Study On The Use Of Foreign Private Placement In Stated-owned Enterprises' Reform

The state-owned enterprises' reform has already carried out for many years, but there are a lot of problems demanding prompt solutions, such as, one monopolizes state-held share, the shareholders' general meeting exists namely, the formation of board of directors is unreasonable and the lack of finances. At the same time, accompanying the restricts of foreign capital accessing our country's market are canceled step by step, our country's commodity and service market will have more fierce competition. The state-owned enterprises are able to hold out against more and more market competition pressure only by the reform in depth further and assets reorganization. As one innovative financing way, the introduction of foreign private placement is not only able to provide abundance fund guarantee, but also able to make state-owned enterprises' property right diverse and corporation governance structure perfect. Moreover, the introduction of foreign private placement can bring advanced administration ideas, and this is also real forceful support for the foreign private placement entering into state-owned enterprises.Foreign private placement is one kind of new financing ways of our country state-owned enterprises' reform, so there are a lot of problems and hidden risks, for example, law structure is not perfect, state-owned enterprises lose advantage and state-owned assets run off easy. Aiming at these questions, the thesis will make comparatively thorough research to risks and solutions of foreign private placement entering into state-owned enterprises, and is to look forward to being able to provide reference for introducing foreign private placement in the state-owned enterprises' reform.Firstly, the thesis carried out systematic introduction on foreign private placement' concept, classification and concrete market operating mechanism. By studying two concrete cases of foreign private placement investing in our country state-owned enterprises, Morganstanley investing Mengniu and Carlyle buying stock of Xugong Machinery, the thesis analysed the positive role of foreign private placement entering into our country state-owned enterprises, and the concrete matters needing attention in this process. On this basis, the effectiveness of foreign private placement entering into state-owned enterprises is researched systematiclySecondly, with the game theory as a main research tool, it was made that both static complete information and incomplete game analysis of the incentive effect and restraining mechanism of foreign private placement entering into state-owned enterprises. By analysing the sell-buy game model and censor-deceive game model, it was declared that foreign private placement entering into our country state-owned enterprises was an effective incentive mechanism which could completely inspire the management passion and management genius of the entrepreneur so that they could not only realize their personal value but also heighten the revenue of the country, which is a win-win status. Simultaneously, it was necessary to make an effective examination with low cost and high punishment in foreign private placement entering into our country state-owned enterprises.Finally, the concrete risks in foreign private placement entering into state-owned enterprises were analysed, including the loss of state-owned assets, corporation governance structure perfect and economic security of the country. And on basis of theoretical analysis, case analysis and model analysis, operable measures were provided to remove or weaken the risks of foreign private placement entering into our country state-owned enterprises.