摘要
运用新产权理论,结合我国现阶段上市公司换股吸收合并的特点,对上市公司换股吸收合并的经济实质作了具体的分析,得出如下结论:现阶段我国上市公司参与的换股吸收合并,其经济实质是企业集团对其所控制资源的整合,在整合过程中,主并企业(被并企业大股东)与被并企业非控股股东(主要是社会公众股股东)之间进行的是产权的交易,而不是权益的结合。
With the characteristics of present stage in China, The article analyzes the economic essence of the stock merging and acquisition for the listed companies from the perspective of the new theory of property rights, and the conclusion is that the economic essence of the stock merging and acquisition is the integration of the resources of the business groups. In the process of the conformation, what the conforming business power （the strong stockholder of being conformed company） and the being conformed business elements （mainly the public stockholders） doing is the property exchange, and it is not the pooling of interests.
出处
《合肥工业大学学报（社会科学版）》
2008年第5期7-12,共6页
Journal of Hefei University of Technology(Social Sciences)
关键词
实质中心签约人
关系性合约联结
产权
权益结合
true central contractor
joint of relations contract
property rights
the pooling of interests
