企业并购手段之融资方式分析------毕业论文

2008届本科毕业论文（设计）论文题目企业并购手段之融资方式分析学生姓名所在学院电子商务学院专业财务管理专业学号指导教师成绩2008年4月2XXX大学本科毕业论文（设计）原创性及知识产权声明本人郑重声明所呈交的毕业论文（设计）是本人在导师的指导下取得的成果。对本论文（设计）的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。因本毕业论文（设计）引起的法律结果完全由本人承担。本毕业论文（设计）成果归XXX大学所有。特此声明。毕业论文（设计）作者签名作者专业作者学号_年_月_日3XXX大学本科学生毕业论文（设计）开题报告表A1A0A3A4A2A6A7A5A10A8A9A11A12A13A14A15A18A16A17A19A20A1A0A3A4A2A6A23A21A25A22A1A0A3A4A2A6A27A24A29A30A31A26A28A32A35A36A37A33A34A7A37A40A41A8A42A38A39A43A44A45A46A47A48A49A50A45A46A48A49A51A52A53A54A55A56A57A58A59A60A1A61A62A63A18A64A65A66A67A68A69A70A71A72A52A73A74A75A11A76A77A78A79A80A81A82A83A84A85A64A52A86A80A87A88A89A90A91A92A93A94A10A8A9A11A95A84A96A64A52A97A98A99A83A10A8A9A11A15A18A95A22A100A16A17A64A101A102A9A11A28A32A82A103A104A105A106A106A107A81A108A108A109A109A109A110A111A112A113A114A112A115A116A117A118A110A119A111A117A110A119A112A108A120A121A122A48A121A122A51A123A124A125A83A126A9A11A127A128A129A130A95A19A20A65A23A131A70A132A133A134A135A136A95A86A80A87A88A94A10A8A9A11A137A138A139A95A15A18A16A17A95A100A84A85A72A140A141A51A142A143A37A95A42A38A144A145A146A147A148A65A123A124A149A150A151A152A153A154A155A156A152A157A158A152A159A160A161A162A163A164A165A166A167A18A168A65A169A170A171A172A152A152A173A174A152A19A20A65A175A170A26A176A177A55A178A95A179A180A23A181A182A143A183A1A86A95A184A185A65A26A130A186A23A86A55A1A187A95A188A189A137A190A91A72A191A192A51A142A193A194A83A126A9A11A130A95A15A18A124A195A146A196A183A19A20A125A197A65A198A199A131A70A87A88A200A201A133A134A202A203A204A205A95A206A207A94A10A8A9A208A209A210A211A212A213A214A215A216A217A218A219A220A221A222A223A224A225A226A227A213A228A229A230A231A232A233A234A235A221A236A237A238A239A240A226A241A208A242A221A243A244A245A246A247A248A249A250A251A252A253A254A213A255A212A0A1A247A2A3A4A5A6A7A221A8A247A9A10A0A1A247A2A221A11A12A13A14A225A17A15A16A18A15A16A18A19A19A114A20A21A22A221A228A229A243A120A23A24A25A26A7A27A28A29A30A221A31A32A25A236A237A33A34A35A30A36A2A37A38A221A39A34A40A41A42A236A237A241A43A211A215A44A215A45A220A221A222A223A224A244A245A23A46A47A25A48A25A32A49A46A41A42A50A51A220A0A1A52A53A243A252A30A36A54A55A56A0A1A209A210A57A58A59A60A120A61A221A89A62A63A32A244A64A23A65A227A66A67A241A59A68A234A69A221A70A42A71A72A73A52A225A74A75A19A228A46A76A77A228A78A120A77A228A98A79A80A41A42A241A208A81A0A1A241A43A221A44A82A136A21A89A62A83A84A244A78A245A77A228A98A79A80A230A85A86A87A88A221A0A1A247A90A243A241A228A229A13A14A91A92A240A11A12A244A78A64A77A228A98A228A229A230A231A241A208A93A94A95A221A96A97A218A99A100A240A93A208A101A102A243A244A226A81A245A246A247A248A250A251A0A1A25A241A208A81A221A103A213A224A3A104A105A20A115A243A241A106A107A120A108A0A1A109A110A244A78A76A77A228A111A38A112A113A249A0A1A247A2A221A37A38A247A116A225A117A118A119A16A121A122A123A124A118A119A121A122A123A124A123A124A19A192007A18112A12510A126A98A127A94A50A189A128A1292007A18112A12530A126A98A127A94A22A130A131A171A132A133A133A134A181A135A125A137A135A126A138A98A127A94A139A42A62A22A140A1412008A1814A12530A126A138A98A62A22A142A143A119A16A144A145A145A146A146A147A148A149A150A151A152A153A154A155A156A157A155A156A19A185A9A234A69A221A70A42A23A158A159A160A89A243A25A70A42A71A72A161A162A163A164A221A11A34A243A241A165A166A163A30A44A82A221A167A168A169A3A1A170A172A173A63A32A244A226A227A234A69A63A174A20A175A176A82A177A158A159A247A248A221A93A178A228A229A3A62A22A221A179A105A244A180A182A211A166A183A30A184A236A237A247A248A44A82A186A189A187A188A221A167A190A218A191A192A218A92A180A243A193A28A194A195A87A196A197A198A199A139A42A200A127A94A62A22A244A65A227A47A25A203A248A161A166A163A30A70A201A184A41A42A241A208A228A229A221A202A204A205A206A243A234A69A172A173A207A209A108A205A206A180A67A44A82A210A209A236A211A225A213A214A215A216A224A217A218A219A220A221A222A223A225A226A227A228A229A235A230A231A232A233A234A236A237A238A239A240A242A243A240A246A247A247A248A249A250A246A251A247A253A2424摘要兼并与收购，简称并购，是社会资源再配置的重要方式，在西方已发展了近百年。目前我国正处于经济存量调整和产业结构优化的攻坚阶段，并购对国有资产战略重组、提高企业经G14841G12661G10714G8712G5191和G3698G5390国G19481G12466G1117G2159G1867有重要战略G5859G1053。G13792G15713资是并购的G1863G19202G10627G14422，G15441G9994我国企业并购已发展了G2325G3822年，G1306并购G15713资的G9204G17959并G993G17902G11033，G19471G11873了并购的发展和并购G16280G8181的G6205大。西方并购经G17819近百年的发展，已G5430成G980G3883成G10099的G10714论和G6817作G12255G5219，在并购G15713资G5049G1867、中G1183G7393G2165和法律G16280G14551G12573方G19766G18129G8616G17751完G2904，因此，G1523G18504G1866经G20576G2499以G1363我G1216G4581G17220G5468G3822G5379G17347。西方G1863于并购G15713资的G10714论有MMG4462G10714、G1207G10714成本G10714论、G1461号G1268G17894G10714论、PECKINGORDERG10714论和G1856G2508G6523G2058G7447G10714论G12573，并购G15713资G5049G1867G2265G6336G1881G18108G15713资、G18341G15713G7438构G17163G8466G2842业G19146G15904、G1457G19517G1856G2508、G3534G18341G1856G2508、G2842业G12092G6466、企业G1550G2060、G13941G12092、G2499G17728G6454G1550G2060、G16760G13941G7447G16789、G7476G7450收购、G12661G10714G4630收购、G2604G5049G6357G13941计G2022和G2346方G15713资G12573。在我国，G12092G6466、G1550G2060、G13941G12092G12573G18341G15713G5049G1867G18129有，G1306G1867体G2052并购，企业G2499G1363G11004的G15713资G5049G1867G2376G2325G2010有G19492。G1375G3926G2842业G19146G15904G17163G8466G11004于并购G15999法律G12117G8502G2842业G12092G6466G15713资G5078G3342G993存在G727企业G1550G2060和G2499G17728G6454G1550G2060的发G15904G19388G8111高，G980G14336企业G19602以G17810G2052要G8726，并G1000发G15904G16280G8181、资G18341G11004G17896和利率G12573受G2052G19492G2058G727客观上G993存在发G15904垃圾G1550G2060的G2499能G13941G12092发G15904、配G13941和G3698发的要G8726G17751高，只有G4581数企业G2499以G17810G2052G727G2346方G15713资G15999法律G12117G8502。此外，我国并购G15713资中还存在中小企业、绩差企业G15713资G19602，G993G16280G14551G6817作现象严重，MBO和G2604G50495G6357G13941计G2022G15713资瓶颈G12573问题。产生上述并购G15713资问题的原因在于法律法G16280对并购中G17163G8466、G13941G12092、G1550G2060、G2499G17728G6454G1550G2060、配G13941G3698发、G2346方G15713资、G13941G7447抵押、G12661G10714G4630收购和G2604G5049G6357G13941计G2022G12573G15713资G5049G1867的G19492G2058G18341G15713G5078G3342G993发G17810，企业G1550G2060G5078G3342G16280G8181小并G1000发G15904资格和G11004G17896受G2052G19492G2058，G2842业G12092G6466、衍生G5049G1867G12573在并购G15713资中的应G11004几乎空白G13941G7447割裂和国有G13941G980G13941独大的现实，加上相G1863法律法G16280G993健全，导致并购G15713资中G993G16280G14551G6817作现象严重受长期计G2022经济体G2058下企业利润上缴G2058度的影响，企业G1881G18108资源和G1881G18108资G18341积累G993足G727G7438构投资者G993成G10099、投资G19146G15904业G993发G17810、和G12661G10714人G2604长期实G15904低G5049资G2058G12573原因，G19471G11873了G12661G10714G4630收购G15713资的发展。根G6466上述对我国企业并购G15713资问题和原因的G2010析，G1523G18504西方企业并购G15713资G10714论及G1866G5078G3342实践，本文提出了以下发展我国企业并购G15713资G5078G3342的策略首先要放松G18341G15713G12661G2058，G2265G6336对G2842业G19146G15904G17163G8466G11004于并购、G1550G2060发G15904资格和G11004G17896、G2346方G15713资G12573的法律法G16280G19492G2058G727建立创业板块G16789G2060G5078G3342，为中小企业并购G15713资创造更G3822G7438会G727推G15904G13941份全流G17902改革、打破G13941G7447割裂局G19766是消除并购G15713资中G993G16280G14551G6817作现象的正本清源之举G727发展G6454G13941并购，为产业并购的兴起和大G16280G8181并购G15713资创造条件G727发展G12661G10714G4630收购G15713资，修订G1863于MBO收购主体、G1550G2060发G15904和G13941G7447抵押G17163G8466G12573的法律G19492G2058，建立MBOG3534G18341，发展G1461托MBOG727培育G7438构投资者，G2058G4462税收优惠政策鼓励G18341G15713G7438构进入ESOPG15713资领域扶G6357本地投资G19146G15904业G2165的发展G727发展G2499G17728G6454G1550G2060、G16760G13941G7447G16789G12573衍生G18341G15713G5049G1867在并购G15713资中的应G11004，推动企业并购的发展。关键词并购G10714论G15713资G9204G17959法G16280问题研究发展策略6ABSTRACTMCOMMERCIALPAPERMARKETDOESNOTEXISTCORPORATEBONDANDCONVERTIBLEBONDARESTRICTLYSUPERVISEDANDMOSTENTERPRISESDONOTHAVEACCESSTOJUNKBONDISPROHIBITEDSTOCKISSUEHAVEHIGHREQUESTANDONLYAHANDFULOFBUSINESSENTERPRISESCANATTAINSELLINGPART7FINANCINGISALSOFORBIDBYTHELAWMTHEFINANCIALMARKETISINCOMPLETE,HAVINGNOMARKETFORCOMMERCIALPAPERTHEBUSINESSENTERPRISESANDINVESTORSDONOTHAVEENOUGHABILITYTOHANDLETHERISKTHEYARERUNNINGINTO,WHICHHOLDSBACKTHEAPPLICATIONOFDERIVATIVESINMTHEOWNERSHIPSPLITOFSHAREINLISTINGCOMPANIESANDTHENONPEFECTIONOFTHELAWSYSTEMARETHEREASONOFAL1KINDSOFINCORRECTPRACTICEINMERGERANDACQUISITIONFINANCINGINPASTDECADESCHINESECOMPANIESHADPAIDMOSTOFTHEIRPROFITTOSTATE,THEREFORE,DONOTHAVEENOUGHINTERNALFINANCINGRECOURSESLACKOFORGANIZATIONINVESTORS，FINANCENOTFLOURISHING,ANDLOWWAGESSYSTEMOFMANAGERETC,AGGRAVATEDTHEMBOFINANCINGPROBLEMAIMEDATABOVEMENTIONEDPROBLEMSANDTHEREASONANALYZED,DRAWLESSONSFROMTHEWESTMPROMOTETHEFULLSHARECIRCULATIONREFORM,BREAKINGTHESITUATIONOFSHAREOWNERSHIPSPLITWHICHISTHEHEADSPRINGOFALLKINDSOFSUBSTANDARDOPERATIONSANDPRACTICESDEVELOPMERGERANDACQUISITIONFINANCEDBYEXCHANGINGSTOCK,SPRINGUPLARGERSCALESTRATEGICINDUSTRIALMDEVELOPTHEBUSINESSENTERPRISEBONDMARKETSUPPORTANDDEVELOPINSTITUTIONALINVESTORSESTABLISHSPECIALTAXPOLICYTOENCOURAGEFINANCIALINSTITUTIONSMOREACTIVELYTAKEPARTINMERGERANDACQUISITION,ESPECIALLYINESOPPROGRAMCULTIVATETHENATIVEINVESTMENTBANKINGINDUSTRY，ENCOURAGETHEMPLAYMOREIMPORTANTROLEINMDEVELOPDERIVATIVESSUCHASCONVERTIBLEBOND,STOCKOPTIONETC,ENCOURAGEFINANCIALINNOVATIONANDPROMOTETHEDEVELOPMENTOFNATIVEMERGERANDACQUISITIONACTIVITIESKEYWORDM第G1120次并购浪潮19191930年以G15904业G5052G3848G1856G2508对原G7021、生产和流G17902G12573领域的G13449向并购为特征，G16818生了G3926IBM、G17902G11004G8785G17722G12573G980G6221G1002G11040G13435G1856G2508第G989次并购浪潮19601970年以G9163合并购和G3822G1815化战略为特征，产生了G16780G3822G5052G3423和G17241G5052G3423的G17340G15904业G1856G2508，G3926G13666国国G19481G11017话G11017G6265G1856G2508ATG17142G2165G20130G19517则由优先G1550G2060、G7234G17902G1550G2060、优先G13941G2052G7234G17902G13941G17892G9188降低。G3926下图所示3、影响并购G15713资G1927策的G1866他因G13044（1）现G18341G6915G1196还是G13941G12092G6915G1196企业并购的G6915G1196方式有G1016G12193现G18341G6915G1196和G13941G12092G6915G1196。G993同的G6915G1196方式对企业的并购G15713资G1927策有G993同的影响。现G18341G6915G1196G2499以G17817G17907实现收购的目的，避免G256夜长梦G3822G257G727并G1000G993会G12244G18334收购G1856G2508G13941东的G7447G11422和引起G6523G2058G7447G17728G12239G727同G7114，现G18341G6915G1196G1075更容G7143G15999目标G1856G2508G13941东所接受。G13792G6454G13941并购则G17751G3822地G17878G11004于大G16280G8181并购交G7143，因为G1866G993受G14731现能G2159的G2058G13434G727在G6454G13941并购方式下存在收购G1856G2508G15999反响收购的G20130G19517G727相对现G18341G6915G1196，G6454G13941并购对目标G1856G2508G13941东G7481G16840G1867有税收优G2195。A240A241A242A243A244A247A242A243A240A241A248A244A247A248A249A251A249A251A252A253A254A255A14A0A1A227（2）G12661G10714主G1053动G7438现G1207企业所有G7447与经G14841G7447相G2010离的特点，产生了委托G252G252G1207G10714问题，即G12661G10714G4630G993G980G4462G6365G10043G13941东价值最大化的原则G15904事，G13792G2499能出于自私自利的动G7438，甚G14279以损害G13941东利G11422为G1207价。同样的问题G1075存在于企业并购活动中，G12661G10714者G2499能会为了自G5061G6265酬的G3698加G6122G12295G4462G13792发动并购G6122者为了避免G4570自由现G18341流返还给G13941东，G1186G13792G1457G6357自G5061G6523G2058的资源数量G13792发动并购，G6122者为了G3698G5390G1856G2508对G12661G10714G4630的G1393赖G5627G13792并购那G1135G19668要G12661G10714G4630的特殊能G2159才能G17828G17728的G1856G2508。G12661G10714者会G17902G17819购并G7481G6205大企业G16280G8181，G1523此G3698加自G5061的收入并提高职位的G1457障G12255度。MEEKSG125731975G1186G980家英国G1856G2508的样本中，发现G19156G2818G20081的G3698长同G1856G2508董事G5049资的G3698长呈正G8616G1375G1863G13007，G16760为G1856G2508G16280G8181是影响经G10714收入的主要因G13044。FIRTH1980发现购并G1856G2508经G10714在购并G2530的G1016年里，G5191均收入G3698加了33G727G13792未发生购并的G1856G2508G1866经G10714收入只G3698加20。BEEKERG125731988发现，G13666国G1856G2508补偿与企业G16280G8181的G5191均弹G5627是03，即企业G19156G2818G20081G8611G3698长10，G12661G10714人G2604的收入补偿G3698加3。FIRTHG125731991年对19741980年期间254家英国收购要G13434样本进G15904了研究，测试G12661G10714人G2604的奖励G3698加是G2554与收购有G1863。他发现，收购G17819G12255导致G12661G10714者G6265酬的G3698加，并预测了收购企业的G12661G10714者G6265酬G3698加的幅度。CONYONG125731994在对19851990年之间，170家英国G1856G2508样本董事的G5049资G6915G1196调G7609中，发现G19156G2818G20081G3698长、收购G20069率与董事G5049资G6915G1196之间是正相G1863G1863G13007。G1120、我国企业并购G15713资现G10378G2010析（G980）、企业并购G5078G3342G8022G192928我国第G980起上G5078G1856G2508并购G7708发生在1993年，当G7114G9157宝安收购同为上G5078G1856G2508的延中实业，G15999称为G256宝延G20130G8886G257。G256宝延G20130G8886G257称得上是我国上G5078G1856G2508并购历G2502的起点，G1306在G19555G2530的1993G142791996年间并购活动并G993G3822，G3247年G980共只发生了14起并购，G13792G1000G17837G980G7114期大G3822数人并G993G11705并购为何G10301，有G1863细G14422G1856布G5468G4581，并购处于G13543慢成长的自发阶段。直G20521997年，上G5078G1856G2508并购活动才G17220上快G17722G17959，19972002年上G5078G1856G2508的并购数量G17810G2052了577起，并G1000已G17241G17819新G13941发G15904成为G16789G2060G5078G3342最重要的资源配置G5049G1867之G980。以2002年为G1375，当年新G13941发G1590470家，G13792年度G1881G1856G5332G6271G19718的上G5078G1856G2508G6523G2058G7447发生G17728G12239的G13941G7447收购数量G17810122家，主G14841业G2165发生变化的重大重组数量为44家。G17837G980G7114期上G5078G1856G2508的并购活动以G256G1092壳上G5078G257为主。并购的目的G17902G5132是为了G14731得上G5078G1856G2508资格以进G15904G13941G12092G15713资，G6122者G17902G17819改G2904G17142G2165指标G14731得G1120G13435G5078G3342收G11422。并购活动G3534本遵循G17837样G980个G12255G5219G14731得上G5078G1856G2508G6523G13941G7447G252进G15904资产置G6454G252G3698发G13941G12092G6122配G13941G252G1120G13435G5078G3342G13941价提升。收购方对目标G1856G2508的评G1284主要侧重于G13941本G16280G8181、资产和负G1550质量G12573G17142G2165指标上，G13792G17751G4581G13783G15397目标G1856G2508的业G2165与自G17535业G2165的发展战略是G2554匹配、并购G2530的整合能G2159G12573。1、企业并购的主要方式（G20）兼并收购即G7234G17902G5859G1053上的并购，指利G11004现G18341、G13941G12092G6122G1866他资产去购G1092G1866他G1856G2508的资产、G13941G7447G6122者整个G1856G2508，以G17810G2052企业对外G6205G5364和发展的目的，是G5078G3342经济资源配置的重要G5430式。29（2）G1092壳上G5078G1092壳上G5078是指非上G5078G1856G2508G17902G17819收购上G5078G1856G2508G13941份G14731得上G5078G1856G2508的G6523G2058G7447，G9994G2530利G11004反向收购方式G8892入自G5061的相G1863业G2165和资产。在西方发G17810国家，G1092壳上G5078是非上G5078G1856G2508低成本、高G6940率地实现快捷上G5078的G980G12193方式。在我国，由于以前实G15904上G5078G4469G6221G2058，上G5078资格成为G980G12193G12244G13582资源，G1363得G1092壳上G5078的应G11004G8616G17751G5203G8879。（3）无偿G2022拨G13941G7447G17728让在G5078G3342经济发G17810国家是G980个非G5132G7234遍的现象，G1306在我国，由于经济体G2058G17728轨，G15904政G7438G2058和G5078G3342G7438G2058并存，G256国有G13941G257和G256法人G13941G257G993流G17902，G1363得G13941G7447G17728让在我国G16789G2060G5078G3342中G2356有重要地位，G3926G15904政G2022拨。G15904政G2022拨又G2495无偿G2022拨，是指上G5078G1856G2508的所有者G980G14336是政府G17902G17819G15904政G6175段，G4570产G7447G17902G5132为国有G13941无偿G2022拨给另G980家G1856G2508的G15904为。在G15904政G2022拨中G15441G9994并购方G6915G1196的成本极低，G1306资源配置的G6940率G2376G993高。国家G15441G2499动G2604各G12193资源G11713暂地G1363G980G1135国有G1856G2508起死G3250生，G1306G19602以G1363G1866G14731得自生能G2159。所以应改变政府对并购G4630G4630G4469G6221和G17819度G12661G2058的局G19766，政府应更尊重G5078G3342的选择，避免直接G1183入G1856G2508并购G17819G12255，G17902G17819致G2159于建设G980个最G1351的G4451观G10627G3671和提G1391G980个最G1351的监G12661架构G7481为企业并购提G1391良好的外G18108条件，G1363并购G15904为G4625量G5078G3342化，G1186G13792促进资源的优化配置。（4）新G3423并购方式自2002年以G7481，G16780G3822新G3423的并购及G15713资方式G5332G3999出现，G3926G6454G13941并购、G2572收合并、MBO、要G13434收购G12573。G1866中，有以G6454G13941并购和MBO发展潜G2159G5052大，对未G7481中国并购G5078G3342的发展、国有企业改革及G16789G2060G5078G3342、G18341G15713G507830G3342的发展G1867有重大影响和G5859G1053。G2572收合并是我国上G5078G1856G2508并购G980G12193革命G5627的创新，对我国上G5078G1856G2508并购G5078G3342影响重大，主要体现在并购改G2904G1856G2508G8847G10714、并购中G15713资、G13941G12092G6915G1196G12573G989方G19766，G2499以预见，以上G5078G1856G2508为并购对象G6122上G5078G1856G2508间的G2572收合并G4570会得G2052G5203G8879的应G11004，G4600G1866是在企业集团G6122上G5078G1856G2508产业整合G7114。要G13434收购是G980G12193更G1867G5078G3342化、国G19481化的新G3423并购方式，对于我国企业并购G5078G3342的成G10099和完G2904无疑G1867有重要G5859G1053。2、我国企业并购G5078G3342的特点（1）历G2502G11713，发展快并购重组是社会资源配置的G980G12193重要方式，我国第G980起上G5078G1856G2508并购G7708发生在1993年，当G7114G9157宝安收购同为上G5078G1856G2508的延中实业，G15999称为G256宝延G20130G8886G257。在G19555G2530的1993G142791996年间并购活动G993G3822，G3247年G980共发生了14起，G13792G1000在G17837G980G7114期大G3822数人并G993G11705并购为何G10301，有G1863细G14422G1856布G5468G4581，并购处于G13543慢成长的自发阶段。G11861997年起我国企业并购G17220上快G17722G17959，发展G17817G17907，2001年企业并购重组的数量已G17241G17819当年新G13941发G15904的数量，成为我国G16789G2060G5078G3342和产业资源配置的重要方式。2002年，新G13941发G1590469家，G13792当年G1856布的上G5078G1856G2508收购数量为168家，并购的数量G5061远远G17241G17819了新G13941发G15904。根G6466G13666国G8886士顿G1856G2508的G1284测，中国的并购G20081在G17819去5年里以G8611年70的G17907度G3698长，成为亚洲第G989大并购G5078G3342。G6365G10043该G1856G2508的G1284计，在G17819去3年中，中国国G1881并购G7708发生了1700G3822件，并购G18341G20081为1250G1171G1815。（2）2001年以前以G17142G2165并购为主我国企业并购G11861997年起G5332G3999快G17907发展，G1306在2001年以前以围绕G256壳G257资源的G17142G2165G5627并购为主。典G3423的做法是G1092壳上G5078。G1092壳上G5078是指31非上G5078G1856G2508购G1092G980家上G5078G1856G2508G980G4462G8616G1375的G13941G7447G7481取得上G5078的地位，G9994G2530G8892入自G5061有G1863业G2165及资产。在G1092壳上G5078中，收购方并没有G11487重上G5078G1856G2508的业G2165及G1866未G7481赢利能G2159，并购的目的G17902G5132是为了G14731得上G5078G1856G2508资格以进G15904G13941G12092G15713资，G6122者G17902G17819改G2904G17142G2165指标G14731得G1120G13435G5078G3342收G11422。并购活动G3534本遵循G17837样G980个G12255G5219G14731得上G5078G1856G2508G6523G13941G7447G252进G15904资产置G6454G252G3698发G13941G12092G6122配G13941G252G1120G13435G5078G3342G13941价提升。收购方对目标G1856G2508的评G1284主要侧重于G13941本G16280G8181、资产和负G1550质量G12573G17142G2165指标上，G13792G17751G4581G13783G15397目标G1856G2508的业G2165与自G17535业G2165的发展战略是G2554匹配、并购G2530的整合能G2159G12573。（3）2002年G5332G3999产业并购兴起自2002年G2033以G7481，中国G16789G2060G5078G3342G5332G3999发生G9157G4630G5052变，壳资源的G12244G13582G5627G17892G9188G15940G1955，围绕壳资源进G15904的非产业并购G1075称为G17142G2165G5627并购重组正G17892G8505G17220向终结。核准G2058的实施G1363得壳资源的价值G5332G3999遭G2052置疑，壳资源的G12244G13582G5627G17892G9188G15940G1955，对于那G1135产业G3534础扎实，G11420利G10378G1929好的企业G7481G16840，无论是国有企业还是民G14841企业，直接核准上G5078的G17902G17959G5061经G11033G17902。G19555G11540G16789G2060G5078G3342改革、立法的完G2904以及有G1863并购重组的黑幕G15999G20069G13333曝光，投资者对此G12879题材的G16760识G1075日G9188成G10099和G10714智，G1120G13435G5078G3342炒作的G19602度加大，暴利G7114G1207已经G17819去，投G7438者企图G17902G17819并购重组G7481左右G1120G13435G5078G3342的空间G17246G7481G17246小。G13443粹的G17142G2165G5627并购G17892G9188失去G5078G3342，G13792G1866产业整合为目的的战略G5627并购重组即产业并购G4570G17892G9188G2356G6466中国资本G5078G3342的主流位置。（4）国有经济战略G5627重组是并购的重要G1881容之G980我国国有企业有大量的存量资产，G1866中G980G18108G2010资产G19668要G1186夕阳G15904业、高G12466G1117G15904业中G17892G8505G17876出另外G980G18108G2010资产G19668要盘活与G3698G6940。并购和资产重32组无疑成为实现G17837G980G2163能的主要G5049G1867，因此在G17837样的背G7235下，我国企业并购活动G5529G9994带有G5468G5390的国有经济战略G5627重组特点。（5）外资并购G17817G17907发展外资并购在我国G19766G1032极好的G7438遇，主要是由于中国经济G1457G6357高G17907G3698长。作为G1002G11040上最大新兴G5078G3342的中国是国G19481直接投资流向变化中的最大受G11422者。在各G12193利于并购的因G13044影响下，外资并购G4570在中国呈现出G7186G14891加G17907的趋G2195。在全G10711G14551围G1881，G17340国直接投资中80以上是G17902G17819并购方式进G15904的。我国去年G2572引外资直接投资总G20081居G1002G11040之首，G1866中以并购方式引进的外资G23565，因此我国G17902G17819并购方式G2572引外资的潜G2159G4570G2325G2010G5052大。我国加入G1002G11040贸G7143组G13467G2530明G7186加快了G15713入G1002G11040经济G980体化、G5078G3342化及全G10711化的进G12255。G457G1863于向外G2842G17728让上G5078G1856G2508国有G13941和法人G13941有G1863问题的G17902G11705G458G12573G980G13007列法G16280和G16280G12468的出台，为外资进入我国G5078G3342