Abstract: Dispersion of state capital leads state owned enter prises into a disadvantag eous situation. It is the unsat isfactory supporting policies for the reform, such as the ones concerning taxation, finance, trade management and foreigncapital, that give rise to disinteg ration of state pro perty rights and stag nation of capital. If we do not quicken oursteps in rear ranging property rights of the enter prises to achieve industrial integr ation, it is likely that some multination enterprises will do this for their own benefits. Therefore, it is urgent that we adjust and perfect our po licies in favor of annex ation of enterprises besides activating our capital market and propert y right mar ket in or der tobe successful in industr ial integ ration.

摘要： 本文认为:国有资本的分散状况将国有企业推入窘迫的境地;造成国有产权割裂和资产呆滞的主要原因是财税政策、金融政策、行业管理政策、外资政策等与国有企业改革不配套;如果我国不加紧进行企业产权重组以实现产业整合,跨国公司就将整合中国的产业;我国要进行产业整合,除了要积极稳妥地发展资本市场和产权市场外,还特别需要调整和完善有利于企业兼并行为的若干具体政策。