基于隐性终极控制权的上市公司换股并购分析--以攀钢钢钒并购攀渝钛业和＊ST长钢为例

Research of Stock-exchange Merger Based on Implicit Ultimate Control in Chinese Listed Companies:the Merger Case of PSV,PYTY & CSSC

运用终极产权论对三家上市公司的控股主体进行分类,通过追踪上市公司终极控制股东,分析了这三家上市公司中,终极控制股东拥有的控制权、现金流量权及其比例关系。同时,进一步对攀钢钢钒通过换股方式并购攀渝钛业和*ST长钢的案例进行了分析。

This paper adopts the method which traces the chain of ownership to find who is the controlling shareholder, and analyzes the classification of controlling shareholders of three listed companies. Based on tracing the ultimate controlling shareholder, It analyzes the ultimate control rights, cash -flow rights and comparison relation in three listed companies. Finally, it analyzes the stork -exchange merger case about PSV and PYTY, CSSC in Chinese listed companies.