论文标题:论我国上市公司的并购重组
The Information Disclosure System of Tender Offer
论文作者 焦绪凤
论文导师 李青,论文学位 硕士,论文专业 金融学
论文单位 对外经济贸易大学,点击次数 566,论文页数 44页File Size188k
2003-04-01论文网 http://www.lw23.com/lunwen_5499357/ 并购重组,上市公司,并购方式,管理层收购
M&A,Listed Companies,M&A Manner,MBO
所谓并购(M&A)，就是兼并(Merger)和收购(Acquisition)的简称，通俗地讲就是购买企业。从宏观角度看，企业并购可以直接服务于国民经济的战略性调整；从微观角度看，企业并购是企业实现战略性发展的重要方式。过去3年中，中国国内发生了1700多起并购案，涉及金额1250亿元人民币。海外企业收购国内企业的交易有66起，涉及金额66亿元人民币。其中，上市公司无疑是参与并购交易的中坚力量。2002年，随着相关立法的不断完善，上市公司的并购重组活动出现了如下特点：外资并购活跃起来、参与并购交易的民营企业不断增多、管理层收购(MBO)日益频繁、并购方式不断创新。有鉴于此，本文对我国上市公司的并购重组行为进行了分析。本文共分为三章。第一章从理论的角度对并购重组进行了描述。本章分为三节：第一节介绍了并购重组和相关的概念。所谓并购，就是兼并与收购的简称。通过并购重组，可以优化企业结构，调整企业的资源配置；第二节对我国上市公司的并购行为进行了分类。对我国上市公司而言，可以按照并购对象、并购方式、并购方向、是否构成关联交易、并购的市场、出资方式、有偿与否、并购意愿对其并购活动进行分类；最后一节重点分析了我国上市公司的协议收购和要约收购程序。这一章的理论阐述为第二章的实证分析打下了基础。第二章对我国上市公司的并购重组活动进行了实证分析。本章分为三节：第一节详细介绍了我国上市公司并购活动产生的背景。我国上市公司并购活动的产生既有其政策背景又有市场实践的推动。首先是政策安排推动了并购活动。1999年7月1日实施的《证券法》，明确规定了我国上市公司股权转让的两种方式，即：协议转让和二级市场收购。2002年10月出台的《上市公司收购管理办法》，打开了外商进入我国资本市场的大门，理顺了外商收购兼并上市公司的渠道，对引进外资和先进的技术及管理模式，提高上市公司业绩，优化股权结构，推动我国经济结构战略性调整和产业升级都有重要的意义。其次是市场实践推动了并购业务的创新。1993年9月发生的“宝延事件”是我国证券市场上第一例市场收购案。1997年我国证券市场中出现了“净资产”置换的并购模式。1998年，民营科技型企业成为并购中的主力。2000年我国证券市场上借壳买壳的数量大大增加。2002年则被称为"中国的并购元年"，这一年中多部与并购相关的重要法规相继出台。同时外资并购、管理层收购、民营企业收购上市公司成为该年并购市场上的焦点。第二节对我国上市公司的并购行为进行了详细分析。首先通过不同的并购案例分析了我国上市公司并购的6种方式。整体并购是指上市公司以资产为基础确定并购价格受让目标公司全部产权的并购行为。这种并购分为总资产并购与负债并购两种形式。前者的例子有沙隆达并购蕲春农药厂，后者是北人集团兼并陕西黄工集团。投资控股并购是指上市公司向目标公司投资从而将目标公司改组为上市公司的控股子公司的并购行为，如福田汽车投资控股长沙中汽梅花客车有限公司。股权有偿转让是指并购公司根据股权协议价格受让目标公司全部或部分股权，从而获得目标公司控制权的并购行为，如海尔集团协议受让鞍山市财政局持有的111726046股鞍山信托国家股股权中的90821956股。资产置换型并购是指上市公司用一定价值的资产并购等值优质资产的产权交易行为，如白猫股份以自身的全部资产及负债转换上海牙膏厂全部资产、负债的行为。二级市场并购是指并购公司通过二级市场收购上市公司的流通股从而获得上市公司控制权的并购行为，如太太药业收购丽珠集团的股权。股权无偿划转是指地方政府或主管部门(上市公司的所有者)通过行政手段将上市公司的产权无偿划归并购公司的产权重组行为。其次分析了我国上市公司的并购方向。通过不同的案例对上市公司的横向、纵向、混合并购进行了分析。第三节具体剖析了中远集团并购众城实业的案例。本节从该案例的背景入手，首先介绍了并购双方的基本情况，然后分析了此次并购的目的、战略、过程，最后对该案例的操作技巧及深远意义进行了分析。第三章重点阐述了我国上市公司并购重组存在的问题、作用及发展趋势。本章分为三节：第一节分析了上市公司并购重组存在的问题。本节首先从宏观的角度分析了国内并购市场存在的问题，如股权分割、配套法规滞后等；其次从微观的角度即企业本身探讨了并购中存在的问题，如企业并购的盲目性、政府的介入不当、信息不对称等。第二节分析了上市公司并购重组的作用。并购重组不仅能优化上市公司的资源配置，还可以提升上市公司的价值，促进经济增长。第三节分析了上市公司并购重组的发展趋势。这种趋势包括，战略性并购将走向前台、民营企业并购加速、管理层收购的兴起以及外资收购正初露锋芒等。本文认为随着相关法规的不断健全以及经济的不断发展，我国的并购交易会更趋市场化、规范化与法制化，同时，并购活动也会不断提升我国上市公司的整体素质与水平。
What is called M&A is the shortened form of merger and acquisitions, in another word is "buying the enterprises". As viewed from macroeconomics, M&A can directly serve for the strategic adjustment of the national economy; while as viewed from microeconomics, M&A is an important way for the strategic development of the enterprises.In the past 3 years, there have been more than 1700 M&A cases occurred in China, which involved in ￥125 billion. There were 66 deals that overseas enterprises acquired the domestic enterprises, which involved in ￥6.6 billion. Undoubtedly, the listed companies were the key parts that participated in M&A. In 2002, the following features of M&A of the listed companies appeared with the relevant legislation has been perfected: foreign capital M&A was flourish, the number of the nongovernmental enterprises that participated in M&A was continuously increased, MBO occurred frequently, and M&A were innovated continuously. For this purpose, this thesis analyzes M&A of Chinese listed companies.There are 3 chapters in this thesis.In chapter one, the author describes M&A from the point of view of theory. There are 3 sections in this chapter: the author introduces M&A and the relevant concepts in section one. What is called M&A is the shortened form of merger and acquisitions. By way of M&A, we can optimize the enterprises" structure, adjust the resource allocation of the enterprises; in section two the author classifies M&A of Chinese listed companies. As for our listed companies, we can classify their M&A according to the following ways: M&A objects, M&A methods, M&A direction, whether M&A involving in related transaction, M&A markets, forms of investment, compensation or not and M&A will; in the last section the author analyzes agreement M&A and offer M&A procedure of our listed companies. The theory of this chapter lays the foundation for the demonstration analysis of chapter two.In chapter two the author makes demonstration analysis for M&A of our listed companies. There are 3 sections in this chapter: in section one the author introduces M&A background of our listed companies in detail. M&A of our listed companies has been promoted both by policy and the market practice. Firstly, the policy arrangement promotes M&A. The Securities Act enforced in Jul.1, 1999 stipulates definitely there are 2 ways of stock right transfer of our listed companies, i.e. agreement transfer and acquiring in the secondary market. Acquisition Management Method of Listed Companies constituted in Oct.2002 opens the door that the foreign businessman can enter into Chinese capital market, makes harmonious relations between all parts of foreign capital M&A, which is very important for the following aspects: introducing foreign capital and advanced technology and management, increasing the achievement of the listed companies, optimizing stock equity structure and impelling strategic adjustment of Chinese economic structure and industry updating. Secondly, the market practice impels innovation of M&A. "Bao-Yan Event" occurred in Sep.1993 was the first market acquisition case in Chinese securities market. In 1997,"net asset replacement" M&A occurred in Chinese securities market. In 1998, nongovernmental technological enterprises became the main force of M&A. In 2000, the number of backdoor listing and buying shell was increased a lot. Year 2002 was entitled "Chinese First Year of M&A". In this year, many important rules of laws related to M&A were constituted. At the same time, foreign capital M&A, MBO, nongovernmental enterprises acquiring listed companies became the focus in the market. In section two, the author analyzes M&A of Chinese listed companies in detail. Firstly, the author analyzes 6 M&A manners of Chinese listed companies through different M&A case. "Total-M&A" is that the listed companies acquire the target company"s total property right according to M&A price based on assets. There are two forms of this kind of M&A: total assets M&A and leveraged M&A. The example of the former is Shalongda
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