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优胜劣汰,行业集中。行业特性使然,资金密集型行业的能源、公用事业类上市公司的投资行为往往是大手笔。鲁能泰山总资产25亿元,收购省内三家电厂、涉及资产总额达7亿元;申能股份总资产99亿元,投资上海市三个公用事业项目、涉及资产达13亿元。改革前基础性行业实质上是由国家单一股东垄断的,改革使行业内国有资产的责任主体多元化,在新的经济运行体制下,也必然像家电等行业一样,通过竞争实现其行业集中的过程(虽然主要是国资控股的企业之间的竞争),这是市场经济的内在逻辑所决定的。放开更早、竞争性更强的商业零售行业也出现了一个行业集中的典型:大商股份总资产13亿元,收购兼并4家同行、涉资近3亿元。在利润率极低、效益极差的商业零售行业,在众多上市公司沦为收购对象或者步履维艰的现实情况下,大商股份的举动再次说明了在任一产业都有朝阳企业和夕阳企业。
Survival of the fittest, industry concentration. Industry characteristics, of course, capital-intensive industries, energy, public utilities listed companies are often generous investment behavior. Luneng Tarzan total assets of 2.5 billion yuan, the acquisition of three power plants in the province, involving a total assets of 700 million yuan; Shenergy shares of the total assets of 9.9 billion yuan, investment in Shanghai’s three public utilities projects, involving assets of 1.3 billion. Before the reform, the basic industries were essentially monopolized by a single shareholder of the state. The reform diversified the main body of responsibility for state-owned assets in the industry. Under the new economic operation system, it is bound to achieve the concentration of its industries through competition, like the industries like home appliances The process (albeit primarily competition among state-controlled entities) is determined by the inherent logic of a market economy. Liberalization of an earlier, more competitive commercial retail industry also emerged as a typical example of industry concentration: the total assets of Dashang shares amounted to 1.3 billion yuan, 4 acquisitions and mergers and acquisitions, involving nearly 300 million yuan. In the case of the commercial retail industry with extremely low profit margins and very poor profitability, the move by large traders shows that there are rising and setting sun enterprises in any industry, given the fact that many listed companies are becoming acquisition targets or struggling.