我国企业资本运营的模式研究

Research on the Mode of Capital Operation in Chinese Enterprises

在市场经济条件下 ,资本运营是企业经营战略的根本性变革 ,而资本运营的关键是对资本运营模式的战略性选择 ,使资本得到迅速扩张、有效积聚和最优配置。通过对资本运营内涵及特征的分析 ,针对我国企业改革的实际 ,对目前我国企业资本运营的 3种基本模式———并购重组、破产重组、改制重组进行了分析和比较 ,并在此基础上提出了企业实施有效资本运营战略的目标模式 ,即通过并购重组实现资本的迅速扩张 ,采用股份公司制实现资本的有效积聚 。

In a market economy, capital operation is a radical change of management strategies in enterprises. The key of capital operation is the strategic choice of the mode of capital operation. The concept of capital operation for enterprises is studied. According to the practice of enterprise reform in China, three basic modes of capital operation -- merge & purchase, bankruptcy and reforming rules -- are analyzed. A target mode is presented to implement strategies of capital operation.