摘要
国有企业改革是我国深化经济体制改革的重要内容之一。纵观国资国企的改革发展
历程，一直着围绕“放权”和提高效率这两个主题，本质上始终在探索公有制实现形
式、国有经济与市场经济怎样结合的问题。十八届三中全会后逐步构建出新一轮的国资
国企改革的“1+N”顶层框架设计，其中向“管资本”转变和“调结构”是核心措施，
更加注重通过市场化和资本化的工具和手段来实现国有企业的重组、拆分、剥离，从而
提升国有企业的质量与效率。与之前的国企改革相比，本轮国企深化改革的各项措施更
具关联性，力图解决国有企业发展中深层次多维度的制约和问题，为此本文将本轮国企
深化改革定义为国企“深层次”改革。并购基金属于新生金融资本，兼具资本属性和提
升管理绩效的功能，符合国有企业改革发展目标，为国有企业改革举措提供了新思路和
新工具。本文以本轮国资国企改革中着重国有资本和资本市场所发挥的促进作用为着眼
点，分析并购基金国有企业改革发展中对国有企业促进作用，分别从基础理论和运行机
制两方面对并购基金功能特性进行剖析；对国有企业普遍发展趋势进行回顾，对制约国
有企业改革发展因素进行深入分析；接着讨论并购基金广泛参与国有企业改革的可行性
分析，再从国有企业股权多元化、资本运作、公司治理、经营水平等方面并购基金所发
挥的优化效应进行分析论述。得出针对国企深层次改革框架下的目标和措施，并购基金
的参与或引入能起到多方面优化促进作用，并对相关案例进行分析，最后就如何使并购
基金效用最大限度得以实现上提出相关建议

关键词：并购基金，国有企业，改革，功能III
Research on the function of M & A fund in the deep level
reform of state-owned enterprises
Abstract
State-owned-enterprises reform is one of i mportant contents to deepen the
economic system reform in China. From the perspective of development of st ated-
owned enterprises, the refor m is themed by “decentralization” and efficiency
improvement. Since the 3rd Plenary Sessi on of the 18th Central Committee, it has
been built the “1+N” top fra me design of the new-r ound reform of state-owne d
enterprises and assets, and proposed extensive contents of de epen reform and
matching guidance, of which “ managing capital” and “adjusting structure” are core
measures, which reshuff le, split and separ ate state-owned enterprises by a pplying
capital market & marketization and conduct capital operation to i mprove its quality
and efficiency. Compare with the for mer state-owned enterprises reform, all the
measures of this round state-owned enterprises refor m are highly relevant. Thes e
measures try to solve more deep level a nd multidimensional restricts and problems of
the development of state-owned enterprises refor m. Therefore, this paper defined this
round state-owned-enterprises ref orm as the “deep level” reform of state-owne d
enterprises. The M&A fund belongs to a newly created financial capital, which can
improve capital operation and management performance. This conforms to demands of
institutional investors in the state-owned-enterprises reform and provides new
solutions and tools. This paper focused on functions of financial tools and capital
platforms in this round of state-owned ente rprises and assets reform, especially rapi d
functions of M&A fund in the state-owned enterprise reform and development. Further,
this paper studied the following four aspects. First of all, analyze functions of M&A
fund based on theory and practice and expl ore unique advantages of its operating
mechanism; then, describe location of theory of state-owned enterprises, analyze its
common development tendency and clarify factors to restrain its development; further,
clarify optimization effects of M&A fund concerning state-owned economy’s layoutIV
and structure, capital operation, corporate governance etc. by combining theoretical
analysis and e mpirical analysis. Finally, this paper put forward how to ac hieve
maximal effects of M&A fund based on policy and institutional arrangements.
Key words: M&A fund; state-owned enterprise; reform; function目 录
1 引 言...- 1 -
1.1 选题的背景和意义...........- 1 -
1.1.1 选题的背景- 1 -
1.1.2 选题的意义- 1 -
1.2 国内外相关的文献综述... -1 -
1.2.1 国内外有关并购基金的研究文献.......... -1 -
1.2.3 关于国有企业改革发展的研究文献.......- 3 -
1.3 研究思路和主要结构安排...........- 3 -
1.3.1 研究思路....- 3 -
1.3.2 主要结构安排.......- 4 -
1.4 主要创新与不足...- 4 -
1.4.1 主要创新....- 4 -
1.4.2 不足之处....- 5 -
2 并购基金及其功能特征..- 6 -
2.1 并购基金及其理论基础... -6 -
2.1.1 并购基金的含义和特点...- 6 -
2.1.2 并购基金的理论基础.......- 7 -
2.2 并购基金运行机制...........- 8 -
2.2.1 资金募集....- 8 -
2.2.2 目标企业选择与价值评估...........- 9 -
2.2.3 投资模式与整合增值.......- 9 -
2.2.4 退出机制..- 10 -
2.3 并购基金的功能特征.....- 10 -
2.3.1 并购基金的价值创造功能.........- 10 -
2.3.2 并购基金实现资本市场功能.....- 11 -
2.3.3 并购基金弥补信息不对称的功能......... -11 -
2.4 国内外并购基金的发展历程....- 12 -
2.4.2 中国并购基金的发展情况.........- 13 -
3 国企改革的发展新方向- 16 -3.1 国企改革的发展历程.....- 16 -
3.2 十八届三中全会以来国企“深层次”改革及其具体措施..- 16 -
3.3 当前国有企业面临的问题.......- 17 -
3.3.1 国有经济布局与产业结构需要进一步调整....- 17 -
3.3.2 现代企业制度和公司治理仍需完善.....- 18 -
3.3.3 企业竞争力与管理水平有待提高......... -18 -
3.4 制约国企改革的深层次原因.......
。。。以上简介无排版格式，详细内容请下载查看