, whether the state-owned shareholders should be involved in the competition for corporate control？ In the market for corporate control, what kind of competitive constraints does the state-owned shareholder face？ And what is the balancing mechanism ？ This paper analyze

关 键 词：国有股东 控制权竞争 案例研究 

分 类 号：F276.1[经济管理—企业管理]