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一、并购的内涵与方式 “并购”是兼并与收购的统称。兼并通常是指一家企业以现金、有价证券或其他形式购买取得其他企业的产权,以使被兼并企业丧失法人资格或改变法人实体,并取得对这些企业决策控制权的经济行为。收购是指企业用现金、有价证券购买另一家企业的部分资产或股权,以获得该企业的控制权。由于在运作中其联系远远超过区别,所以兼并、收购通常作为同义词使用,统称为“购并”或“并购”,泛指在市场机制下企业为获得其他企业的控制权而进行的产权交易活动。 企业并购的方式主要有承担债务式、现金购买式和股份交易式。
First, the connotation and mode of mergers and acquisitions “M & A” is a general term for mergers and acquisitions. Merger usually refers to a business in cash, securities or other forms of acquisition of other companies to obtain property rights in order to make the merged enterprise loss of legal personality or change the legal entity, and obtain control over the decision-making of these enterprises economic behavior. Acquisition refers to the use of cash, securities purchase of another part of the business assets or equity, in order to obtain the control of the enterprise. Mergers and acquisitions are often used as synonyms, collectively referred to as “mergers and acquisitions,” or “mergers and acquisitions”, because their links far outweigh the differences in operation, and refer generally to property transactions conducted by enterprises under the market mechanism in order to gain control over other enterprises . The main ways of corporate mergers and acquisitions to undertake debt-style, cash-based and share-trading.