国有企业并购低绩效的企业家行为因素分析

An Analysis of the Poor Performance of SOEs in M & A in the Light of Entrepreneurs' Behavioral Factors

国有企业①并购低绩效问题一直是理论界试图解决的难题。作为企业经营的决策者，企业家在此中有着不可推卸的责任。企业家并购动机不纯、并购目标选择不当、并购前缺乏对对方深入的了解是企业并购失败的重要原因。而这又与企业家资本运营能力不足、企业家生成机制、约束机制缺位，缺乏成熟的企业家网络和企业家团队，以及不良的企业家文化有关。对此，应从选拔有能力的企业家以及塑造促使企业家能力充分发挥的环境人手，通过建立外部经理市场。设立政府官员选拔企业家责任制、改革企业家身份制度、完善激励约束机制、建设企业家网络、塑造良好的企业家文化等措施促进企业家行为的理性化。

Poor performance of state - owned enterprises in merger and acquisition has been a problem chal- lenging the theoreticians. It is an unshirkable responsibility on the part of these entrepreneurs as policy - mak- ers. It is also caused by three important factors: the impure motive of the entrepreneurs, an inappropriate choice of the targets, and lack of real understanding of the cooperators. The other factors include incompetence in capital management, the flaw in the generating system and control system, an imperfect entrepreneurial net and an uncoordinated wolk team, and undesirable entrepreneurial culture. In this connection, therefore, to ra- tionalize SOE entrepreneurs' behavior requires selection of competent managers and creation of the right envi- ronment for them. Meanwhile, a managers' market should be established, the resPOnsibility system be institut- ed for the government officials to choose managers, the status of entrepreneurs be altered and recognized, the stimulate - control system be perfected, an entrepreneurial net he improved, and positive entrepreneurial cul- ture be enhanced.