我国转轨时期企业并购动因的特殊性分析

On particularity of dynamic factors of integration andpurchase of Chinese enterprises in shunt period

我国国有企业并购动因的特殊性表现在经济动因与非经济动因的并存。消灭亏损企业、替代破产、改善财务状况等目的是上述特殊性的具体表现。此外,由于我国国有企业产权结构的特殊性,使得政府在企业并购中不仅制定政策,而且亲自参与企业并购,从而表现出并购动因的二元主体特征。

In shunt period, the particularity of dynamic factors of the integration and purchase of Chinese enterprises lies in the co-existence of economic and noneconomic factors. The extinction of enterprises with deficit, the replacement of bankruptcy and the improvement of financial condition are the typical forms of the particularity. In addition, owing to special features of Chinese stateowned enterprises' property right, the government attaches itself to the integration and purchase of enterprises and carries out concerning policies as well. Therefore, there turns out dualistic subjective features in the dynamic factors.