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1993年9～10月间的“宝延风波”,开我国股票市场上企业收购与兼并事件之先河。随后,“万科”收购“申华”、“天报”收购“小飞乐”……一时间,收购题材.沸沸洋洋,撩动人心,成为去年下半年以来中国股市的一大热门话题。标志着我国股市发展已步入一个新的阶段,也给我们提出了许多需要解决的理论和现实问题,本文拟选择其中的几个加以简单的探讨。 一、股票市场上企业收购与兼并的意义及方式问题 “宝延风波”以前,我国的企业收购与兼并都是在有关主管部门控制下协议完成的,而不是直接通过市场自发完成的。股市收购现象的出现,打破了这种不正常的状况,它将使人们更准确地理解股市.理解股份制经济的实质。从这个意义上说,股市收购题材的产生是我国股市走向成熟的重要标志。
From September to October 1993, the “Baoyan storm” opened the precedent for the acquisition and merger of companies in the Chinese stock market. Subsequently, “Vanke” acquired “Shenhua” and “Heaven” to acquire “Xiaofei Le” ... for a time, the acquisition of the subject matter. Boiling, instigation, becoming a hot topic in the Chinese stock market since the second half of last year. It indicates that the development of China’s stock market has entered a new stage, and it also gives us many theoretical and practical problems that need to be solved. This article intends to select a few of them for a simple discussion. First, the significance and methods of corporate acquisitions and mergers on the stock market Before the “Bao Yan controversy,” China’s corporate acquisitions and mergers were completed under the control of the competent authorities, rather than directly through the market. The emergence of the stock market acquisition phenomenon has broken this abnormal situation. It will enable people to understand the stock market more accurately and understand the essence of the joint-stock economy. In this sense, the emergence of stock market acquisitions is an important indicator of the maturity of China’s stock market.