什么样的重组事项更容易通过审核——基于发行股份购买资产事项审核结果的实证研究

What Reorganization Matter Is More Likely to Get through Examination——An Empirical Study Based on the Results Examination of Asset Purchases by Issuing Shares

本文以2014~2015年并购重组委审核的发行股份购买资产事项为样本,研究什么样的重组事项更容易通过并购重组委的审核以及审核标准是否随政策而变化。研究发现:并购重组委以前更注重并购重组事项对公司当年盈利能力的影响,新政实施以后,希望上市公司通过并购重组优化其业务结构,健全经营发展战略、完善业务管理模式,同时更加鼓励市场主体的自由行为。

In this paper, the asset purchases by issuing shares examined by M ＆ A committee during 2014-2015 are used as samples to research what reorganization matter is more likely to get through the examination of the M ＆ A committee and whether the examination standard changes with the policy. It＇s found that the M ＆ A committee formerly pays more attention to the influence of the M ＆ A on the current year＇s profitability of the company, and after the implementation of the new policy, it hopes the listed companies to optimize their business structure by M ＆ A, improve their business development strategies and perfect the business management mode, and encourages the free behavior of the market participants.