公司购并风险管理.docVIP

00NM015丨：强 公『彳购并风险管理 00NM015丨：强 公『彳购并风险管理 1 1 复旦大学 硕士学位论文 公司购并风险管理 姓名：王强 申请学位级别：硕士 专业：工商管理 ^导教师：俞樵 2002.4.30 Abstract With the rapid expansion of capital market in china, more and more companies take the MA action to enhance the reputation/competition competency in the market, Thus，its necessary to take out the research to reduce the risk of MA ploy. This thesis tries to give some helpful information in analyzing and researching the direction of how to control the MA action in strategic and operational way. Firstly, the thesis make evaluation and summarization at the concept /mode/vision /character/of MA, collect the corresponding data of western countrys experience, clarify the importance of keep away the risk during MA. Secondary, the author dissertate the risk management of MA in china, on the basis of summarizing the MAs main mode/performance, mention the particular motivation/main character of MA in china, use the reference of ccmpetition advantage/core competency theory, give the options for company to choose the suitable MA mode. Thirdly’ the author elaborate the adventure may cause/way to keep away the adventure in the MA’s procedure in china, give the useful information for easy refer. Fourthly, this thesis point out the key issue in chinas MA ploy via analyzing the case of ST HAIYANG，s failure. Finally’ based on the above mentioned point and combine the direction of Chinese capital market in future，point out the necessity for government to stipulation the MA ploy via legislation and provide the health environment for MA in china. Key words: capital market Merger and Acquisition risk management OONM015 J:■强 公nj购并风险管理 PAGE \* MERGEFORMAT 2 PAGE \* MERGEFORMAT 3 00NM015 卜：强 公n彳购并风险管理 PAGE \* MERGEFORMAT 1 1总论 1. 1研究背景及现实意义 在被当今越來越多的企业家所意识到的仅仅靠自身力量已难以适应激烈竞争的 时代，购并已经成为实力迅速扩张的共识和事实。 随着中国资本市场特别是股票市场的快速发展，上市公司间的资产重組活动也越 来越多。据统计1997年上市公司发生资产重组仅有57家，占当年上市公司总数的 7.71%;到了 1999年发生资产重组的上市公司数达到了 189家，占当年上市公司总数 的19.94%;而到了 2000年这个数量达到了 239家，占到当年所有上市公司总数的 22.65%。因此，从这个统计