外资股权并购与当前我国股市的发展

Foreign Investment M&As Through Exchange of Shares and the Current Development of Stock Market

本文探讨我国股市与通过股权交易的外资并购(以下简称外资股权并购)之间的关系,其中对外资股权并购国企提升被并购国企的托宾Q值(Q=股票的市值/资产的重置成本)进行了理论创新,这对解决目前我国国有法人股解禁问题具有一定的现实意义。同时对我国股市与外资股权并购做了目前学界还未做过的实证分析,通过分析笔者认为:针对目前我国低迷与宽幅振荡的股市,外资股权并购将是其后续发展的动力之一。

This article analyzes the relations between stock market and Foreign Investment M＆As through exchange of shares. And the theory which is the Foreign Investment M＆As through exchange of shares boost the Tobin Q of mergerd state corporations, is innovated . Trough this theory, we can solve the circulation of state-own share. The empirical analysis on the relations between the stock market and Foreign Investment M＆As through exchange of shares, which is the academe hasn＇t done. Through the analysis of this article, we get the conclusion, which is Foreign Investment M＆As through exchange of shares is the impetuous headspring of the turndown and furious stock market of our country.