Merger And Acquisition Reorganization Of China's State-owned Enterprises:Historical Evolution And Development Model(1984-2018)

Merger and Acquisition(M & A)is an important tool and means for the reform and development of China's state-owned enterprises.From stimulating vitality of state-owned enterprises in the past to turning losses into gains and developing and expanding,to promoting supply side reform,strengthening and optimizing state-owned enterprises,and vigorously promoting the reform of mixed ownership of state-owned enterprises,M & A plays an important role.Therefore,it is necessary to study the stage characteristics and historical laws of the evolution of state-owned enterprises' m & A and reorganization from the perspective of historical evolution,and re recognize the significance and role of the current state-owned enterprises' m & A and reorganization in the analysis of historical evolution,so as to better guide the reform practice of the current state-owned enterprises' m & A and reorganization.Based on this,under the guidance of the basic principles of Marxism,this paper attempts to use the relevant theoretical knowledge of Marxist political economy and western economics to carry out research on the merger and reorganization of state-owned enterprises in China from two dimensions of history and reality,following the research thinking of "theoretical analysis-historical development-empirical research-countermeasures and suggestions".First of all,this paper expounds the literature review and relevant theories of the merger and reorganization of state-owned enterprises,so as to lay the theoretical foundation for this study.Then,it focuses on the initial stage(1984-1991),transformation stage(1992-2002)and comprehensive improvement stage(2003-2018)of the development of the merger and reorganization of state-owned enterprises from the perspective of historical evolution,and analyzes the background,characteristics and effects of each stage;Secondly,the paper makes an empirical test and performance evaluation on the merger and reorganization of state-owned enterprises,summarizes the achievements of the merger and reorganization of state-owned enterprises,analyzes the problems and causes of the merger and reorganization of state-owned enterprises,and further constructs a quantitative regression model to empirically test the influencing factors of the merger and reorganization performance of state-owned enterprises.Finally,the paper draws on the experience of the merger and reorganization of foreign state-owned enterprises,combined with The top-level design of the reform of state-owned enterprises in China points out the principles,objectives and modes of the merger and reorganization of state-owned enterprises in China under the supply side reform,analyzes the main body positioning and the role of the government in the merger and reorganization of state-owned enterprises,and puts forward countermeasures and suggestions to improve the performance of the merger and reorganization of state-owned enterprises under the guidance of the supply side reform.In particular,we should strengthen the "top-level design",emphasize the "rule of law enterprises",build a sound property protection system and bankruptcy liquidation system,and establish a capital market elimination mechanism and a stable unemployment insurance system.