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论文编号：	1595
作者编号：	2120072251
上传时间：	2010/1/14 10:27:23
中文题目：	我国国有控股企业并购过程中有关利益相关者问题研究
英文题目：	The Research on the question of stakeholder in the state-owned holding enterprises of China
指导老师：	李维安
中文关键字：	公司治理 国有大中型企业 企业并购 利益相关者
英文关键字：	Corporate Governance State-owned large and medium enterprises mergers and acquisitions Stakeholder
中文摘要：	随着经济全球化以及市场竞争的日趋激烈，企业并购也越来越成为企业扩大规模、增强实力的重要手段。在我国，随着经济体制改革步伐的不断加快，产业结构的调整问题已成为我国经济生活中的重要问题。企业间，特别是大型国有企业之间的合并与并购不断出现。本文通过分析2008年中国联通与中国网通两大国有通信运营商的合并过程，主要分析了其并购动因于过程及并购后公司治理结构及利益相关者的问题，并重点关注其大型国有企业的特点。 企业并购以及公司治理是一个相当庞大而系统化的范畴。其所涉及的研究领域繁多，只要其中某一环节出现问题，就可能严重影响预期的并购结果，甚至造成整个并购的失败。因此，对并购中的各种问题必须进行系统进行看待，不仅对各方面进行深入研究，更要注意各个方面之间的关联性。 本文以2008年中国联通与中国网通两大国有通信运营商的合并过程为研究对象，并重点关注于企业并购的动因、从公司治理角度分析了公司合并的具体过程、分析研究了合并后公司治理结构及利益相关者的权益协调方面出现的一些问题，例如外部治理机制缺失，内部人控制现象严重，对员工、客户、供应商等利益相关者利益忽视等等，在文章后部对前文所提出的问题探讨了可能的解决方法。 2008年我国经济发展的现状与趋势，迫切要求对通信、电力、运输等涉及国计民生的重要行业进行产业调整，而对于产业调整来说，并购与合并使其重中之重，而大型国有企业作为我国社会经济主力军，在整个改革过程中占据了极其重要的位置，中国联通与中国网通的合并，主要目地为国家产业结构调整，通过产业结构调整，使我国的通信产业能够真正建立起健康的竞争机制，并且并购后可以顺利地将3张第三代移动通信运营牌照发放，加速我国整体信息化建设，增强我国综合实力。关于公司并购过程中股权转移的问题。虽然并购前两企业股权结构复杂，但此次合并在股权置换及资产转移方面未遇到任何阻力，这也是大型国有企业的性质所决定的，属于其国有企业的优势所在。合并后公司治理结构方面存在若干问题。合并后的新联通集团在股权结构上仍为国资委局对控股，占总股份60.74%。其国有股一股独大的现象并未因此次并购而得到改善。这种国家控股企业在领导权归属这一本质问题上与原先受各部委直接领导的大型国有企业没有任何区别，再加上我国股市建立从某种程度上来讲很大程度上都是政策性的，违反了证券市场的成立与发展规律，以及经理人市场的极不完善，造成了外部控制机制缺失使得企业缺乏发展动力以及内部人控制造成代理成本以及企业内耗增加这两方面的问题。 由于在以新联通集团为代表的我国国有控股大中型企业中存在着严重的内部人控制现象以及外部治理机制的缺失。在此种情况下企业所作出的决策往往会忽视如员工，客户，供应商等重要利益相关者的权益，从而对企业发展产生不利影响。在原中国网通与中国联通的合并过程中，由于其国有控股企业的性质，委托人与代理人之间的平等的信托关系被政府与企业之间的行政指挥关系所代替。前者是建立在绩效导向基础上的平等交易关系，后者是基于政治利益的不平等博弈局面。企业内既无相应的职工董事代表，企业内部工会组织的作用也名存实亡。因此，企业员工在公司重大问题的决策上几乎没有话语权，再加上公司存在严重的内部人控制现象，以及政府对公司施加影响，控制权往往自上而下地集中在企业领导层手中，其所关心的重点往往一些政治相关因素以及公司报表数据上业绩的实现等，对员工及客户等利益相关者重视程度不足。员工与客户等利益相关者在自己利益受到损害的境况下，由于对决策话语权的缺失，往往会采取一些更为消极的方式来对抗对自己不利的决策，在自己利益受到损失的情况向会倾向于减少自己对于企业的投入，以使付出与所的利益重新得到平衡。随着不满情绪的增加，员工对工作的积极性以及客户对企业的忠诚度会随之递减，一旦不满情绪继续到一定程度，往往会采取一些更加激烈的方式爆发出来，从而对企业的发展带来极端不利的影响。 本文在研究了其外部治理机制与内部治理机制上所存在的问题的同时，重点对公司治理结构问题提出了一系列改善国有控股企业公司治理结构方面建议。文章也分析并研究了合并后利益相关者权益协调方面出现的问题，并提出了相应的结决方案，对如何协调各方面利益相关者权益方面需注意的问题进行了一定程度的探讨。前文所提出的公司治理结构中所出现的问题，是由于我国国情以及一些历史原因所造成的。要从根本上解决国有控股企业中公司治理机构问题，国家必须从宏观政策角度进行一系列的改革，完善公司外部治理的环境，对公司内部人治理现象进行形成更为有效的监督机制，从而实现有效的公司治理。随着经济全球化的发展趋势，各国的公司治理模式在一定程度上也出现趋同化趋势。因此，必须我国基本国情出发，吸收借鉴其他成功的公司治理模式中成功合理的模式加以改革，才能对我国企业，特别是国有控股企业的治理机制如何成功构建起到一定指导作用。 本文在分析过程中既注意一般企业并购中的普遍问题，又重点关注其国有企业的特点，希望本文能够对我国的公司治理研究，尤其是国有大中型企业的公司治理研究贡献自己的一份力量。
英文摘要：	As economic globalization and the increasingly fierce market competition，mergers and acquisitions are becoming more and more enterprises expand their scale and an important means to increase their strength. In China, as the economy continued to mention the pace of reform accelerated the adjustment of industrial structure of China's economic life has become an important issue. Among enterprises, especially large state-owned enterprises mergers and acquisitions among the emerging. This paper analyzes the 2008 China Unicom and China Netcom, the two major state-owned telecommunications operator of the merger process, the main analysis of its motives in the process of mergers and acquisitions, human resources, after the integration and business process integration, and focus on the characteristics of its large state-owned enterprises . Mergers and acquisitions as well as the post-merger integration is a fairly large and systematic work. It involves many areas of research, as long as a link in which problems could seriously affect the expected acquisition results and even result in the failure of the mergers and acquisitions. Therefore, various aspects of M & A system must be viewed, not only to conduct in-depth study on various aspects, but also pay attention to the correlation between various aspects. In this thesis, in 2008 China Unicom and China Netcom, the two major state-owned telecommunications operators, the merger process as the research object, and focus on the motives for mergers and acquisitions, corporate governance from the perspective of the specific process of the merger, the combined analysis of corporate governance structure and the interests of stakeholders, coordination of some of the problems, such as the lack of an external governance mechanism, the phenomenon of insider control serious, employees, customers, suppliers and other stakeholder interests be ignored, etc., in the article back to the earlier proposed problem explored possible solutions. In 2008 China's economic development status and trends, an urgent requirement for communications, power, transportation and other industries related to people's livelihood, major industrial adjustment, and for industrial restructuring, the acquisition and consolidation of its top priority, while the large state-owned enterprises as the main force of China's economy in the whole reform process occupies an extremely important position, China Unicom and China Netcom merger, the main objective for the country's industrial structure adjustment, through economic restructuring, China's communication industry can truly build a healthy the mechanism of competition, and mergers and acquisitions can be successful after the three third-generation mobile phone operator license issued to accelerate construction of China's overall information technology to enhance China's comprehensive strength. Company mergers and acquisitions during the equity transfer. Although the two companies pre-merger shareholding structure complex, but the merger in the stock exchange and asset transfers, did not encounter any resistance, which is a large state-owned enterprises determined by the nature of belonging to the advantages of its state-owned enterprises. Of corporate governance structure after the merger a number of problems. After the merger the new Unicom Group's shareholding structure will remain the SAC Board of Holdings, representing 60.74% of shares. Phenomenon due to the dominance of its state-owned shares has not been improved acquisition times. This state-controlled enterprises in the leadership of this essentially the issue of ownership of the original under the direct leadership of the various ministries and large state-owned enterprises do not have any distinction, coupled with the establishment of China's stock market to some extent a large extent in terms of the policy of the , in violation of the establishment and development of securities market laws, as well as the manager of a very imperfect market, resulting in lack of external control mechanisms enable enterprises lack the impetus to the development, as well as internal control and corporate agency costs caused by increased internal friction of these two aspects. Since the new China Unicom Group, represented by large and medium state-owned holding enterprises there is a serious phenomenon of insider control, as well as the absence of external governance mechanisms. In such cases, the decisions made by businesses are often overlooked such as employees, customers, suppliers and other important stakeholders, interest, and thus a negative impact on enterprise development. In the former China Netcom and China Unicom merger process, due to the nature of its state-controlled enterprises, equality between the principal and agent relationship is the trust between government and business replaced the administrative command relationships. The former is based on performance-oriented trading relationship based on equality, which is based on political interests of the game situation of inequality. Within the enterprise has neither the staff director of the appropriate representative of the role of trade union organizations within the enterprise also exist in name only. Thus, employees in the company's decision-making on major issues almost no right to speak, coupled with the company there is a serious phenomenon of insider control and government influence on the company, top-down control is often concentrated in the hands of business leaders, their The focus of concern is often related to some political factors, and report data on the performance of the company to achieve and so on, employees and customers and other stakeholders, lack of emphasis. Employees and customers, stakeholders, their interests are harmed in the situation, because of the lack of voice in decision-making tends to take a more passive approach to fight against themselves in decision-making, in their own interests to the Council by the loss of tend to reduce their own investment in the enterprises in order to pay the interest with the re-equilibrium. With the increasing discontent employees to work motivation and customer loyalty will follow the business decline, once to a certain degree of discontent, often take some of the more extreme ways in which burst forth, and thus bring about the development of enterprises extremely negative impact. This thesis studied the mechanism of its external and internal governance mechanisms of governance that existed on the issue, an emphasis on corporate governance structure, put forward a series of improvements to state-owned holding company structure of corporate governance proposals. The article also analyzed and studied the combined interests of stakeholders, coordination problems, and put forward the corresponding knot must plan on how to coordinate all aspects of the rights and interests of stakeholders should pay attention to a certain extent the issues discussed. Earlier proposed corporate governance structure of the problems is due to China's national conditions as well as some historical reasons for this. In order to fundamentally solve the corporate governance of state-owned holding enterprises, institutional issues, the State must be from a macro policy point of view a series of reforms, improve the company's external governance environment, the phenomenon of insider control the formation of more effective monitoring mechanism, in order to achieve an effective corporate governance. Along with the development trend of economic globalization, national model of corporate governance to some extent, a convergence trend. Must therefore be our country's basic national conditions, to absorb from other successful models of corporate governance to be a successful model of rational reform to China's enterprises, especially state-owned holding enterprises how to successfully build the governance mechanisms play a guiding role. Based on the analysis process of mergers and acquisitions in both the attention of the general common problem, but also focus on the characteristics of its state-owned enterprises, hoping this can China's corporate governance research, especially in the corporate governance of state-owned large and medium enterprises contribute to a study of power .
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