据我们对中国证券市场诞生以来的所有收购兼并行为的研究,本文认为,中国上市公司的并购重组表现出鲜明的投机性特点,而形成这一特点最重要的影响因素是中国上市公司独有的股权分裂结构。投机性重组是中国特殊股权结构下并购重组的重要特征并购重组作为公司最重要的财务活动之一 According to our research on all the mergers and acquisitions since the birth of China’s securities market, this paper argues that the merger and reorganization of Chinese listed companies shows a distinct speculative characteristic. The most important factor that forms this characteristic is the uniqueness of Chinese listed companies Split share structure. Speculative restructuring is an important feature of mergers and acquisitions under the special ownership structure in China M & A as one of the most important financial activities of the company