广东省上市公司并购模式创新探讨——基于广东省2004年上市公司并购数据

On the M&A Innovation of Listed Companies in Guangdong——Based on the M&A Data of Listed Companies of Guangdong in 2004

广东省2004年上市公司并购数据显示,广东省上市公司大多数并购方通过并购实现了产业的多元化扩张,控制权市场逐步活跃。广东省上市公司并购呈现出交易增长、并购活动趋向于集中某些行业、外资并购有所攀升等特点。广东省上市场公司的并购模式可从企业与政府两个层次创新:公司并购以提升核心竞争力为目标,股权交易推动控制权市场的发展,以此来完善公司治理外部机制,以并购整合为契机推动制度创新;政府应从政策指导、培育并购的良好环境、加强法律规范等角度来推动上市公司的并购。

From the M＆A data in 2004 about listed companies in Guangdong it is demonstrated that the buyers tended to realize their diversification expansion by M＆A, and the market for corporate control enlivened gradually. Further analysis shows that turnover is increasing, and acquisition activities tend to focus on certain industries and foreign capital M＆A climbs. The M＆A mode innovation of listed companies can be divided in two aspects of company and government. For companies, firstly the buyer should take enhancing enterprise＇s core competitiveness as a goal; secondly, the control power market will be developed by the promotion of equity transaction, which can improve external governance mechanism; thirdly, Institution innovation can be promoted by M＆A integration. For the government, it should impetus the M＆A of listed companies form policy instruction, good merger environment cultivation and legal criterion strengthening and so on.