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国务院发展研究中心副研究员张文魁建议: 一、并购融资和国企参与收购的问题。并购需要动用大量资金,没有融资方的介入是很难完成的。我国金融市场和金融工具还不发达,《证券法》第133条明确禁止银行资金违规入市。是十分必要的。协议收购非流通股是一种并购和长期投资行为,不存在炒股问题,不应受此条款制约。建议对《证券法》中的“银行资金违规人市”行为作出明确的界定,对用于并购的银行资金应网开一面。
Zhang Wenkui, an associate researcher at the Development Research Center of the State Council, advises: First, the issue of M & A financing and state-owned enterprises’ participation in the acquisition. Mergers and acquisitions need to spend a lot of money, without the involvement of the financing side is difficult to complete. China’s financial markets and financial instruments are still underdeveloped. Article 133 of the Securities Law explicitly prohibits the illegal entry of bank funds into the market. Is very necessary. Agreement to acquire non-tradable shares is a merger and long-term investment behavior, there is no issue of stocks, should not be subject to this clause. It is suggested to make a clear definition of the behavior of “illegal fund-raising of bank funds” in the “Securities Law”, and to open one side of bank funds for mergers and acquisitions.