外资并购、状态依存所有权与国有企业定价模式

Foreign M&A,State-contingent Ownership and Pricing Mode of State-owned Enterprises

从状态依存所有权的视角对国有企业不同经营状况下的所有者进行了分析,进而分类阐释了相应状态下国有企业的定价基础,并利用资产属性对不同剩余索取权下的国有企业资产进行了划分,给出了外资并购国有企业的具体定价模式,即国有企业并购定价模式取决于相应状态的剩余索取者和资产属性。在外资并购国有企业时,应根据目标国有企业的剩余索取权类型、资产属性以及双方谈判能力来选择不同的估值方法,确定合理的并购价格。

Analyzes the actual owners of China＇s state-owned enterprises in accordance to their different operating situation from the viewpoint of state-contingent ownership. Then, the foundations on which the prices of state-owned enterprises can be determined are classified and discussed correspondingly, and the assets of those enterprises under different residual claims are distinguished from each other according to their asset attributes. Definite pricing mode is thus stipulated for foreign investors who desire the M＆A of China＇s state-owned enterprises. The reasonable price for foreign M＆A should be decided the way the value estimate shall be selected according to the type of residual claim on the target state-owned enterprise, its asset attributes and both parties＇ abilities in negotiation.