翻开任何一家国际大企业的发展史，我们都可以发现，它是一部不断并购重组的历史。
　　中国加入WTO后，为应对经济全球化的竞争，中国政府自去年开始就大幅度放宽了金融、电信、能源等领域对并购的限制。自此相关并购重组事件频频发生，如国内民航、电信、广电系统等行业性的大重组的大整合。
　　我们可以看到，现在中国的政策面也在呵护良性重组，管理层近年来正不遗余力地促使上市公司重组活动更加规范化，能够在有序的条件下正当地展开。不久前，中国证监会就有关上市公司资产重组行为先后公布了两个规定，即《上市公司收购管理办法》(征求意见稿)和《上市公司股东权益变动信息披露管理办法(草案)》。对上市公司收购的总则、要约收购基本规则、要约收购义务及豁免、协议收购基本规则、法律责任和监管措施各方面均作出了较明确规范，可操作性更强。尤其是对于那些为了改善上市公司质量，提高公司的盈利能力的收购，《管理办法》也给予了相当的支持。显然，这对于保护中小投资者的利益，对上市公司良性重组具有促进作用。
　　对于民营企业来说，传统的观念是直接采取内部成长方式，实际上许多民营企业通过收购兼并迅速扩大企业规模。据全球并购研究中心报告及目前经济状况可以判断，中国民营企业运用并购手段，低成本扩张的时机已经到来。可以预计在未来的几年内，民营企业参与的兼并收购将成为其中的主流。充满活力的中国民营企业将迎来一次收购兼并的宝贵机遇和挑战。
　　总之，这是一次在市场经济条件下，资本运营导向的真正意义上的并购重组浪潮。并购重组将成为中国企业融入全球化竞争过程中的主要手段，行业强强联合和外资并购将逐渐成为我国资本市场资产重组的主旋律。中国企业尤其是中国的中小企业，运用并购手段扩大企业规模、提高效率、提高竞争实力已成大趋势。
　　然而，浪潮之下，还有暗礁。目前也有一些因素阻碍着这次企业重组浪潮的进程。樊纲指出，国有企业重组的主要障碍是产权不清晰，没有动力。国有产权作为资本“要赢利不亏损”的这个资本动机很弱。控制国有产权、决定能不能重组的人，他要的是控制力，他的利益表现在控制上，他的开销能不能报销，他能不能支配这些资源、成本等等，谁都不想丧失控制权。以前设想国有企业是计划经济，“关、停、并、转”是最容易的，但实际上是最难的。西方再大的公司都可以并购重组，因为他是所有者在操纵，他关注的是利润，是谁控制他不管。而中国，所有的利益都在企业的控制权里，谁都不愿意把控制权交出来，大家都拖着，一直到企业烂掉，到自己没有什么利益了才交出去。但这时企业想卖出去就没人要了。加上国有企业重组要每个部门都同意，就更困难了。
　　深圳中核集团公司是中国核工业集团公司直属的国有全资企业，主要从事工业、贸易、海外工程、房地产和第三产业等业务。近几年来，公司积极调整产业结构，推进企业重组，为国有企业的改革进行了有益的探索。该公司副董事长、总经理杨寿群说，国有企业转型是一个痛苦的过程。我们既想根据社会主义市场经济的特点去做，又要避免痛苦，这里边问题很多。比如说工人下岗问题，我们不能大量下岗，我们要走出自己的路来，这是一个难题。另外还有传统观念问题，作为国有企业的职工来说，这个企业是我也有一份的。如按资本市场的规律运作，思想观念转不过来。同时，国有企业的重组，要面对上级主管部门，行政干预比较多。重组要承担很多风险，上级一是不理解，二是怕丢失。不理解，就需要做大量的工作。还有就是干部的安排，重组后干部可能就要压缩，如有20个局级干部，重组后要砍掉一半，那么砍掉谁呢，这都是牵涉到切身利益的，很复杂。
　　杨总感慨道：“硬件改革容易，软件改革就很难。”他认为，目前国有企业的重组，可以用行政手段与市场手段并进，用行政的手段，经济的方法进行操作。现在可能行政的手段多一点，以后要和国际接轨，首先是游戏规则的统一，市场手段要逐渐增多。
　　樊纲说，民营企业并购重组也有障碍。虽然资本是自己的，有资本的动力，但作为中国第一代企业家，企业不仅仅是他们的投资，也是他的生活，他失去控制权了，他都不知道干什么。他甚至把经营权交给职业经理人都舍不得，何况把整个企业交出来，合并掉。同时，并购总有一方是被并的、从属的，不可能有两个董事长，有一方就会不愿意，所以第一代企业家的特殊情况，阻碍了许多企业的并购重组。当然，第二代企业家就较好了，他由企业的所有者变成投资者了，转到了资本经营，经营管理交给职业经理人，这是一种比较畅的机制，但还没有基本形成。
　　樊纲认为，如果没有这些障碍，中国的产业发展应该更快，产业的集中度、大企业的形成速度就会更快一点。中国经济发展的下一个阶段，并购重组肯定越来越多。现在主要的问题是大家怎么样认清这个问题，克服体制的障碍。中国企业的大规模并购重组应该早点到来。
　　
　　
　　Barriers to Mergers and Acquisitions of Chinese Enterprises
　　By Gu ye
　　To take up challenges now facing the country in the wake of its entry into the World Trade Organization, the Chinese government has loosened restrictions on merger and acquisition of enterprises in financial, telecommunications and energy industries. Thanks to the latest move taken by the government, we have witnessed a string of enterprise mergers and acquisitions over the past year. The regrouping of some civil aviation, telecommunications, TV and broadcasting companies through merger or acquisition constitutes the most outstanding trend of development in the Chinese economy.
　　The government policy favors enterprise regrouping through merger and acquisition, provided such measures encourage higher productivity and profitability. Regulators spare no effort in standardizing the regrouping or reorganization of assets owned by listed companies to ensure that the process of merger and acquisition will proceed in an orderly manner. To this effect, the China Securities Regulatory Commission (CSRC) has of late published Methods for Administering the Acquisition of Listed Companies and Methods for Administering the Release of Information on Changes in Shareholder Rights and Interests of Listed Companies. The documents encourage, in particular, mergers and acquisitions designed to improve the economic performance of listed companies and increase their profit-generating powers. It is obvious that the documents help protect the interests of small investors and promote an orderly regrouping of listed companies through merger and acquisition.
　　Private enterprises have followed the traditional concept of relying on direct internal growth for business expansion. The true fact, however, is that such enterprises can rapidly expand through merger or acquisition. Basing ourselves on reports from the Center of Research for Global Acquisition and our own studies, we conclude that time has come for private enterprises in China to achieve low-cost expansion through acquisition and merger. It is now foreseeable that over the next few years, an increasing number of private enterprises will get involved in acquisition and merger. To be more precise, they are likely to become the main players in the process.
　　Regrouping of enterprises through merger and acquisition will be China‘s chief means to get involved in global competition. Powerful enterprises in the same industry getting united and acquisition of Chinese enterprises by foreign capital will be a dominant feature of China‘s capital market in years ahead. For Chinese enterprises, small- and medium-sized enterprises in particular, acquisition and merger for expanded production, increased efficiency and enhanced competitiveness in fact have become a general trend in their effort for development.
　　Nevertheless, there are latent barriers to the current high tide of enterprise merger and acquisition. According to Fan Gang, a leading economist, the greatest "barrier", so to speak, stems from the fact that property rights under state ownership are far from being well defined. As a result, state-owned enterprises are barely motivated by the desire to use state-owned property rights to seek profits and/or ward off losses. Success for regrouping of state-owned enterprises hinges on those who have the power to control the state-owned assets. In most cases, they want to stay on for the power, the source of their personal interests. In the West, enterprises, no matter how large, find it relatively easy to get reorganized through acquisition and merger, because control over them is in the hands of those who own them. In China, however, none of the persons in control of state-owned enterprises wants to give up the power on which they count on for personal interest. Moreover, consent will have to be sought from each and every concerned government department before any merger or acquisition actually takes place, and that adds difficulty to regrouping of state-owned enterprises.
　　The Shenzhen China Zhonghe Group Co. is a wholly state-owned company, a branch of the Beijing-based China National Nuclear Corporation, which is known for some success in attempting merger and acquisition. According to General Manager Yang Shouqun, merger or acquisition often turns out to be a painful process for state-owned enterprises. "For example," he says, "we have to lay off some workers to get the company reorganized, but we can‘t lay off as many as should be. There is too much interference from the government. Some of the senior-level leading posts will have to be abolished for less red-tape and higher efficiency, but what is to be done with those who are occupying these posts?"
　　According to Fan Gang, private enterprises, too, have barriers to overcome when involved in acquisition and merger. It is true that private enterprises can be motivated to go through merger or acquisition because the assets involved are under their exclusive ownership. Such assets are a part of their capital input. Owners of private enterprises, however, belong to China‘s first generation of entrepreneurs and, therefore, are not experienced with capital operations under market economic principles. They boss over enterprises started by themselves and they just don‘t know what to do once they lose control over them as a result of merger or acquisition. Many of them would not let professional managers take charge of the day-to-day operations of their enterprises, let alone "give up" them.
　　Fan Gang maintains that China‘s industrial development could have been much faster had there been no such barriers, and there could have been much more enterprises large and powerful enough to compete on the global market. He is sure that there will be more and more mergers and acquisitions in years ahead as China starts a new phase of development. "For us," he says, "there is the urgent need to acquire a correct understanding of the issue and try to remove those institutional barriers to it."■