超产权视角下PE推动国企并购重组改革的策略研究

A Strategic Look at the PE-driven M&A Reform of Stated-owned Enterprises from the Perspective of Beyond Property Right

本文运用超产权理论深入探讨影响国企竞争环境的意识形态因素,以及私募股权(PE)基金推动国企并购重组改革的作用机制。研究表明,引入PE外部资源,强化内部竞争,改善激励机制,建立国企效率与其民生责任的新关联,是简化国企多元化经营目标,有效提升国企效率的重要机制。在此分析基础上,本文从政府、国企、PE三位主体的不同角度,提出了PE推动国企改革的宏微观组合策略。

This article utilizes the Beyond Property Right Theory to discuss the competitive environment of a state-owned enterprise from the ideology factor, as well as the function mechanism of the enterprise＇s M＆A reform promoted by Private Equity （PE） funds. This research indicates that, a well established PE firm can introduce to the state-owned enterprise external resources, strengthen its internal competition and improve its incentive mechanisms. The PE firm can also help to establish a link between the state-owned enterprise＇s efficiency and its livelihood responsibility. This is why PE funds are potentially an important mechanism that can effectively promote enterprise efficiency by simplifying its multi-management goal. Based on this analysis foundation, this paper looks at the triangle-relationship between government, state-owned enterprise and PE firms from each of their perspectives, and reaches the conclusion and recommends the macro and micro combined strategy of PE promoting state-owned enterprise M＆A reform.