外资股权并购与当前我国股市的发展

Foreign Investment M&As through Exchange of Shares and the Current Development of Stock Market

本文探讨我国股市与通过股权交易的外资并购(以下简称外资股权并购)的关系,从外资股权并购提升被并购国企的托宾Q值(Q=股票的市值/资产的重置成本)的角度进行了理论研究和创新。这对研究目前我国国有法人股解禁问题具有重要的现实意义。本文还对我国股市与外资股权并购做了大量实证分析。通过分析,笔者认为:针对目前我国低迷与宽幅振荡的股市,外资股权并购将是其后续发展的动力之一。

This article analyzes the relations between stock market and Foreign Investment M&As through exchange of shares. And the theoretical innovation has been done to the Foreign Investment M&As through exchange of shares which boost the Tobin Q of mergerd state corporations. By doing so, we can solve the circulation problem of state-own share. Through the analyses of this article, we draw the conclusion that Foreign Investment M&As through exchange of shares is the impetuous headspring of the turndown and furious stock market of our country.