外资并购上市公司问题研究

【作者】 孙勇；

【导师】 杨波；

【作者基本信息】 东北财经大学 ， 企业管理， 2003， 硕士

【摘要】 随着中国经济的持续平稳高速增长以及政策的进一步放宽，可以预见，在未来的几十年内，外资并购将在现有的基础上进一步发展，特别是外资并购上市公司将成为中国市场上冉冉升起的一颗耀眼新星。外资并购对我们来说是机遇和挑战并存，如何在接受外资并购的过程中充分利用外资并购的正面效应并遏制其负面影响，合理利用外资，加快中国企业融入全球经济的步伐，这对我们来说是一个重大课题。本文拟对这些问题进行研究，全文共分为四章。 第一章对外资并购上市公司问题进行概述。介绍外资并购上市公司的内涵、特点和发展背景。 第二章对外资并购上市公司的行为、范围及运作方式进行分析。从外资并购上市公司行为前期的动机开始着手，进而对外资并购上市公司存在的现行障碍以及行业选择进行分析，接下来对外资并购上市公司过程中的博弈均衡进行研究，最后将落脚点放在外资并购上市公司的运作方式上。 第三章在了解外资并购上市公司的行为的基础上，对外资并购上市公司的正负效益进行简要分析。 第四章主要讨论外资并购的对策。分别从外资并购上市公司游戏规则制定者——政府、外资并购上市公司的主体——上市公司以及外资并购上市公司的中介桥梁——投资银行三个层次进行讨论。更多还原

【Abstract】 With a steady increase in Chinese economy and the further relaxing for the policies,it can be foreseen that the Transnational Merger and Acquisition (T-M&A) willhave the further development, especially the T-M&A happening in the ListedCompanies will become the shining stars in the next several decade years. Thereexist opportunities and challenges in the T-M&A for us, so how to make the bestuse of the T-M&A’s passive factors and restrain its negative factors, acceleratingthe process for Chinese enterprises to get into the global economy is a big questionfor us. This thesis will study the above problems and it is clearly divided into fourparts:Part 1 focuses on the general situation of the T-M&A happening in the listedcompanies. It introduces the connotation, character and development backgroundof the T-M&A happening in the Listed Companies.Part II analyzes the behaviors of the T-M&A happening in the Listed Companies.It begins with the motivation of the T-M&A happening in the Listed companies’ prebehavior to analyze its existing problems and industry selections, and then this partstudies how it play chess balanced richly, and ends at its operation styles.Part III briefly analyzes the passive and negative beneficial results of the T-M&Ahappening in the Listed Companies based on the knowledge of its behaviors.Part IV mainly talks about the countermeasure for the T-M&A happening in theListed Companies. The discussion is based on the three participating parties: thegovernment, the maker of the game rules for T-M&A happening in the ListedCompanies; the Listed Companies, the main body of the T-M&A happening in theListed Companies and the Investment Bank, the medium of T-M&A happening inthe Listed Companies.更多还原