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随着经济全球化的发展和世界范围内并购浪潮的持续,企业集团和跨国公司在国际经济贸易中的作用举足轻重,其关联交易也与日俱增。由于现阶段我国经济社会的特殊性,关联并购的数量和规模在公司并购中占有很大比重且呈现出很强的中国特点。本文通过对我国上市公司关联并购的动因和绩效进行分析,深入探讨其带来的利益侵占问题,在此基础上从公司治理和投资者保护角度提出风险防范对策。
With the development of economic globalization and the wave of mergers and acquisitions in the world, the role of enterprise groups and multinational corporations in international economic and trade plays a decisive role, and their related party transactions are also increasing day by day. Due to the particularity of our country’s economy and society at this stage, the quantity and scale of related-party M & A accounts for a large proportion of mergers and acquisitions in M & A and presents a strong Chinese character. By analyzing the motivation and performance of the related-party mergers and acquisitions (M & A) of listed companies in our country, this paper discusses in depth the benefits encroachment brought by them, and on this basis puts forward the risk prevention countermeasures from the perspective of corporate governance and investor protection.