I 摘要 2008年全球金融危机后，我国采取刺激消费、增加投资等需求侧经济方式来 改善经济下行，但效果并不明显，反而进一步恶化了经济中的结构性问题，出现 经济增长乏力、工业品出厂价格下降、实体经济盈利下降、财政收入增幅乏力等 矛盾，由此可见中国经济未来发展阻力重重。党中央为了尽快走出困境，2015年 组织召开了经济工作会议，会上要求各产业要通过供给侧结构性改革的手段，实 现社会经济平稳有序发展。而国有企业是国家经济发展的支柱，对于全体国民以 及社会经济发展都具有至关重要的影响。做好国有企业产业革新，能够实现营销 体系、产品质量及产业效益的飞速提升，从根本上解决国有企业财政预算拮据的 现象，而业务重组是供给侧改革的一种方式。 首先，本文简要介绍了供给侧改革的背景和研究的意义，紧接着，从理论入 手，简要介绍了供给侧理论的发展、业务重组的概念以及业务重组的效应。然后， 从企业业务重组的角度，介绍了H啤酒公司业务重组前的现状、业务重组的过程， 业务重组方案总结。其次，从资源配置、规模经济、协同效应、环境保护等方面 对H啤酒公司业务重组效应进行分析。最后，对我国国有企业业务重组提出了建 议，明确提出可以从企业和政府角度推动国有企业的业务重组，从而能够在供给 侧改革下国有企业业务重组达到更好的效应。 H啤酒公司通过股权方式实现剥离和并购突出企业核心业务，再通过内部业 务整合提高公司整体业绩。业务重组后H啤酒公司盈利能力提升，产业体系更加 完善，实现了规模经济、协同效应。尽管H啤酒公司业务重组的经验能够为中国 国有企业提供指导性意见，但是H啤酒公司现行的业务重组体系仍然暴露出诸多 不足有待解决。文章将立足实际展开研究，针对现有问题提出更加科学成熟的解 决方案，在H啤酒公司的未来发展与其他国有企业的业务重组过程中提供合理化 建议。 关键词：供给侧改革，国有企业，业务重组，效应分析 ABSTRACT II ABSTRACT After the global financial crisis in year 2008, China had taken demand side economy measures such as stimulating consumption and increasing investment in hope of alleviating the economy downturn, however, the effect was not obvious but further exacerbated the structural issues in the economic situation. Economic growth slowing down, industrial goods ex-factory price dropping, real economy profit falling, fiscal revenue declining, had signaled the resistance in the development of China’s economy. In order to cope with the unfavorable situation, a Central Economic Work Conference was held by the Central Committee of the Communist Party of China, during which all industries were advised to carry out supply-side reform to achieve smooth and orderly development of the economy. State-owned companies are the pillars in the development of China’s economy, and have great significance in national economy and social development. Implementing the reform of state owned companies could improve operation efficiency, quality and profit and ameliorate the state companies’ fiscal restraints. This paper starts by introducing the background of supply-side reform and the significance of the study briefly, subsequently illustrates the development of supply-side theory, concept of business restructure, and the effects of business reform. Next, this paper further analyses the effectiveness of H beer’s business reform in aspects such as resource relocation, economies of scale, synergism, environment protection, et cetera. plan. Lastly, This paper advances a proposal for China’s state owned companies’ structure re-engineering in the setting of supply-side reform, and suggests that business restructure could reach a better result supposing that the restructure is jointly promoted by the government and the company. The key competence of H beer was highlighted by asset-stripping and acquisitions through equity changes, and the overall performance was optimized by internal business integration. After H beer’s reform, the profitability was increased, product system was improved, scale economy and synergism was achieved. Although the experience H beer’s business reform is an instructive example for other state owned companies, there were deficiencies during its progress of business reform that should be aware of. Basing on practical research, this paper provides a more scientific solution to the existing ABSTRACT III issues, and advances a rationalized proposal to H beer’s future development and the course of other state owned companies’ business reform. Keywords: Supply-side reform, state-owned companies, business reform, analysis of effects 目 录 IV 目 录 第一章 绪 论 .................................................................................................................. 1 1.1 选题的背景和意义 ............................................................................................ 1 1.1.1 选题的背景 ............................................................................................ 1 1.1.2 选题的意义 ............................................................................................ 2 1.2 文献综述 ............................................................................................................ 2 1.2.1 供给侧改革相关文献 ............................................................................ 2 1.2.2 企业重组相关文献 ................................................................................ 4 1.2.3文献评述 ................................................................................................. 5 1.3 研究的内容和方法 ............................................................................................ 6 1.3.1 研究内容 ................................................................................................ 6 1.3.2 研究方法 ................................................................................................ 7 1.4 论文的创新 ........................................................................................................ 7 第二章 供给侧改革和企业业务重组理论研究 ............................................................ 8 2.1 供给侧改革的内容与相关理论研究 ................................................................ 8 2.1.1 供给侧改革的内容 ................................................................................ 8 2.1.2 供给侧改革的核心理论 ........................................................................ 9 2.2 企业业务重组概念及相关理论 ....................................................................... 11 2.2.1 重组的概念 ........................................................................................... 11 2.2.2重组的相关理论 .................................................................................... 11 2.3 企业重组效应理论 .......................................................................................... 13 2.4 本章小结 .......................................................................................................... 13 第三章 H啤酒公司业务重组案例介绍和分析 .......................................................... 15 3.1 H啤酒公司业务重组前情况介绍 .................................................................. 15 3.1.1 关联公司情况简介 .............................................................................. 15 3.1.2关联企业经营状况 ............................................................................... 16 3.1.3 宏观环境分析 ...................................................................................... 21 3.1.4 小结 ...................................................................................................... 25 3.2 H啤酒公司业务重组过程 .............................................................................. 26 3.2.1 通过资产剥离强化核心优势 .............................................................. 26 3.2.2 通过股权收购扩大公司控制权 .......................................................... 26 目 录 V 3.2.3通过业务整合提升公司业绩 ............................................................... 26 3.3. H啤酒公司业务重组总结 ............................................................................. 28 第四章 H啤酒公司业务重组效应分析 ...................................................................... 30 4.1 H啤酒公司业务重组资源配置效应分析 ...................................................... 30 4.2 H啤酒业务重组市场规模经