产权交易、制度完善与企业并购——兼论促进国有企业并购的机制设计

Property Right Trade,Institution Evolution and the M&A of State-Owned Companies

企业并购本质上是产权交易。产权交易的前提是产权的清晰界定。作为产权交易的一种重要方式,企业并购的前提也必然是产权的清晰界定。另外,企业制度安排对企业并购活动的顺利进行产生重要的影响。阻碍中国国有企业并购活动有效开展的主要是产权方面及企业制度上的问题。解决这些问题的关键是:一方面,我们要不断完善国有资产的管理监督体制,加强国有产权运营过程中的监督力度;另一方面,建立和完善现代企业制度与企业法人产权制度,明确国有产权实现过程中各权利主体的权、责、利关系问题。

The M＆A of enterprises is in fact the exchange of property rights. The premise of property rights dealing is the clear definition of property rights. As a form of property rights dealing, the premise of M＆A is certainly the clear definition of property rights. The system arrangement of enterprises has an important impact on the M＆A. The problems that constrains the M＆A of China＇s state-owned companies is mainly the problems on property rights and some on the system, so, we must perfect the management system of state-owned assets and pay attention to the operation of property rights. On the other hand, it is necessary to improve the property rights institution of company legal person and definite the relation of rights, duty and benefit of every principal part in the process of property rights realization.