中国上市公司并购中的制约因素

Critical Factors for M&A of Public Companies in China

上市公司并购是证券市场发展到一定阶段的产物．通过并购可以实现企业的优胜劣汰和社会资源的优化配置，提高整个国民经济的运行效率；但上市公司并购尚处于探索阶段．在发展中还存在着许多问题．本文从证券市场、政策法规和金融中介机构三个方面对上市公司并购的制约因素进行了详细的讨论．

Mergence and acquisition(M&A) of public companies was one of the achieve-ments in the development of stock market in China. Through M&A activities, winning companies could be survival, economic resource allocation could be optimized and the effi-ciency of national economy could be enhanced. But there existed some problems. such as unclear equity rights. inharmonic social environment, etc. This article detailed the critical factors for M&A of public companies in stock market, policiy and regulations, financial and intermediate organizations.