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上市公司的并购重组是资本市场优化资源配置的重要方式 ,由于中国资本市场在发展中还存在一些制度性的问题 ,致使上市公司并购重组并没有体现出资源优化配置的功能 ,偏离了正常的并购目标。本文对近年来中国上市公司非实质性并购重组的目的和非市场化的运作方式进行了分析 ,并探析了并购目标偏离的原因。认为 :要使中国上市公司的并购重组步入战略性重组的轨道 ,除了并购的法律程序需改进外 ,在资本市场的制度上也要不断地创新 ,包括股票的全流通 ;上市制度和退市制度实施过程要进一步规范 ;采取大力发行公司债券 ,引入破产重整制度对亏损公司进行挽救等措施
Mergers and acquisitions of listed companies are an important way to optimize the allocation of resources in the capital market. As there are still some institutional problems in the development of China's capital market, M & A of listed companies does not reflect the function of optimal allocation of resources, and deviates from the normal mergers and acquisitions aims. This article analyzes the purpose of non-substantial M & A and non-market operation of Chinese listed companies in recent years, and analyzes the causes of the deviation of M & A targets. The author thinks that to make the merger and reorganization of Chinese listed companies enter strategic reorganization, besides the need to improve the legal procedures of mergers and acquisitions, the system of capital market should be constantly innovated, including the full circulation of shares, the listing system and delisting The implementation of the system should be further standardized; measures such as vigorous issuance of corporate bonds and the introduction of the bankruptcy reorganization system to save the losing company