并购重组市场化改革问题及监管对策研究——基于深市并购重组交易的经验数据

Research on Market Reform of M&A and Restructuring and Supervision Countermeasures

在证监会2014年并购重组1市场化改革系列举措推动下,加之市场行情的变化,并购重组市场实现了近三年的跨越式大发展,并购重组功能得以充分发挥。但是,也出现了市场过热、部分盲目、无序交易等现象,特别是集中进入业绩兑现期,出现了诸如任性停牌、会计利润调节、业绩承诺履行乱象、标的资产失控等问题。本文结合2015～2017年深市上市公司并购重组市场发展情况,对并购重组市场化改革过程中暴露出的问题予以分析,并结合实践需要,提出进一步促进改革和完善监管政策的建议。

Driven by CSRC＇s 2014 M＆A and restructuring market-oriented reforms, coupled with changes in market conditions, the M＆A and restructuring market has achieved leap-forward development in the past three years, and the M＆A and reorganization function of the capital market have been fully utilized. However, it also presents phenomena such as overheated market, partial blindness, and disorderly trading. In particular, it concentrates on the performance redemption period, accumulating problems such as arbitrary suspension, accounting profit adjustment, uncompleted performance commitments and uncontrolled underlying asset. Based on the development of the M＆A and restructuring market of listed companies in Shenzhen Stock Exchange from 2015 to 2017, this paper analyzes the problems exposed during the market-oriented reform of M＆A and restructuring, and puts forward suggestions for further promoting reform and improvement of regulatory policies.