范军(以下简称范):您曾时中国民营企业二次创业归纳了五大特征,第五个特征是民营企业处于一个“大分化、大改组”的时期。“分化与改组”意味着什么呢?魏杰(以下简称魏):中国民营企业的大分化、大改组的时期已经来到了。即好的可能好得很,不断壮大,差的可能很差,最后到消亡。大分化、大改组的时期是一个竞争激烈的时期,有的企业会在这个时期被淘汰,因而是一个痛苦的时期。有的民营企业会在素质上进一步升华、进一步提高和发展,因而分化与改组预示着进步。范:中国的民营企业大多已完成了原始积累阶段,要想在二次创业中健康、快速地发展,必须解决一个“钱从哪里来”的问题。您能否给出点主意?魏:民营企业的融资渠道是个大问题。就直接融资来说,我觉得有三个途径:一是股份制,二是基金,三是资产重组。从现在看,民营企业的股份制在全国有三种情况: Fan Jun (hereinafter referred to as Fan): When you once had a second venture of Chinese private companies, they summarized five characteristics. The fifth characteristic is that private enterprises are in a period of “big division and big restructuring”. “Differentiation and restructuring ” means what? Wei Jie (hereinafter referred to as Wei): China’s large-scale polarization of private enterprises, the period of major restructuring has arrived. That is good may be very good, and growing, poor may be poor, and finally die. The period of major polarization and major restructuring is a period of fierce competition. Some companies will be eliminated during this period, and this is a painful period. Some private enterprises will further sublimate their quality and further improve and develop their quality. Therefore, differentiation and restructuring will indicate progress. Van: Most of the private enterprises in China have already completed the initial accumulation phase. To be able to develop healthily and quickly in the second venture, we must solve a problem of where the money comes from. Can you give some ideas? Wei: Private companies’ financing channels are a big problem. As far as direct financing is concerned, I think there are three ways: First, the stock system, the second is the fund, and the third is the reorganization of assets. From now on, there are three situations in the national shareholding system of private enterprises: