外资并购国有企业交易中的行为动机及其对交易价格的影响

The Participants' Purposes in the Transaction of Foreign Investors' M&A of SOEs and Their Effect on Transaction Price

论文运用经济学的相关理论分析外资并购国有企业过程中各参与方的行为动机,特别是从委托代理的角度分析国有企业经理层和政府参与并购的特殊动机,进而探讨了各参与者的行为动机对外资并购中国国有企业交易价格的影响。论文指出,供求关系失衡以及政府的非市场化动机等是外资并购国有企业较低交易价格的重要影响因素。在此基础上,论文给出了几点启示。

This paper analyses the participants＇ purposes with relative theories in economies in the process of foreign investors merging and acquiring the state-owned enterprises. Especially, it explains the special purposes of the managers and government with principal-agency theory. The low transaction price of the SOE in the foreign investor＇s M ＆ A can be attributed to the unequilibrium condition in＇ supply and demand and the non-market-oriented purposes of the government. Finally, it concludes the enlightenment.