加强制度建设促进证券公司购并重组的发展

证券公司兼并收购是我国证券业整合的有效措施,但目前我国证券公司进行大规模并购整合的时机还不尽成熟。我国已有的证券公司并购仍以政府主导型为主,纯粹市场化的并购整合比较少见。究其原因,证券公司产权结构不健全、收购中缺乏合理的定价标准、购并重组与证券法规的有关规定相冲突、当地政府部门的障碍等都是在实践中亟待解决的问题。基于对我国证券公司购并重组现状的基本评价,本文从设立子公司、建立证券公司退出机制、建立健全托管制度、完善明确收购资质、强化对并购全过程监管、加强对购并重组的激励以及完善收购方的利益补偿措施等方面,提出了加强制度建设、促进我国证券业并购整合的若干政策建议。

Strengthen the System Construction to Promote the Development of Acquirement and Reorganization of the Securities Corporate

Acquirement and integration of the securities corporate is effective to integrate securities business.Whereas conditions do not allow the corporate to do it on large scale,because in China the acquirement and integration of the securities corporate is seldom completed by market but still dominated by government.In fact, those issues,such as the badly-organized property structure,unreasonable pricing criteria in acquiring the corporate,and the conflict between acquirement and the securities regulations,demand prompt solutions.Beginning with the present conditions of the acquirement and reorganization of the securities corporate,the paper presents some suggestions for making policy to promote the process.