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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。
This article argues that the motivation of managementism is one of the main factors that promote the M & A of western enterprises. Under the special institutional background of our country, the management motivation of senior managers in the enterprise based on the control of the right of control and its return to control (including the political return) The Deep Cause of Promoting the M & A of State - owned Enterprises in China. The analysis shows that mergers and acquisitions are beneficial to improve the operator’s right of control, and to a certain extent, can meet the operators’ need of controlling by embodying their “entrepreneurial spirit” and self-actualization. The incentive of the operator’s control right (that is, the requirement of maximizing the return of control right) is the institutional motivation for promoting M & A of Chinese state-owned enterprises.