政府、经营者、职工三方参与下的国有企业兼并决策分析

我国国有企业兼并经常遇到重重障碍,即使看来明显有利于提高社会福利的兼并方案也会遭到“不合常理”的否决。我们认为出现这种奇特现象的深层次原因在于我国国有企业的特殊身份导致国有企业的兼并是一个涉及到地方政府、经营者、职工等多方利益的复杂过程。本文分别对利益各方的目标函数进行了分析,最后提出国有企业兼并得以顺利进行必须满足3个约束条件。

The M＆A of State -Owned Enterprises（SOEs） in China always meets much difficult, although such acts seem to be raise the welfare of our society. In ourstudy, the reason is that our SOEs has special role, for they are belonged to not only government but managers and workers. The three ones＇ object functions have been analyzed in this paper.