股权分置改革后上市公司并购支付方式研究

企业并购活动中,并购支付是实现交易的一个关键环节,关系到并购双方的利益。由于股权分置等原因,我国上市公司并购支付方式单一,不能适应并购业务快速发展的需要。股权分置改革后,并购支付方式多元化,非流通股东和流通股股东利益一致。上市公司将以提高股东价值增加值为目的合理选择并购支付方式,中介机构将在选择最优支付结构中发挥更重要的作用。

Study on Payment-method in M&A of Listed Companies after Shareholder Structure Reform

Payment method is very important in the listed companies' M&A practices.It is connected with both sides’ interests.Because of equity division,payment methods adopted by Chinese companies in their M&A practices are single.After shareholder structure reform,payment methods become diversified.The tradable shareholders' interest is in accordance with the untradable shareholders '.Listed companies will choose proper payment methods in order to increase added stock value.Intermediary agency will become more important in the process.