民营化重组:三个案例和两个观点

Privatized Reorganization: Three Cases and Two Viewpoints

透过"细分—重构"论视角,粤美的、科龙电器与TCL集团三家企业民营化重组及其对应的三种模式可以得到梳理和分析。成功的民营化重组,对企业实际情况的研究是前提,政府的关系是关键,公司治理的改善是根本。民营化重组是上市公司深化产权改革,改善公司治理结构,提高经营质量的重要途径。然而,在股权割裂的条件下,场外转让不仅不能"曲线救市",而且还会给股市改革带来新的难题。尽快实现股权全流通才是解决中国股市根本问题的出路所在。

Seen in perspective of “segmentation-restructuring' theory, the privatized reorganization and their three corresponding models of the three enterprises: the Midea Electrical Appliance, Kelon Electrical Appliance and the TCL Group. The prerequisite for the successful privatized reorganization is the careful study on the reality of the enterprises, the relationship with the government and the improvement of corporate governance. The privatized reorganization is an important way for the listed companies to deepen the reform of property right, improve the structure of corporate governance and heighten the business quality. Under the equity separation, however, the over-the-counter transfer cannot be used as “a roundabout way to save the market', rather, it may bring about a new hard nut to the reform of stock market. As such, the fundamental way out for the solution to the root problem of China's stock market.