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2007年8月1日,争论已久的内外资企业所得税终于统一为25%。回顾2007年上半年中国企业的并购交易,一个突出现象是,国内投资者的活跃程度与海外投资者出现了明显的分歧。国内企业之间的内资并购交易数量明显增长,而外国投资者在华交易活动并未出现明显的增长。这其中也许有制度变化的因素,也许有国内股市走牛使并购成本上升的因素。但无论怎样,大规模的产业整合已经是不可阻挡的趋势。本期“机构视点”邀请了德邦证券首席经济学家陆满平、英大证券综合研究所副总经理刘国宏、申银万国证券研究所市场研究总监桂浩明,共同探讨内外资并购、产业整合及整体上市等问题。
On August 1, 2007, the long-debated domestic and foreign-funded enterprise income tax has finally consolidated at 25%. Recalling the first half of 2007 M & A transactions of Chinese enterprises, a prominent phenomenon is that the degree of activity of domestic investors and overseas investors there was a clear disagreement. The number of domestic-funded M & A transactions among domestic enterprises increased significantly while the foreign investors’ trading activities in China did not show any significant growth. There may be institutional changes in these factors, perhaps the domestic stock market to take the cattle to make acquisition costs rise. But no matter what, large-scale industrial consolidation has become an irresistible trend. This issue “Institutional Perspective ” invited Lu Manping, chief economist at Nadu Securities, Liu Guohong, deputy general manager of Yingda Securities Institute, Shen Guosheng, director of market research at Shenyin & Wanguo Securities Research Institute, to discuss domestic and foreign M & A and industrial consolidation And the overall market and other issues.