长期以来上市公司控股权的非流通性使我国的证券市场失去了并购、反并购博弈这一最具波澜和最振奋人心的题材。随着股权分置改革接近尾声,“全流通时代”即将来临,控制权市场已初现雏形,中国资本市场结构正在发生着巨大的变化。从理论上来讲,并购在本土资本市场的盛行将 For a long time, the non-liquidity of controlling interest of listed companies has left our country’s securities market with the most turbulent and exciting theme of mergers and acquisitions and anti-merger games. With the reform of the shareholding structure coming to a close, the era of full circulation is on the horizon and the market for controlling rights has begun to take shape. The structure of China’s capital market is undergoing tremendous changes. In theory, the prevalence of mergers and acquisitions in the local capital markets will be