论文标题:我国上市公司的并购行为案例研究
On the Right to Cancel Voyage Charterparties Before Loading and the Related Problems
论文作者 陈新华
论文导师 金丽玉,论文学位 硕士,论文专业 会计学
论文单位 上海海运学院,点击次数 94,论文页数 61页File Size2840k
2001-12-18论文网 http://www.lw23.com/lunwen_718131162/ 企业并购;过渡经济;上市公司;并购行为
Merger and Acquisition,Transforming Economic,Listing Companies,Behavior of M&A
20世纪90年代开始，中国经济处于变革发展的关键时期。我国国有企业在先后完成了由产品生产转向商品生产、单一生产型转向生产运营型的“两次跳跃”后，正逐步上升到更高的层次，将实现“第三次跳跃”，即资本运营。资本运营的核心与灵魂就是企业并购。 本篇论文沿着企业并购在我国的历史发展轨迹，分析了在过渡经济背景之下，我国的企业并购所经历的不同发展阶段；归纳了在我国独特的政治制度、金融制度和市场经济的环境中，企业并购所具有的过程性的特征，其中包括结构性特征和技术性特征；提出我国的企业并购应走出一条市场化道路势在必行。在这条市场化的道路中，一方面要求我们推行一系列制度建设来规范和促进企业并购的健康道路；另一方面，政治制度、金融制度都应给予相应的配合，进而对产权市场进行定位与设计，对政府行为加以规范，产生新的金融政策和融资机制。 本论文在分析与创新了以上的规范与制度后，指出从深化国有企业改革的要求来看，需要通过上市公司并购来解决产业结构不合理和企业负债过重等问题，来促进资产存量在不同经济实体之间的优化组合。本文结合有关案例着重以上市公司的并购行为作为主要分析基础，对上市公司的并购方式、上市公司的并购方向与目标公司选择、上市公司并购优势以及上市公司并购的问题与解决办法进行探讨，归纳了上市公司在不同的并购方式与方向下的优势与特点，进而总结出现有政策体制和金融制度下存在的上市公司并购问题及可行的解决办法。
At the end of 20 century, China"s economy is at the key moment of transforming and developing. After our state-owned enterprises completed two jumps: from plan draft production to market draft production, then from single production to scale economic operation, gradually they step on the third jump: from product operation to capital operation. The spirit of capital operation is Merger and Acquisition.In this thesis, each step of Chinese M&A has been analyzed on a transforming economic background. Characters of Chinese M&A are obtained under different development procedures, which include structure character and technical character. It is pointed out that the Chinese M&A should be operated under market mechanism and government guidance. In the way to market mechanism, on one hand a new set of system are required to regulate and promote the healthy development of M&A, thus a M&A system can be made, on the other hand. The cooperation of political and financial system is preferred. So the design of the position and structure of equity swap market can be carried out, the government behavior can be regulated and new financial policy and financing mechanism can be drawn up.After the analysis and innovation of above regulation and system, this thesis point out that in the need of deepening state-owned enterprises. M&A of listing companies are required to settle the unreasonable industry structure and over-heavy debt problems. So the optimal compensation of asset reserve among different economical entities can be promoted. Meanwhile, this thesis has studied certain behaviors of M&A cases on Chinese listing companies, analyzed the merging forms in Chinese financialmarket, advantages of merging listing companies, behavior of Chinese M&A, existing problems in M&A and their resolutions.Chen Xinhua (Accounting) Directed by Jin Liyu
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