我国上市公司要约收购定价研究

【作者】 周艳娜；

【导师】 张洪珍；

【作者基本信息】 南京理工大学 ， 会计学， 2005， 硕士

【摘要】 在现代社会,由于激烈的市场竞争,企业之间的并购日益频繁。最初的并购往往是通过股东之间的私下交易完成的,但由于这种收购有可能损害其他中小股东的利益,要约收购便应运而生。无论是其为上市公司收购提供的模式创新、推动上市公司并购行为的市场化,还是出于对战略性并购和大规模产业整合的引导和鼓励,要约收购对中国证券市场的健康发展具有显著的积极意义。 然而从2003年南钢股份要约收购案至今,我国证券市场还没有发生一起真正意义上的要约收购,其关键在于目前要约收购价格的制定存在缺陷。本文从要约收购的概念和内容入手,通过分析目前我国的要约收购案例,总结出我国要约价格的特点和存在的缺陷,最后在对公司估值方法分析的基础上,对非流通股和流通股部分的最低要约价格分别予以改进,旨在规范要约收购的市场化运行。更多还原

【Abstract】 In the modern society, as a result of the intense market competition, the mergers and acquisitions (M&A) become more and more frequent between enterprises. The initial M&A was often achieved through the private transactions of shareholders, but this kind of M&A had the possibility to harm the other young shareholder’s benefit, so tender offer then arised at the historic moment. Regardless of its pattern innovation for listed company, its marketable behavior to promote M&A between listed companies, or the guidance and the encouragement to strategic M&A and the large-scale industrial conformity, tender offer has the remarkable positive sense to the healthy development of stock market in China.However, none of the true tender offers have happened in our stock market since the Nanjing Steel tender offer in 2003.The key problem is that the price of tender offer is unreasonable. This paper begins with the concept and content of tender offer, analyses the tender offer cases in our country, summarizes the characteristic and limitation of the price of tender offer, and finally improve the lowest pricing method on the non-circulation stock and the circulation stock separately on the base of the analysis of the company value estimate method. The purpose of these is to promote the marketability movement of tender offer in our country.更多还原