我国企业并购的发展趋势与展望——以香港上市公司为例

The Development Trend and Prospect of M&A in China——Take Hong Kong Listed Companies As An Example

文章以香港上市公司为主要研究对象,研究了香港上市公司并购的整体情况以及未来的发展趋势。研究发现,最近10年,香港上市公司并购主要发生在2015—2016年,然后逐年减递减。并购主要发生在房地产经营公司、建筑工程类企业、投资银行业和资产管理与信托行业等行业,并购规模大,交易集中分布在少数行业;并购交易的目的非常明确,如获取企业资源、开拓市场、获得先进科技、进入新的产业领域;并购的交割方式主要有股票、现金和现金与股票混合使用;并购流程严格规范。未来,科技企业并购成为热点,企业并购国际化趋势更加明显,多元化发展模式成行业间企业并购的主要驱动因素,并购企业“强强联合”行业垄断趋势逐步形成。

Taking Hong Kong listed companies as the main research object,this paper studies the overall situation and future development trend of M&A of Listed Companies in Hong Kong.It is found that in the last 10 years,M&A of Hong Kong listed companies mainly occurred in 2015-2016,and then decreased year by year.Mergers and acquisitions mainly occur in real estate companies,construction enterprises,investment banking and asset management and trust industries,M&A has a large scale,and the transactions are concentrated in a few industries;the purpose of M&A is very clear,such as obtaining enterprise resources,developing market,acquiring advanced technology and entering new industrial fields;the delivery methods of M&a mainly include stock,cash and mixed use of cash and stock;the M&a process is strictly standardized.In the future,the merger and acquisition of science and technology enterprises will become a hot spot,the internationalization trend of enterprise merger and acquisition will be more obvious,the diversified development mode will become the main driving factor of enterprise merger and acquisition among industries,and the industry monopoly trend of“strong alliance”of merger and acquisition enterprises will gradually formsectors.