1 can provide a new source of funds for the technological transformation of state-owned enterprises.
The long-term planned economic system has caused insufficient accumulation of state-owned enterprises and insufficient funds for technological transformation, which has limited the ability of enterprises to expand reproduction. Lack of capital accumulation of technological transformation will inevitably lead to the lack of stamina for the development of enterprises, and once they compete, they will face difficulties. State-owned enterprises should change their mechanism and get out of the predicament by deepening reform, increasing investment in technological transformation and reducing debt and social burden. All three measures need capital investment. At present, the main sources of enterprise funds are: first, bank loans, second, self-raised funds by enterprises, and third, the use of foreign capital. Due to the increasing debts of enterprises and insufficient repayment ability, it is increasingly difficult to borrow money; The economic benefits of enterprises are getting worse and worse, and they have no ability to accumulate. Therefore, the direct use of foreign capital has become an important channel for state-owned enterprises to raise funds. Direct use of foreign capital to graft and transform old enterprises has played an important role in making up for the funding gap of industrial technological transformation. In the increasingly fierce market competition, enterprises need to constantly upgrade their technology. Without continuous investment in technological transformation, even if the current economic benefits of enterprises are relatively good, it will be difficult to maintain in the long-term competition.
2. It can promote technological progress and industrial upgrading.
Undeniably, most of the technologies introduced to China by multinational companies in recent years are not the most advanced, and some of them are even mature technologies that are already in recession. Nevertheless, most technologies are still higher than the domestic level. Cross-border mergers and acquisitions can promote the technological progress of domestic enterprises, and promote the technological upgrading of domestic enterprises in the same industry through technology spillover and diffusion.
3. It can promote the transformation mechanism of state-owned enterprises.
Under the traditional planning system, the property right relationship of state-owned enterprises is not clear, and the investment subject is not clear. In the past ten years, state-owned enterprises have been constantly reforming.
However, the relationship between owners and operators, the relationship between enterprise benefits and employment, and the relationship between key enterprises and social welfare organizations can not be effectively clarified. The introduction of foreign direct investment by state-owned enterprises has realized the combination of state-owned enterprises and foreign capital, which not only changed the single asset structure of state-owned enterprises, but also made the property rights relationship clear through the definition of property rights, asset evaluation and the establishment of corporate governance structure. When state-owned assets and foreign capital are combined into one, the property of capital chasing profits appears, which changes the disadvantages of insufficient motivation and softening binding force of state-owned assets; The essence of capital appreciation will ruthlessly eliminate the interference of all non-production and operation factors, get rid of the "burden" of enterprises, and realize the reasonable combination of factors and technological progress; Because foreign investors participate in the management of joint ventures and operate in accordance with the joint venture law, this has solved the problem of separating government from enterprises in terms of property rights and legal system. At the same time, the joint venture adopts the management system and methods suitable for the modern market economy, introduces the incentive and restraint mechanism into the wage system, and establishes a social security system for the employees of the enterprise according to law, so that the enterprise can become the main body of market competition that can fully integrate with the market economy. At the same time, state-owned enterprises can negotiate with multinational companies and adopt various ways to solve the problems of resettlement and debt repayment of surplus personnel, which is a better way for state-owned enterprises in the state of suspension, semi-suspension and serious losses.
4. Domestic enterprises can participate in the international division of labor more effectively.
According to Vernon's product life cycle theory, the production of a product is transferred among innovative countries, other developed countries and developing countries in turn. Multinational companies will consider existing branches and production capacity when transferring to developing countries. Under the same conditions, if multinational companies have interests in China, they will give priority to transfer their production to China, so that China can gain certain technological advantages over other developing countries.
5, can cultivate advanced technical and management personnel.
Through mergers and acquisitions, multinational companies can bring advanced technology and management concepts into China. China's technical and managerial personnel who enter the enterprise after the merger and acquisition will constitute the new force of China enterprises in the future.
Second, the negative aspects.
1, technical aspects.
The entry of foreign capital into the domestic market will also increase the employment cost of technicians and affect the R&D cost in the opposite direction. Moreover, it is precisely because multinational companies with strong financial resources have increased the salaries of technicians that the R&D teams of domestic enterprises are less stable, which may have a far-reaching impact on the consistency of the technological innovation process of these enterprises.
2. Cross-border M&A may inhibit the accumulation and growth of domestic entrepreneurs.
The economic development of developing countries depends not only on the accumulation and growth of capital, technology and other factors, but also on the accumulation and growth of local entrepreneurs. Entrepreneur factor is the source of local technology, production and organizational innovation, and it is also the key factor to mobilize local resources and form the foundation of long-term development of local economy. In order to implement its global strategy after M&A, multinational corporations often control the company's main leading position, while the original leaders in China are either forced to obey the global war arrangement of multinational corporations or marginalized to a secondary position. At the same time, in order to obtain monopoly profits in the host country, multinational companies often take dumping and other means to crack down on domestic competitors.
3. It will lead to the dependence of domestic enterprises in the international division of labor.
In the contemporary international division of labor, the research and development ability, management skills and sales skills of enterprises are the basis for a country to be in an advantageous position in the international division of labor. Generally speaking, Chinese enterprises do not have this ability and skill, and to a great extent, they passively participate in the international division of labor of multinational corporations, resulting in their dependence on multinational corporations in developed countries in technology, management and sales channels.
4. It may lead to the loss of national wealth.
Multinational companies tend to underestimate the assets of state-owned enterprises when they merge and acquire them, especially when they have difficulties in operating. If the tangible and intangible assets of state-owned enterprises are not reasonably evaluated before the merger, it will often lead to a large loss of state-owned assets in the merger.
5, may weaken the national macro-control.
legal ground
Article 173 When a company is merged, all parties to the merger shall sign a merger agreement and prepare a balance sheet and a list of assets. The company shall notify the creditors within 10 days from the date of making the merger resolution and make an announcement in the newspaper within 30 days. Creditors may, within 30 days from the date of receiving the notice, or within 45 days from the date of announcement if they have not received the notice, require the company to pay off debts or provide corresponding guarantees.