上市公司并购重组支付方式体系存在的问题及对策

Problems and Countermeasures of the Payment System for Mergers and Acquisitions of Listed Companies

上市公司并购重组在促进产业结构调整、优化社会资源配置方面发挥了日益重要的作用,而丰富、灵活的并购重组支付方式是提高并购市场效率的关键之一。本文简要介绍了国内上市公司并购重组支付体系概况,重点分析存在的问题,并结合国内外并购市场案例及实证数据,对并购创新支付工具作了评述,提出完善上市公司并购重组支付体系的政策建议,包括在并购交易中先行推出定向可转债、引入储架发行制度、论证认股权证试点的可行性、支持券商提供并购支付融资工具等。

Mergers and acquisitions （M＆A） of listed companies are playing an increasingly important role in the industrial restructuring and the optimization of social resources allocation. A flexible payment system of M＆A is one of the most important factors to improve the efficiency of M＆A market. This paper briefly introduced the M＆A payment system of domestic listed companies. Focusing on the analysis of existing problems, and combined with case studies and empirical data in domestic and international M＆A market, we made comments on the innovative tools of M＆A payment and several proposals on policies to improve M＆A payment system of listed companies, including the introduction of private convertible bonds in M＆A transactions, the introduction of shelf offering system, the feasibility study of the warrant, the encouragement of domestic investment banking to provide M＆A financing method, etc.