外資參與中國大陸國企改革研究

陳家達

doi:10.6342/NTU202200764

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外資參與中國大陸國企改革研究

Research on foreign capitals’ involvement in state-owned enterprise reformation in mainland China

陳家達 , Masters　　Advisor：連勇智　　

繁體中文 DOI： 10.6342/NTU202200764

中國大陸；國企改革；混合所有制；兩類公司；利用外資； Mainland China ； SOE reformation ； mixed ownership ； capital investment platform ； foreign capital

Abstract │ Reference (40)

Abstract 〈TOP〉

Parallel Abstract 〈TOP〉

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.

Reference ( 40 ) 〈TOP〉

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上海華彩管理咨詢. (2019). 國有資本運營公司緣起之淡馬錫. Retrieved 03/08 from https://www.163.com/dy/article/EMHSH2GL0519V768.html
王希. (2020). 兩千億元混改基金落地助力國企改革再深化. 新華社. http://www.xinhuanet.com/2020-12/31/c_1126933524.htm
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