完善外资并购中国有资产评估的思考

Strategic Considreation on Perfecting Assessment of State-owned Assets During Foreign-fund M&A

外资并购拓宽了国企发展的融资渠道,但由于国有企业中"所有者缺位"、"内部人控制",以及国有资产委托代理关系下特殊的外资跨国并购机制,使得并购过程中低估、漏估国有资产的现象时有发生。本文分析外资并购中资产评估存在的中介组织规模小、资产评估方法偏差、评估对象不完全、评估过程中行政干预等问题,针对性提出完善外资并购中国有资产评估的对策建议。

Foreign-fund M&A widen financial channels for the development of SOEs,duning which state-owned assets could be underestimated and evade assessed owing to 'proprietor absence':'insiders control'and the special mechanism of transnational M&A.This article analyzes some prblems about state-owned assets assessment,such as minor-scale of intermediary organization、incomplete assessment objection and administrative intervene etc,thus putting forward suggestion on perfecting assessment of state-owned assets during foreign-fund MA.