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后股改时代,我国上市公司并购重组活动呈现出一些鲜明特点:并购日渐频繁、并购市场化、以结构调整和行业整合为目的的并购重组渐据主流,而且并购重组中对上市公司控股权的争夺日益激烈,普遍引发资本市场动荡。为了推动并购重组的健康发展,各参与主体应积极应对日渐市场化的并购市场,积极增加并购融资来源等。同时,政府机构应完善反收购相关政策,加强对并购合规、内幕交易、操纵股价等的监管。
In the post-reform era, the M & A and restructure activities of listed companies in China present some distinctive features: mergers and acquisitions are becoming more frequent, mergers and acquisitions are marketized, and mergers and acquisitions restructuring with the aim of structural adjustment and industry consolidation are gradually becoming the mainstream. Moreover, the competition for controlling shares of listed companies in mergers and acquisitions Increasingly intense, generally lead to turmoil in capital markets. In order to promote the healthy development of M & A and restructuring, all participants should actively respond to the increasingly market-oriented M & A market and actively increase the sources of M & A financing. At the same time, government agencies should improve relevant policies on anti-takeover and strengthen the supervision of M & A compliance, insider trading and stock price manipulation.