Under the influence of the planed economy system , there are many problems in the soes , such as inseparable functions of government and enterprises , obscure property rights fuzziness of rights and responsibilities and inefficient management etc , which lead to out - of - date facilities , deficiency of technology innovation , and low efficiency of investment , etc . there are many methods to settle these problems , m & a is among the effective ways 中国虽然从计划经济向市场经济转轨已有二十余年，但国有企业政企不分、权责不分、产权模糊、管理不善、设备陈旧、技术创新不足、投资效益低下、市场风险不足的现象仍相当严重，许多企业资不抵债，已濒临破产的边缘。解决上述问题的方法虽然很多，但企业并购，并由此推动生产要素的重组仍不失为一种有效途径。
We must readjust the whole thinking on the reform of the state - owned enterprises and set up the modem enterprise system by reforming the property right , depending on the capita ] market , seeking for the refreshment of system . after that , the equity finance of chinese listing companies has made great progress 90年代初，一批优秀的改革家和理论家清楚地看到： “政资不分”是“政企不分”的根源所在，必须调整国有企业改革的总思路，从产权改革，依托资本市场，寻求制度创新入手，建立现代企业制度。
Through the in - depth analysis of management system of state - owned enterprises whose powers are inseparate from the government , people realize the crucial cause of inseparate powers lies in the inseparate administrative function and asset ownership , i . e . a administrative institution practices both the functions of a social economy supervisor and functions of a state - owned assets owner 通过对政企不分的国有企业管理体制的深入分析，人们认识到政企不分的症结在于政资不分，即由同一行政机构既执行社会经济管理者的职能，又行使国有资产所有者的职能；认识到要搞活国有企业和实现政企分开，国家社会经济管理职能与国有资产所有者职能必须分离。
Therefore , the second chapter analyzes the shortcomings of the current oil industrial management system and points out that the long - term planning economy has caused no separation between the administration and enterprises , inappropriate management system of resources , lack of unified management for foreign cooperation , unreasonable industrial structure and isolation of the upstream and downstream businesses . then it stresses the necessity of china ' s oil industrial restructuring and specifies the strategic targets , tasks and measures for the oil enterprises to reform their internal system 所以，在本文的第二章对当前石油行业管理体制的弊端进行了剖析，阐明了中国石油工业在长期计划经济体制控制下所造成的政企不分、资源管理体制不顺、缺乏统一对外合作管理、产业结构不合理以及上下游割裂等对企业成长的制约，由此提出中国石油行业进行体制重组的必要性以及石油企业内部进行体制重组的战略目标、任务、步骤和内容。
The third part of the article , proposes such as investments mechanism , stock right setting up , organization management system , and indistinction between the functions of the government and those of enterprises phenomenon hinder standard from distribution system some countermeasures 文章的第三部分，提出了诸如投资机制、股权设置、组织机构管理制度、分配制度不规范及政企不分现象依然阻碍企业经营决策自主权等现存股份合作制企业存在的主要问题，并提供了一些对策。
It proves the source of the indistinct function between government and enterprises is the indistinct function between government and capital . furthermore , it also proves that the equity finance is an important choice of the reform on state - owned enterprises and the equity finance of chinese listing companies has two basic functions , which are raising funds and system refreshment 文章首先叙述了国有企业体制改革和融资方式改革的历史沿革，论证了“政资不分”是“政企不分”的根源所在；股权融资是国有企业改革的重大选择；我国上市公司股权融资具有筹集资金和体制创新两个最基本功能。
Practices of venture capital in china have shown : 1 ) venture capital industrial is lack of fund , fine system , preferential polices and laws , medium - organization and the capital market such as ipo ( initial public offering ) and the second - board share market where investors can sale the shares . that is to say , the development of venture capital industrial in china lacks of preferential macro - scope environment . so the unfit government behavior is the mam restrictive factor . 2 ) venture capital industrial is wholly controlled and practiced by the government , which is the main investor of venture capital organization , while there is not outstanding achievement both theory and practice have shown : venture capital industrial will not succeed if government is the main investor for a long time 具体体现为： ( 1 )相当多的风险投资机构运作困难，效益低下，大多数都违背了设立的初衷； ( 2 )风险投资资金缺乏，来源单一，总量不足； ( 3 )风险投资者的利益得不到保护，导致投资者积极性不高，加剧了风险资本的匮乏； ( 4 )风险投资在投资、融资和实现回报等各个环节的障碍很多，无法实现良性循环，造成风险投资的成本和风险过高，收益偏低； ( 5 )风险投资发展中政企不分，缺乏现代企业制度中的激励机制和硬预算约束机制，投资成功率低。
