论文部分内容阅读
相比于西方,中国并购市场起步较晚,整体并购市场发展缓慢,到目前为止,大致分为三个阶段。20世纪80年代中后期为起步阶段,因为地方之间进行一系列的财产过渡,依靠行政权力干预和管理权限的变更,因此这一时期的并购行为主要以国企为主。第二个阶段为20世纪90年代至21世纪初,为并购发展的粗放阶段,这十多年中并购类型逐渐丰富,运用的金融工具手段也日益多元化,1997~2000年上市公司并购启
Compared to the west, China’s M & A market started relatively late, and the overall M & A market has been slow to develop. So far, it has been divided into three stages. In the mid and late 1980s as a starting stage, because of a series of property transitions between places, relying on administrative power intervention and change of management authority, so the mergers and acquisitions in this period mainly dominated by state-owned enterprises. The second phase, from the 1990s to the beginning of the 21st century, is the extensive phase of mergers and acquisitions. The types of mergers and acquisitions have been gradually enriched over the past decade and the means of financial instruments used have also been increasingly diversified. From 1997 to 2000, mergers and acquisitions of listed companies