外資參與中國大陸國企改革研究

Abstract

中國在改革開放後的經濟成就舉世矚目，時任國家主席鄧小平提出「對內改革、對外開放」政策基調，道出了國企改革和利用外資兩大命題存在的交互關係，即是本文欲討論的主題。 綜觀外資參與國企改革一路以來的歷程，反應了國企改革、資本市場建設以及金融開放三個命題間的盤根錯節，從早期國企改革缺乏資金，境內資本市場建設不完全，外資透過境內B股市場和境外市場協議收購國企；到政府意識到國有資產流失的可能，開始對外資併購立法管制，並積極著手建設資本市場；再到混合所有制實施後，將資本市場作為改革的利基點，開展非國有資金參與國企改革，整個歷程實際上利用資本市場作為國企改革的鋪墊，並利用對外金融開放政策管理外資的參與管道與模式。 近年國企改革在「管資本」思路下，外資參與迎來更多嶄新的契機，在資本市場建設完善、金融開放逐步擴大之際，能夠透過QFII、RQFII和互聯互通機制以股票投資組合形式投資國企；或以戰略投資者身份參與混改；還能透過兩類公司的基金組合間接參與多項國企改革，渠道的多樣化和法規建設將為外來外資擴大參與國企改革打下良好的利基。 文末利用國企改革「抓大放小」精神，近一步論述中國大型國企採雙層股權結構，和中小型國企採管理層收購的可能性，同時借鑑台灣與新加坡國企改革和金融開放路徑，探索外資參與中國國企改革的未來發展方向。

After former Chinese President Deng Xiaoping's proposed the Reform and Open Policy (the “Policy”), Chinese economy had witnessed tremendous growth over the past 40 years, attracting worldwide attentions. The doctrine of the Policy 'reform internally and open externally' precisely reflects the interrelationship between the two major subjects of this paper: SOE reformation and the use of foreign capital. When looking into the history of foreign investors' participation, we get an interesting fact that SOE reformation, capital market construction and financial openness had intertwined each other. From the very beginning of the implementation of the Policy, foreign capitals took advantage of the insufficiency of capital for SOEs, and foreign institutions started to acquire or to seize control over some SOEs through domestic B-share or overseas markets, in which stirred up concerns on national asset lost. As the concern spilled over, stricter regulations on foreign capital acquisition had since been enacted, halting the hot market. In recent years “mixed ownership” fundamentally transformed the way of foreigner’s participation as it put more focuses on the capital market conduit and encourage greater involvement of social capital. Lead by the mixed ownership, “capital management” has dominated SOE reformation in recent years, together with QFII, RQFII and “mutual exchange mechanism” specifically designed by China for capital flows across broader, expanding the channels foreign capitals could leverage on and thus the chances to partake further reformations. Lastly, this paper tries to figure out the future trajectory via the discussion on dual-class share structure and management buyout (“MBO”) as well as the reference on Taiwan and Singapore modules.