Third, private enterprises measures to guard against financial risks
Private enterprises to participate in restructuring and reorganizing state-owned enterprises is a broad, policy-oriented systems engineering. It not only affects the success or failure of the development of private enterprises, but also affect the strategic adjustment of state-owned economy and the strategic reorganization of state-owned enterprises in the overall arrangement. This process to prevent potential exposure to financial risks, the following points need to attract enough attention to:
(one) private enterprises to participate in state-owned enterprises restructuring and reorganizing enterprises to combine the reality of their own choice for the development of a participatory approach
Private enterprises to fully understand their own strength, according to our capability, not to exceed the financial capacity of their own passion blind acquisition time alone. State-owned enterprises is different from private enterprises, the diversification of its objectives, the complexity of the system must be fully aware of the top, it is necessary to establish a sustainable development concept, avoid more than their own financial resources to make a big blind. Issues such as personal pensions, the capacity of conversion of state-owned workers, retired workers the reimbursement of medical expenses, separation of the social functions of enterprises, as well as the hidden state-owned enterprises such as the debt problem, the problem of private enterprises has increased the burden of acquisition. In response to this problem which can be taken in the M & A strategy is only to buy assets, not to buy property and people, not the assumption of debt. Assets such as mergers and acquisitions M & A mode, that is, from the assets of state-owned enterprises, private enterprises gold, together form a new enterprise. The use of state-owned enterprises, equipment, facilities, technology and other areas, and private enterprise management, marketing, management strengths, the potential of deep state-owned enterprises, private enterprises, to achieve The best choice to avoid poor, complement each other. Its advantage is to lighten the burden of a smooth settlement of hidden debt and resettlement issues such as trade unions.
(two) the Private enterprise needs to collect the information in every way, understood in every way the goal enterprise situation, melts “the information not to be asymmetrical” is “the information is symmetrical”
First, the Private enterprise needs to eliminate the information not transparently diligently, not the public phenomenon, faces the information through the massive collection information improvement merger and acquisition side not to be asymmetrical in every way. The Private enterprise may invite the Accounting firm assistance, uses its specialty and the experience superiority, the financial reporting data which the investigation goal enterprise provides whether to have reflected accurately this enterprise's financial situation, specially to the property debt, the cash flow, profit ability should give the thorough investigation, prompt discovery suspicious place. When merger and acquisition decision-making, the choice risk is small or basically does not have the risk plan, reduces possible which and loss degree the risk occurs.
Next, in the enterprise merger and acquisition process is determines the merger and acquisition bargain price to the goal enterprise value's appraisal the key. The enterprise merger and acquisition work's core is the property appraisal, it has also provided the reliable basis to goal enterprise assets value science appraisal's at the same time for the enterprise merger and acquisition. An implementation merger and acquisition's side hoped that (can cause merger and acquisition side by the suitable price investment to obtain satisfaction repayment) to carry on the merger and acquisition to the merger and acquisition object, but can achieve this point truly the enterprise not to be many. In the property appraisal, may use for reference international general fulfills duty the investigation, considered comprehensively the influence enterprise value judgment each influencing factor, carries on to the State-owned business value appraises accurately. Also cannot let the state asset appraisal value be higher than the State-owned business net assets the true value, causes the Private enterprise to sustain a loss, also cannot let the state asset appraisal value be lower than the true value, avoids the state asset outflow. Some State-owned business's book value cannot represent enterprise's true value, the enterprise value has outside many accounts the factor and the recessive ingredient [3]. Private enterprise may sign the letter of responsibility with the goal enterprise, is clear about the mutual responsibility, guaranteed that the information disclosed achieves accurate, complete and the real standard.
(Three) optimizes the decision-making procedure, full use Facilitating agency strength
The government must encourage, the support, the guidance privately operated economic development vigorously. At the same time, must speed up the formulation to consummate reorganizes the State-owned business advantageous policy to the Private enterprise; On the other hand, the question which appears regarding the merger and acquisition, the government has the responsibility to coordinate the Private enterprise to solve positively. At the same time, the Private enterprise when carries on the merger and acquisition decision-making, must draw support from the property appraisal organization, the Law office and so on Facilitating agency, uses their superiority fully. The Facilitating agency takes the independent third party to be able to provide fairly, the specialty, the neutral judgment, guaranteed that Private enterprise's rights and interests, reduce the private enterprise merger and acquisition state-owned difficult enterprise's financial risk, achieves the win-win result in the deepening state enterprise reform.
(Four) the Private enterprise needs to deal with and government's relations properly
The Private enterprise must fully the opportunity which provides using the government, must strengthen own judgment ability. The key point is eliminates in the merger and acquisition process the friction and the resistance, the strengthened government advantageous role, builds one to be advantageous in the Private enterprise reorganizes the state-owned difficult enterprise's good government affairs environment. At the same time, the Private enterprise cannot rely on the preferential policy which excessively the government pledged, must act according to the State-owned business and the market actual situation makes the decision-making, can only take the preferential policy the probable condition, but is not the merger and acquisition basic condition.
参考资料：http://www.ctrma.org.cn/