企业并购经营者控制权激励动因分析

本文认为,管理主义动机是推动西方企业并购的主要因素之一,在我国特殊的制度背景下,企业高层经营管理者基于维护控制权及其控制权收益(包括政治收益)的管理主义动机则是促进我国国有企业并购行为的深层次原因。分析表明,并购有利于提高经营者的控制权收益,并且在一定程度上能满足经营者体现其“企业家精神”、自我实现的控制权需要。经营者控制权激励(即对控制权收益最大化的要求)是推动我国国有企业并购的制度动因。

Analysis of Incentive Motivation of Manager' Control Right in Merge and Acquisition

The author thinks that the managerialism is the deep level reason of M&&A of state-owned enterprises under Chinese system background. Because managers have motivation to seize and maintain the benefits (includes political benefits) of the control right in their operational and managerial activities. The analysis indicates that M&&A is helpful for managers to obtain the benefits of control right and to satisfy their self-realization needs of "enterprisers' spirits". This paper shows the incentive of managers' control right (namely to pursue the benefits of control right maximization) is an institutional motivation which promotes M&&A of Chinese state-owned enterprises.