多目标条件下国有企业产权转让的机制设计——基于我国东、中、西部三地区不同行业典型案例的实证分析

Mechanism Design of Property Rights Transfer for State Owned Enterprise with Multiple Objectives based on Typical Cases from Different Industries in the East,Central and Western Regions of China

企业产权转让往往牵涉到企业各利益相关者利益的重新调整,如何从机制设计上保护和实现各利益相关者的合法权益,成为理论界与实践部门共同的心声。本文基于我国东、中、西部三地区不同行业有代表性的企业产权转让现实案例,详细考察了多目标条件下国有企业产权转让供求双方面临的现实约束以及相应的行为选择,提出了一种"三位一体化"的产权转让机制,该机制通过对协议转让、招投标和拍卖三种转让方式的创新组合与安排,在一定程度上实现了潜在投资者在产权转让价格与非价格两个维度上的竞争,从而使产权转让能够很好地兼顾不同的目标,满足各利益相关者的合法权益。

The transfer of enterprise property rights involves benefits readjustment of its stakeholders. Therefore, it is becoming a common expression in the field of theory and practice on how to protect and realize the legitimate interests of stakeholders through mechanism design. Based on actual typical cases from different industries in eastern region, central region and western region of China, this paper constructs a transfer mechanism of Trinity af- ter investigating the realistic restrictions and corresponding behaviors of suppliers and demanders from the property rights of enterprise on the condition of multiple objectives. According to an innovational combination and arrangement, the mechanism brings on the competition among prospective investors in both the price and non-price objectives, so as to show concern for multiple objectives and ensure the legal rights of stakeholders.