上市公司并购重组突出问题、监管难点及对策研究

Problems, Regulatory Difficulties and Improvement Suggestions on Listed Company M&As

上市公司并购重组是实现资本市场资源配置效率的重要途径,对解决存量资产的优化配置问题具有重要理论及现实意义。由于当前我国并购重组存在一些突出问题,也产生了相应的监管难点,迫切需要从监管评价的角度对并购重组后的绩效评价设定一些新的指标和评价模块,反映并购重组后的市场绩效表现。而当前国内缺乏从监管角度对并购重组存在的突出问题及由此导致的监管难点进行深入系统分析。现通过重点分析近期广受关注的"忽悠式重组"问题,并在此基础上提出了有针对性的监管政策建议。

Merger, acquisition and reorganization of listed companies is an important way to realize efficiency in capital market resource allocation, and it has both theoretical and practical significance in solving the problem of optimal allocation of remnant assets. Existing Chinese literature lacks analysis on the performance of the listed company M＆As from the angle of regulatory evaluation, the analysis of which is a contribution of the current paper. As M＆As of listed companies currently show many problems in China, there are urgent needs in developing new indicators and evaluation modules frown the perspective of regulatory evaluation in order to reflect the market performance after M＆As. Further, current Chinese literature lack systematic and in-depth analysis of the prominent problems of M＆As and the resulting regulatory difficulties from the perspective of regulation. The paper stressed ‘bogus restructuring＇, which attracts wide attentions recently, and makes targeted regulatory suggestions.