一、企业购并的方向 我们可以发现,这些产权重组的共同点和本质特征在于大股东的调换,其结果是形成了新的、与企业有某种产业联系的大股东。尽管根据目前的规定,法人股不准上市流通,但是,法人股却成了资本市场的生力军。 在这一历史潮流中,国家股向何处去?一汽金杯的股权交换是一个典范。这个变化的方向是政府与企业进一步分开,国有股变成了国有法人股。可以认为,在最近的一段时间里,国有资产的形式与内容都将发生根本性转变,其结果是,国家直接持有的企业个数与股本额都将大大减少,而间接控制的企业个数与股本额却将大大增加。因此,用笼统的一句“国有资产保值增值”是无法概括这一复杂的战略转变的。计划经济的“国家办企 First, the direction of corporate mergers and acquisitions We can find that the common features and essential characteristics of these property rights reorganization are the exchange of major shareholders. The result is the formation of new major shareholders with certain industrial connections with the company. Although according to current regulations, legal person shares are not allowed to be listed and circulated, legal person shares have become a force in the capital market. In this historical trend, where will the state shares go? The exchange of shares in FAW Jinbei is a model. The direction of this change is that the government and the enterprise are further separated, and state-owned shares have become state-owned legal person shares. It can be argued that in the recent period of time, the form and content of state-owned assets will have undergone a fundamental change. As a result, the number of directly held companies and capital stock will be greatly reduced, and the number of indirectly controlled enterprises will be greatly reduced. The amount of capital stock will be greatly increased. Therefore, using a general phrase “preserving and increasing the value of state-owned assets” cannot sum up this complex strategic shift. State-owned enterprises for planned economy