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我国国有企业兼并经常遇到重重障碍,即使看来明显有利于提高社会福利的兼并方案也会遭到“不合常理”的否决。我们认为出现这种奇特现象的深层次原因在于我国国有企业的特殊身份导致国有企业的兼并是一个涉及到地方政府、经营者、职工等多方利益的复杂过程。本文分别对利益各方的目标函数进行了分析,最后提出国有企业兼并得以顺利进行必须满足3个约束条件。
China’s state-owned enterprises often encounter obstacles in mergers and acquisitions, and even if it seems obvious that mergers and acquisitions that are conducive to improving social welfare will also be subject to “irrational” veto. We believe that the deeper reason for this peculiar phenomenon lies in the fact that the special status of China’s state-owned enterprises leads to the merger of state-owned enterprises is a complex process that involves the interests of local governments, operators, employees and other parties. This article analyzes the objective functions of interest parties, and finally proposes that the merger of state-owned enterprises can smoothly meet three constraints.