国有企业引进战略投资者的风险分析与防范策略

Risk Analysis and Prevention Strategies in Introducing Strategic Investors to State-owned Enterprises

引进战略投资者是国有企业改革与发展的一种重要模式,同时引进战略投资者又是一项十分复杂的系统性工程,存在着不容忽视的风险。国有企业引进战略投资者存在的风险主要表现在国有企业价值可能被低估、战略投资者可能变为战术投资者、控制权可能旁落、无形资产归属可能产生纠纷、可能出现文化冲突、可能触动法律或国家利益等方面。充分做好引进战略投资者的准备工作、采取有效措施保证企业价值的实现、通过严格考察和有力谈判确定战略投资者、设定必要的约束条件、合理设置股权结构和治理模式是国有企业引进战略投资者风险防范应采取的有效措施。

Introducing strategic investor is one of the key mode for the development and reform of state-owned enterprise as well as a complicated work with risks we can not afford to neglect. The risks include the underestimate of enterprise value, the degradation from strategic investor to tactic investor, the loss of control power, the dispute in the ownership of intangible assets, cultural conflict, and the infringement of law and national interests. To prevent such risks, we have to make thorough preparation for introducing strategic investor, ensure the realization of enterprise value, select strategic investor through careful survey and negotiation, design effective restrictive conditions, determine rational ownership structure and governance mode.