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2005年早春,赴美国证券市场上市的我国本土互联网企业——新浪和盛大,爆发了“盛大收购新浪”的股权大战,上演了一场“中国牛仔”在美国资本市场上的西部对决。由此引发中国经济学家发出感叹:“中国的证券市场为何缺乏这种如火如荼的控制权争夺?”。但现在——2006年伊始,“盛大新浪”似乎波及到中国资本市场,我们分明听到并购浪潮的“涛声”正由远而近的滚滚袭来。股权分置改革的加速进行,全流通将是促进并购市场活跃的最大外生动力。“并购主题”已进入主流机构的投资视野,成为他们逐鹿06市场的重磅武器。近日国家五部委联合发发文,准许外国投资者战略投资全流通公司,这将引发市场对外资并购国内上市公司的憧憬,又给并购市场再添一把火。我们预期一系列激动人心的并购事件导致的投资狂潮将频繁发生,经济学家企盼的“如火如荼”的景象将会在06证券市场大放异彩。
In the early spring of 2005, China’s domestic Internet companies listed on the U.S. securities market, Sina and Shanda, broke out the equity war of “Shanda’s acquisition of Sina” and staged a “duel” of Chinese cowboys in the U.S. capital market. This led Chinese economists to issue an exclamation: “Why is China’s securities market lacking such a fierce battle for control?” But now - at the beginning of 2006, “Shanda Sina” appeared to have spilled over into China’s capital market. We clearly heard that the “wave of waves” of the wave of mergers and acquisitions is now being hit by waves of far and near. The split share structure reform accelerated, full circulation will be to promote the active M & A market, the largest external force. “M & A theme” has entered the investment horizons of the mainstream institutions and become their heavy weapon in the market. Recently, five state ministries and commissions jointly issued a document allowing foreign investors to invest strategically in fully-circulating companies. This will lead to the market’s longing for foreign-capital mergers and acquisitions of domestic listed companies, and add another fire to the M & A market. We expect a series of exciting mergers and acquisitions led to the investment frenzy will occur frequently, economists look forward to the “full swing” of the scene will shine in the securities market 06.