【作者】 李辉；

【导师】 叶桦；

【作者基本信息】 华中师范大学 ， 政治经济学， 2007， 硕士

【摘要】 随着经济一体化程度的加快，企业并购已成为资本积聚高速扩张一条非常快捷的道路，我国自1997年起，上市公司并购重组已步入快车道，超越新股发行(IPO)成为证券市场资源配置的最主要环节。但是研究和实践都表明，国内发生的并购案件与成熟资本市场无论是并购动机还是操作手法上都有着很大的差别，这其中的根本原因就在于国内证券市场股权分置的先天不足。而随着股权分置改革的逐步推进，流通股与非流通股的界限消除，资本市场的格局逐渐规范化，并购市场化基础的建立，中国上市公司并购行为必然会发生重大变革。借此契机，本文以并购理论为基础，结合2005年以来中国资本市场的改革进程，采用规范分析、比较分析等研究方法，归纳出中国上市公司并购行为在新形势下的新变化，并提出相应的对策和建议。全文共分五章。第一章对并购的基本概念进行了界定，归纳总结了企业并购的基本理论，并对西方的五次并购浪潮和我国的上市公司并购历史做了简要回顾。第二章分析了股权分置下我国上市公司并购中存在的问题及股权分置对上市公司并购的危害。第三章是本文的重点，首先分析了股权分置改革的进行情况，及其对中国资本市场的影响；接着对全流通变局后并购主体、目标公司及并购市场其它各方可能发生的变化进行了研究。第四章选取了股权分置改革开始后三个极为典型的并购案例进行介绍，并做了相应点评。第五章在前文研究的基础上对如何应对全流通后上市公司并购表现出的新的特征，从并购监管，上市公司和并购中介三个方面提出了相应的对策和建议。更多还原

【Abstract】 Along with the economic integration of China speeding up, the of enterprise has become a quick path for the accumulation and expand of capital, from the year 1997, the M&A and restructuring of listed companies has march into the speed way, and become the most key link for the resources disposition of stock market instead the IPO before. But the research and practice all indicated that, there have a very big difference between the M&A of China and the mature capital market, not only in the motive but also in the operation technique, the basic reason lies in the dispersion of share and rights, which is a congenitally deficient for the domestic stock market. But as the reformation of dispersion of share and rights push ahead, the boundary between the circulation stock and the non-circulation stock will eliminate, the pattern of capital market will standardize gradually, and the foundation of M&A will establish, the M&A and restructuring of listed companies of China will have a significant transformation.Beyond this, the article takes the M&A theory as the foundation, unifies the reform advancement of China capital market since 2005, uses research techniques such as the standard analysis, the comparative analysis, and so on ,induces the new changes under the new situation for the M&A behavior of China, and proposes the corresponding countermeasure and the suggestion.The full text divides into five chapters. The first chapter indicated the basic concept of M&A, summarized the elementary theory of M&A, and made a brief review about the five tides of M&A for the western country and our country. The second chapter analyzed the questions of M&A behavior in M&A and restructuring of listed companies ,along with the harm for the listed companies by the dispersion of share and rights . The third chapter is the key point of this article, first analyzed the situation of the reformation for dispersion of share and rights and it’s influence to China capital market; then made a research about the main body, the goal company and other possible changes of M&A market after the overall circulation .The fourth chapter indicated three typical cases after the reformation for dispersion of share and rights, and made the corresponding review. The fifth chapter made the corresponding countermeasure and the suggestions for how to face the new characteristic of the listed companies after the overall circulation, from the three aspects : supervising and managing of M&A, the listed companies , the intermediary of M&A.更多还原