并购中企业资产重组的本质内容:一种新诠释

On the Essence of Asset Reorganization in Mergers and Acquisitions: A New Interpretation

现代企业的资产是一种复合型的组织资产,是由原本相互独立的要素所有者各自投入其特长要素共同构成的开放的资产系统。并购引起企业实际利用的资本、企业家才能、劳动力、政府环境等要素构成变化,从而导致企业的价值资产、人力资产、环境资产分别进行重组。这是并购中企业资产重组的本质内容。而更换部分设备、扩改建厂房、增减几条生产线等实物资产变化是并购中企业资产重组的表面现象或结果。只有企业资产重组的本质内容得以有效实现,才能引起企业实物资产的有效重组,才能确保企业经营绩效的根本改善。

Assets of modern companies are compound organizational assets and an open system of assets consisting of specialized factors invested by owners of originally independent factors. Mergers and acquisitions （ M＆As ） lead to compositional changes in factors utilized by finns - capital, entrepreneurship, labor and governmental environment, thus resulting in reorganization of their value assets, human assets and environmental assets respectively. This is the essential content of asset reorganization in M＆As. Changes in physical assets - partial replacement of equipment, extension and reconstruction of plant buildings, or increase or decrease in production lines - are the surface or results of asset reorganization. Only when the essential content of asset reorganization is effectively accomplished, can physical assets of firms be effectively reorganized and their performance fundamental improved.