我国上市公司资产重组低效率的成因分析

Analyzing the Cause of Low Efficiency in China’s Listed Company’s Reorganization of Assets

本文认为,上市公司资产重组的低效率严重影响着资源配置效率和证券市场健康发展,导致我国上市公司资产重组低效率的成因具有多样性和复杂性,多种原因同时并存,相互作用;扭曲的动机使重组活动与其本来目标南辕北辙,违背市场法则的重组操作使其绩效大打折扣,地方政府的“父爱”使一些重组企业成为扶不起的“阿斗”,低效率的监管未能维持正常的重组秩序,发展滞后的中介机构难当重任。文章提出,只有对此进行正确把握,才能对症下药,标本兼治,从而不断规范上市公司重组行为,促进证券市场健康发展。

The author points out that the low efficiency in listed company＇s reorganization of assets seriously influenced the efficiency of resources distribution and the health development of China＇s securities market. Causes of the low efficiency are numerous and interrelated. Distorted motives make the reorganization deviate from the original targets; reorganization that contrary to market rules discount performances. Local government＇s caring makes the reorganization companies lack the ability to grow up; low efficient supervision does not maintain normal reorganization order. Only if we firmly grasp these points, will we take the correct actions, and seek both temporary and permanent solutions. This will in turn help promote the health development of China＇s securities market.