【作者】 彭静；

【导师】 杨俊；

【作者基本信息】 重庆大学 ， EMBA， 2008， 硕士

【摘要】 并购( Merger&Acquisition)的一般定义为收购和兼并(或合并)。在西方国家,企业并购活动已经发展得相当成熟和广泛,同时,相关并购理论也日趋发展完善,其中,以公司内部效率理论、预期效应与价值低估的效率理论、避税理论和公司战略理论较为典型。从1993年至今,我国上市公司并购已有十余年的发展历史。在这十多年中,我国上市公司并购经历了初步摸索阶段和发展壮大时期,正处于规范化发展阶段,并购动因除了市场动机、财务动机、避免被收购等一般动因外,也存在扩大股本规模、改善股权结构等现实动因,同时,随着有关政策法规的陆续出台,民营、外资并购不断发展,并购活动更加活跃。但是,我国上市公司并购仍然存在政府对上市公司并购重组的参与不规范,上市公司的并购重组缺乏有专业能力的中介机构的配合,关联交易盛行,信息不对称导致中小投资者的利益受到损害,相关的法律制度不健全等问题。为了规范上市公司并购重组的进一步发展,笔者建议上市公司结合自身发展状况明确并购战略,充分发挥政府在上市公司并购重组并购中的积极作用,大力发挥投资银行等中介机构在上市公司并购重组中的主导作用,加强对关联交易的法律规制,通过完善信息披露制度,保护中小投资者利益,实施促进上市公司并购重组市场化的措施,同时不断健全有关资本市场和上市公司并购重组的法律法规,以保障上市公司并购在不断建设和发展的资本市场中不断完善。更多还原

【Abstract】 In general, M&A includes merger and acquisition. While in fact, besides merger and acquisition, M&A also involves assets swap, spin-off, custody, leasing and other forms. In western countries, M&A has developed for many years and now it is fairly developed and comprehensive. Meanwhile, theories relative to M&A got increasing progress, especially the theory of internal efficiency, the theory of anticipation effect and underestimation of value, and the theory of corporation strategy. From 1993, M&A of our domestic listed companies has been progressed for more than 10 years. During this 10-year-period, M&A of China listed companies experienced the stage of elementary grope and continuous development, and now is undergoing the stage of standardized development. Moreover, besides market motivation, finance motivation and avoidance of being purchased, the incentive of M&A also includes the motivation of enlarging the scale of capital stock, improving the structure of equity, and otherpractical motivation. With the issue of new regulations and laws, M&A of private and forgiven companies continuously develops and new forms of M&A come into being at the same time.However, by statistical analyses of M&A cases, the writer find out that the performance of M&A in 2002 is not satisfied. The reasons behind such fact include false reconstructing, connected transactions, and other factors. In the deeper hierarchy, our underdeveloped secondary market, large scale and non-circulated state-owned stock, and unsound laws and regulations lead to out current problems in M&A. So, the writer suggests that in order to standardize our M&A of listed companies, on the one hand, our listed companies need to definite their M&A strategy relative to their evolution stage, pay much attention to the evaluation of target companies and strengthen the integration after M&A; on the other hand, our government has to perfect correlative regulations, reinforce the demand of disclosure, moderately involve M&A of listed companies, and enhance the structuring of our capital market, thus forming a favorable situation to our M&A of listed companies.更多还原