铁路企业并购重组多约束条件下的分立动因与风险研究

Research on Causes and Risks of Spin-offs under Multiple Constraints in Railway Enterprise Mergers and Acquisitions

宏观经济受到增长力缺乏和需求不振的挑战,国家和企业都在寻找解决之策。政策持续倡导科研成果转化,指引企业以科技发展推动经济增长,通过并购重组实现资源高效再配置成为企业调整升级的选择。然而,实践中企业常受到多重因素的限制,束缚着并购重组的进展。在助力国家科技创新的重任面前,铁路企业采取了先对目标公司进行分立,再对分立后的企业开展收购事宜的方案,借助分立的方式消除了并购重组中的多约束条件。研究铁路企业并购重组多约束条件下的分立动因与风险,归纳出通过分立消除多约束条件的路径,构建基于多约束动因的分立风险防控模型,为后续企业在防控风险的前提下借助分立实现并购重组提供借鉴和参考。

The macro-economy faces dual challenges including lackluster momentum and gloomy demands, and the Chinese government and enterprises are looking for a way out. Policies continuously advocate the transformation of scientific research achievements and guide enterprises to promote economic growth through scientific and technological development. In addition, efficient reallocation of resources through mergers and acquisitions(M&As) has become the choice for enterprises to adjust and upgrade themselves. However, subject to multiple factors in practice, the M&As of enterprises do not progress smoothly. To fulfill the task of national science and technology innovation, enterprises have their target companies spun off first and then carry out acquisition schemes, which eliminate the multiple constraints in M&As by spin-offs. This paper studied the causes and risks of spin-offs under multiple constraints in railway enterprise M&As, concluded the path of eliminating multiple constraints through spin-offs, and built a risk prevention and control model of spin-offs based on multiple constraint causes, so as to provide a reference for enterprises to realize M&As by spin-offs under the premise of risk prevention and control.