上市公司2015年并购重组情况与监管问题研究

Research on Merger & Acquisitionand Supervisionof Shenzhen Listed Companiesin 2015

自2013年以来,随着并购重组市场化改革的持续深入,深市上市公司的并购重组日趋活跃,市场化并购逐渐成为主导,上市公司主动寻求外延式扩张的意愿也日益强烈。2015年,深市上市公司并购重组家数和金额呈爆发式增长,活跃程度也远超前两年,呈现出金额大、高估值、高溢价、海外收购增多等新的特点,同时也出现了一些值得关注的问题,如变更重组业绩承诺、"类金融机构"注入上市公司等。本文在总结一系列新的特点和问题的基础上,根据日常监管的需要,提出强化信息披露、有效发挥中介机构作用等一些监管思考和建议。

The merger and acquisition （shorted for M＆A） of listed companies in Shenzhen Stock Exchange has become increasingly active since 2013. With the further development of marketization reform in M＆A, SZSE-listed companies are willing to seek the denotative expansion driving by the power of the mechanism.The dramatic rise in the number of M＆A in 2015 surpasses the past and presents some new characteristics such as deals with large transaction amount, high valuations, high acquisition premium, and increasingly overseas acquisition. However, it is likely that a series of problems such as changing commitment randomly and the high risk in the merger of listed companies and non-bank financial institutions appeared. As for these concerns, this paper has put forward suggestions such as strengthening the information disclosure and fully playing the roles of intermediary,