【作者】 廖朝晖；

【导师】 唐凯麟； 易法建；

【作者基本信息】 湖南师范大学 ， 伦理学， 2006， 博士

【摘要】 所谓并购(M&A),就是兼并(Merger)和收购(Acquisition)的简称。并购是企业扩张与增长的一种方式。通过并购,有可能获得经营协同效应、财务协同效应、实现生产要素的互补、建立紧密型的企业集团,等等。并购交易的伦理问题,与一般经济活动既有共通之处,也有其独特的地方。共通之处在于,并购也要遵循义利统一的最高原则。独特之处在于,并购交易不仅仅涉及到交易双方,而且涉及到诸多利益相关者(stake-holds)的利益。本文的基本观点是: 第一,辨证地理解并购活动的道德价值。经验表明,并购是一把“双刃剑”,既能给社会经济发展带来巨大的推动作用,也有可能沦为单纯的利益争夺甚至引发经济和社会矛盾。合理的并购交易应当通过协同效应提升公司业绩,为整个社会创造价值。只有这样的并购活动,才具有道德价值,是一种具有道德内涵的经济活动。 第二,全面地把握影响并购交易的道德价值的各种要素。决定并购的经济和社会效果的,不仅有体制机制方面的原因,同样有观念、动机等文化和伦理方面的原因。具体的并购活动究竟是发挥正面的社会价值,还是负面的影响,不是偶然的,而是取决于并购规则的设计,以及参与者的并购动机和决策机制,以及并购后的价值整合、文化整合。只有并购规则是公平的、参与者的并购动机是端正的,并购决策是科学的,同时并购后的价值整合、文化整合是成功的,并购才能发挥其良好的效应。因此,指导并购活动的基本理念应当是:在正确的伦理原则指导下,遵循并购交易的内在规律,通过动机、行为和制度的统一,发挥并购的积极效应,从而达到并购活动的“义利统一”。 第三,指导并购交易的道德原则和规范体系,既要符合市场经济的基本规律和国际惯例,也要符合中国国情。在并购交易中具有根本性意义的价值选择问题是:应当以股东利益最大化为原更多还原

【Abstract】 M&A is an brief name of Merger and Acquisition. M&A is a kind of method by which an enterprise expansion quickly. The ethics problem of M&A, with the general characteristics of economic activities, also have its special place. As an economic activity, it is also ruled by the principle of unify of Yi and Li. But M&A not only involves the bargain both parties, and also involves many stake-holders. The author’s basic standpoints in this thesis are following.First, we should understand the moral value of M&A dialectically. M&A is a double blade sword, since it can give the social economy the development to bring bigness of benefits that push function, and also be a pure fight for interests, even cause the economic and social turbulence. A reasonable M&A should promote the companies accomplishment, and create value for whole society.The second, we should master the factors which effect the accomplishment of M&A. The motives of M&A, the rules under which M&A be governed, the decision procedure, and the integration after trade, will all effect the accomplishment of M&A. Generally, if the motive of M&A is rights, and decision is science, at the same time the integrate after trade is successful, the M&A will promote the companies accomplishment, and create value for whole society.The third, the moral principle which guide the M&A and buy the rules which govern the M&A, should not only follow the global practices, but also be fit to the characteristics of China. That is, in M&A, we should not only promote the interests of the stock-holders, but also give consideration to that of stack-holders of corporate.The article’s chapter arrangement is following. Chapter land 2deal with the principle of M&A. Chapter 3 investigate rule system forM&A. Chapter 4 studies the equal principle of shareholder and the duty of trust. Chapter 5 studies the M&A with hostility and anti-acquisition. Chapter 6 talk about the ethical problem of MBO. Chapter 7 talk about how to realize the unify of Yi and Li by ethical integration after trade.更多还原