利率市场化下西部民营上市公司的并购趋势——以四川民营信息技术和机械设备行业为例

On the M&A of Listed Companies in the Process of the Interest Rate Reform:A Case Study of Private Listed Companies of Information Technology and Machinery in Sichuan

我国在现代市场经济转型中逐步放开了利率管制,利率和资本市场的关系成为近年研究的热点。利率市场化是完善资本市场、优化资源配置、淘汰落后产能的必要环节。利率市场化会影响上市公司的股价表现,使得股权交易式的并购行为受到影响。文中从理论和实证两方面入手,分析四川民营上市企业中的信息技术和机械设备公司对利率市场化改革的敏感程度,探究利率市场化背景下上市公司股权并购的有利和不利因素,为企业决策提供可行性建议。

Because of the transition to a modern market economy, China has gradually liberalized its interest rate controls. In recent years, the relationship between interest rates and capital markets has become a popular research topic. The marketization of interest rates can improve capital markets, optimize the allocation of resources, and shut down the outdated production capacities. The marketization of interest rates will affect the share-price performance and the mergers and acquisitions which are based on equity exchange. This paper analyzes Sichuan-based private listed enterprises of information technology and machinery both theoretically and empirically to reveal their sensitivity to interest rate reforms. It also discusses advantages and disadvantages of the listed companies＇ mergers and acquisitions in hope of giving some feasibility proposals for these enterprises.