国有企业引进战略投资者的风险分析与防范策略

On the Risk and Precautionary Measures of Introducing Strategic Investor for State-owned Enterprise

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策略。

Introducing strategic investor is an important form for reform of state-owned enterprise and a very complicated engineering. The risk on the introducing strategic investor should not be ignored. The risk covers ： the price of state- owned enterprise is underestimated, strategic investor changes to tactic investor, right of control is lost, dispute happens for the ownership of invisible assets, conflict happens from different culture, the law or benefits of nation is infringed, and so on. Effective tactics should be used while we introducing strategic investor, such as full prepared work, effective measures to guarantee the value of enterprise, cautionary select strategic investor, necessary strict condition, design of reasonable capital structure and manage mode.