摘要
在全流通条件下,随着上市公司实质性并购和战略性重组向纵深展开,并购重组的融资工具将呈现多样化的特征。然而受制于资本市场的发展水平、现行金融体制和法律法规的制约,与国外成熟市场相比,我国上市公司并购融资无论是在债务性融资,还是在股权性融资或混合性融资等方面均存在相当的差距。我国上市公司并购融资具有并购融资渠道相对狭窄、融资工具比较单一且运用不规范、并购融资存在逆向选择和服务机构创新能力不足等特征。
Under the circumstance of circulation, with the deeper development of material M＆A and strategic restructuring of listed companies, the financing tools of M＆A and restructuring will present the characteristics of diversification. But constrained by the development level of capital market, current financial system and laws and regulations, China＇ s listed companies fall short compared with the mature market in foreign countries, no matter in debt financing or equity financing or mixed financing. Comparatively, M＆A financing of China＇s listed companies is characterized by narrow channel, monotonous financing tool and substandardapplication, converse selection and inadequate innovative ability of service institutions etc.
出处
《广西财经学院学报》
2007年第4期80-84,共5页
Journal of Guangxi University of Finance and Economics
基金
广西财经学院2005年度科研项目(项目编号:2005B18)
关键词
上市公司并购
并购融资
金融创新
M＆A of listed company
M＆A financing
financial innovation
