导　　师： 宋铁波

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 对资产剥离的研究，学术界大多数学者将重点放在了资产剥离的动因和绩效上，但似乎忽略了资产剥离的另一个重要组成部分：资产剥离的行为。当前有关资产剥离的研究未重视资产剥离过程中的不同行为及其背后机理，资产剥离行为选择的本来面目依然存在于黑匣子之中。由于缺乏对实施过程的研究，理论上还不能清楚解释为何企业面对相似的境况，如绩效糟糕等表现，却会选择不同的资产剥离行为。本文的研究对象是地方国企，因此，不得不考虑其所在的制度环境和制度的变迁。地方国企带有明显的地方色彩，其战略选择与制度环境和制度变迁存在着密切的联系，包括其成长战略和重组战略的选择，在很大程度上受制于国有资产管理体制的变化与地方政府的干预。 本文在中国经济转型背景下，将地方国企作为研究对象，通过国内外关于资产剥离的文献研究，综合考察了我国地方国企所具有的资源特征及其所处制度环境的特征。在整合制度理论与资源理论的基础上，将合法性机理引入到资产剥离行为的研究中，尤其突出了地方政府在企业资产剥离行为选择中起到的作用，进而对地方性国有企业获取合法性的来源与资产剥离行为进行了深入的探索。本文所得结论包括： 在非正式制度约束主导中，内部合法性程度较低的地方国企一般不会轻易选择资产剥离，通常只会在面临经营亏损或是有债务风险的情况下，以直接出售的方式进行资产剥离；而内部合法性程度较高的地方国企，会直接以企业托管或外包的形式摆脱自身包袱，主动收缩业务边界，降低管理成本。相较而言，在正式制度约束主导中，内部合法性程度较高的企业，积极配合地方国企的相关政策，主动剥离非核心业务，提高核心竞争力，通常会选择分拆或是出售的资产剥离行为。而内部合法性程度较低的企业，自身的资产剥离意愿受到外部制度环境的激励，不得不配合当地政府进行资产剥离，这种政府直接干预的资产剥离往往会出现属地管辖的关联交易的行为。 Research on divestments，most academics and scholars focused on the motivation andperformance of divestiture，but it seems to ignore another important part of divestiture：thebehavior．Current research on the different behavior of divestments and the underlyingmechanism of divestitures process is not seriously．The choices of divestitures behavior reallyare still being present in the black box．Due to the lack of implementation of research，itcannot explain clearly why companies face a similar situation，such as poor performance, butthey will choose different divestitures behavior．Our study is focus on the local state-ownedenterprises， so we have to consider changes in the institutional environment andsystems．Local state-owned enterprises with obvious local color，there is a close connectionbetween its strategic choice and institutional environment and institutional change，includingthe selection of its growth strategy and restructuring strategy，largely controlled by the changeof state-owned assets management system and local government intervention． In this paper，under the background of China's economic transformation，the object ofour study is the local state-owned enterprises．Through domestic and international researchliterature on divestments，we comprehensive research on the resource characteristics andfeatures of the institutional environment in which our local state-owned enterprises has．Onthe basis of the integration of systems theory and resource theory，the mechanism will beintroduced to study the legality of divestitures behavior，especially highlighting the localgovernment plays a role in the corporate divestiture behavioral choices，and thus thelegitimacy of the local state-owned enterprises to obtain sources and divestitures conduct anin-depth exploration．The conclusions in this article include： In the area of informal institutional constraints，the local state-owned enterprises whichhave lower degree of internal legitimacy are generally not easily choose divestitures，exceptonly at the risk of operating losses or debt situation；Then，which have a high degree ofinternal legitimacy，will get rid of their burden，or reduce management costs．In contrast，In the area of informal institutional constraints，the local state-owned enterprises which havehigher the degree of internal legitimacy，will actively cooperate with the relevant policies of local state-owned enterprises，and divest non-core businesses initiatively，enhance corecompetitiveness by Sell-offs or Spin-off．The lower degree of internal legitimacy of theenterprise，their willingness to be motivated divestitures external institutional environment，with the local government intervention，they tend to be associated with behavioral territorialjurisdiction of the transaction．

关 键 词： 资产剥离 制度理论 合法性 地方政府 资源理论

分 类 号： [F275 F276.1]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]