摘要
:公司并购实际上是一种“交易”行为 ,其理论基础应为科斯提出的交易费用理论 ;在公司并购中 ,有一个重要的中介——投资银行的作用不容忽视 ,这似乎是一个国际惯例 ;投资银行与商业银行的一个重要区别在于它经营证券或证券化了的资本 ,而不吸收活期存款 ;我国投资银行的机构载体就是证券公司 ,明确投资银行的机构载体对于我国借鉴西方发达国家一些好的作法有着十分重要的现实意义。我国相对过剩经济、结构调整的现实及依靠财政、银行实施增量投入 ,拉动经济增长的资金濒于枯竭的窘境 。
The Merger and Acquisition (M&A) of corporations is virtually a kind of 'transaction', according to Mr.Ronald Coase's Transaction Cost Theory. It seems an international rule that investment bank as a major intermediary in financial market play a significant role in the M&A of corporations. Investment banks differ basically from commercial banks in that they engage only in securities or securitificational capital transaction and does not absorb deposits, especially the demand deposits. The definition of securities company in China as the body of investment bank is very important for us to learn from developed countries. The current situation of relatively surplus supply and economic restructure, combined with the dilemma of lacking enough fund to speed up economic growth besides the enormous bank credits and public financial expenditure in our country, have allowed investment banks to develop their M&A of corporation business further more, though the construction of soft and proper policy and market circumstance is also very important.
