上市公司收购的利益驱动力分析（Analysis of interest driving force of takeover of listed companies）.doc

上市公司收购的利益驱动力分析（Analysis of interest driving force of takeover of listed companies） In the past, for the largest shareholder of the acquirer, the injection of assets at a certain premium to the listed company can produce a premium income. In addition, if the companys performance turns for the better, it can also issue additional shares for income. For the local government, the poor performance of listed companies into good performance enterprises, their faces are glorious. Therefore, the acquisition of listed companies is generally poor performance of listed companies. Now, as the market matures, mergers and acquisitions of listed companies to more stringent regulation, the profit space is getting two market or inject assets into listed companies less profitable opportunities; increase financing SEO uncertainty. In this case, the driving force of the M a market mainly from three kinds of interests: local government mergers and transformation in profit in state-owned enterprises; intermediary organizations optimize merger plan, reduce the cost of purchasing, as the acquirer zaoli; in the process of purchasing new tools for arbitrage . Government in mergers and acquisitions, let alone. In order to promote mergers and acquisitions, local governments often take a series of measures to reduce the cost of the acquirer, such as divestiture of the target of acquisition and replacement of employee status. This measure is similar to giving the acquirer a no gain. This profit taking behavior is reflected in the case of management participation in mergers and acquisitions, as well as mergers and acquisitions cases involving other entities. Such as Anhui water acquisition case. The case is simple and follows as follows: The first step is to establish the acquisition entity - Bengbu Jiahe Venture Capital Co., ltd.. 2003 Bengbu Jiahe City Investment Company Limited (hereinafter referred to as Jiahe investment) was established, the company registered capital of 50 million yuan, the