广东作为改革开放前沿地区,在不断的改革实践中取得了很大的成绩,但也付出了一定的代价,取得了宝贵的经验。在当前经济转型的关键时期,粤商的经营战略选择对于广东的经济发展登上新台阶更是具有举足轻重的作用。针对前文论述的企业在多元化还是专业化战略选择中出现的一些普遍问题,我们提出以下政策建议:
(1)加强对企业创新技术的保护措施。
粤商企业选择多元化在很多时候是不得已的行为。其重要原因是通过专业化去扩张企业,很容易因为专有技术的容易仿制引致企业的失败。因而,加强对企业创新技术的保护措施就显得非常重要。广东作为改革先行省份,在这方面更应该走在全国前列。
(2)加强多元化企业信息披露,保护投资者利益。
上市公司的多元化行为很可能暗藏对投资者的利益侵害。而由于目前我国上市公司分部报告中对相关信息的披露普遍非常简单,使得多元化企业与投资者之间存在着严重的信息不对称。因而,我们建议广东有关的监管部门应对上市的粤商公司多元化之后的经营业绩给予密切的关注,并应要求其更准确地披露多元化的有关信息,不至于误导投资者。
(3)建立有效完善的外部资本市场。
经过股权分制改革后,我国的资本市场远未达到成熟阶段,我国企业债券的发展远远落后于股票市场,债券发行量少,交易不活跃。这些都制约了企业通过负债融资。
广东应该争取成为金融改革试点地区,努力为发展多样化的公司融资方式创造条件,从而提高公司融资行为的市场化水平。应发展债券市场并加强对发债企业的审核,鼓励信息披露信誉良好,经营业绩优良的企业发行债券,从政策、法规、制度上为经营业绩良好的企业利用债券融资创造一个良好的宽松的环境,同时严格抵制那些试图通过多元化经营,利用多元化后财务报表信息复杂模糊,通过信息不对称欺诈债权人的企业通过债券市场筹资。
(4)加强银行信贷资产的监管。
企业通过多元化获得的负债资金,一部分来源于发行债券,但很大一部分来源于银行贷款。银行贷款如果发生了巨额损失,将影响国家金融安全和经济稳定。因而,提高银行对企业信息的识别能力,增强银行的风险意识,加强对银行信贷资产的监管就显得非常必要。
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