外资并购上市公司的行为探因与在中国境内分布

Research on Behavior of Foreign-Capital M&A of Listed Companies

从目标公司所属行业、并购时的行业地位、经济区域,以及外资控股方式、股东地位和来源区域等八方面对外资并购进行了系统研究。结果表明,外资攫取目标公司控制权的意图较为明显,外资并购对我国经济区域的协调发展作用有限,股权转让缺乏市场化定价机制,外资来源区域过于集中。应强化外资并购监管,谨防行业出现外资垄断;调整外资并购政策,引导外资向中西部流动;加快股权全流通进程,促使股权转让市场化;拓展外资来源渠道,降低国家经济安全风险。

We analyze the target company in the perspective of industry, industry status, economic regions, holding mode, foreign shareholders status and regions of foreign capital. It finds that the real purpose of foreign-capital M＆A is to get control of the target company, its function in coordinating Chinese regional economic development is very limited, market price system of stock right transfer is scarce, as well as region of foreign capital is over-concentrated. At last, strengthening the supervision and management of foreign-capital M＆A, adjusting policies of foreign-capital M＆A, speeding up the all-tradable of stock in stock market and expanding sources of foreign capital are suggested.