基于信任视角的混合所有制改革及绩效案例研究

发布时间：2018-06-01 16:37

本文选题：混合所有制改革 + 并购　；参考：《西南交通大学》2015年硕士论文

【摘要】：国有企业改革在十八届三中全会的《中共中央关于全面深化改革若干问题的决定》文件中再一次成为经济体制改革的重点,新一轮国有企业改革加速推进,全会提出要积极发展混合所有制经济,推动国有企业的改革沿混合所有制方向发展,因此国有企业的混合所有制改革成为当下关注的热点。国有企业改制过程中,尤其是当外资、民资参与时,国企产权界定不清,并购中政府过度干预,国有资产流失以及民族品牌的丢失和垄断,民企遭受待遇不公及债权债务纠纷、企业做大却不强问题的频发态势,都体现了混合所有制改革之艰。中国建材紧抓水泥行业结构调整机遇,通过发展混合所有制在行业内进行大规模联合重组,快速做大做强跻身世界500强企业。仅在组建南方水泥案例中,共重组150家企业,其中65%是民营企业,15%是地方国企,20%是混合股份企业。通过大规模并购重组实现了跨越式发展、截止2014年水泥产能目前位居世界第一,集团利润83亿,其在水泥行业的混合所有制改革的经验是非常值得借鉴的。之前从信任视角用博弈思想分析混合所有制改革的研究较少,本文采用文献研究法和案例分析法从六个章节来论述：第一章为绪论,介绍了论文的研究背景与研究意义。第二章阐述了国内外已有的并购理论与研究成果与混合所有制相关理论,具体包括混改的定义,国企、民企行为特征,混合所有制改革的本质和路径。第三章是是全文的理论基础,分析国企与民企参与博弈行为,提出了计算型信任和关系型信任机制的构建思路,并推导了两种信任在并购中的产生逻辑。第四章用案例分析法对中国建材并购背景、动因、过程分析,并结合上一章的理论,归纳出中国建材集团以制度保障利益分配构建计算型信任、在此基础上以文化融洽构建关系型信任。接着第五章通过并购前后10年间财务指标的计算,横向与纵向对比中国建材集团并购前后相应的财务指标变化,综合评价中国建材在混合所有制改革中的成败。然后,第六章基于前文理论和案例的分析,总结出在混合所有制改革中,国企需要建立与民企合作的信任基础是国企公司治理规范化,再次基础上遵循市场要求聘请专业中介开展并购,以及并购后数字化管控推进整合。
[Abstract]:The reform of state-owned enterprises has once again become the focus of the reform of the economic system in the document "decision of the CPC Central Committee on comprehensively deepening the Reform" of the third Plenary session of the 18th CPC Central Committee, and a new round of reform of state-owned enterprises has been accelerated. The plenary session proposed that the economy of mixed ownership should be actively developed and the reform of state-owned enterprises should be promoted along the direction of mixed ownership. Therefore, the reform of mixed ownership of state-owned enterprises has become a hot spot at present. In the process of reform of state-owned enterprises, especially when foreign capital and private capital participate, the definition of property rights of state-owned enterprises is not clear, the excessive intervention of government in mergers and acquisitions, the loss of state-owned assets and the loss and monopoly of national brands, the private enterprises suffer from unfair treatment and disputes of creditor's rights and debts. The frequent situation of large but not strong enterprises reflects the difficulty of mixed ownership reform. China's building materials grasp the opportunity to adjust the structure of cement industry, through the development of mixed ownership in the industry to carry out large-scale joint reorganization, rapid growth and strength of the world's top 500 enterprises. Only in the case of setting up Southern cement, 150 enterprises were reorganized, of which 65% were private enterprises, 15% were local state-owned enterprises and 20% were mixed stock enterprises. Through large-scale M & A and reorganization to achieve leap-forward development, cement production capacity by 2014 ranks first in the world, Group profit 8.3 billion, its mixed ownership reform in the cement industry experience is very worthy of reference. There are few studies on the reform of mixed ownership from the perspective of trust and game theory. This paper uses the method of literature research and case analysis to discuss it from six chapters: the first chapter is the introduction, which introduces the research background and significance of the paper. The second chapter expounds the existing theories of merger and acquisition at home and abroad and the related theories of mixed ownership, including the definition of mixed reform, the behavior characteristics of state-owned enterprises and private enterprises, the essence and path of mixed ownership reform. The third chapter is the theoretical basis of the full text, analyzes the state-owned enterprises and private enterprises to participate in the game behavior, puts forward the computational trust and relational trust mechanism, and deduces the two kinds of trust in M & A logic. Chapter four analyzes the background, motivation, process of M & A in China by case analysis, and combines the theory of the previous chapter, concludes that China Building Materials Group constructs the computational trust with the distribution of system guaranteed benefits. On the basis of this, the relationship trust is constructed by culture harmony. Then the fifth chapter compares the changes of the corresponding financial indexes of China Building Materials Group before and after M & A through the calculation of financial indexes in 10 years before and after M & A, and comprehensively evaluates the success or failure of Chinese building materials in the reform of mixed ownership. Then, based on the analysis of the previous theories and cases, the sixth chapter concludes that in the reform of mixed ownership, the trust foundation of the cooperation between state-owned enterprises and private enterprises is the standardization of corporate governance of state-owned enterprises. Thirdly, to follow the market requirements to hire professional intermediaries to carry out M & A, as well as digital management and control after M & A to promote integration.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F426.92

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