自90年代初在上海、深圳设立证券交易所以来,我国股票市场在实行股票集中交易的同时,还发生了大量上市公司参与的购并行为。上市公司作为我国国民经济发展中的新生力量,拥有直接从资本市场进行融资的通行证,因而围绕上市公司而展开的多种形式的购并活动使我国资本市场在优化资源配置中的作用得以进一步发挥。但是,由于我国资本市场发展尚未完善,无论是购并理论还是实践都与西方发达国家有较大差距,购并还不是完全意义上的市场行为,因此,购并有可能产生诸如资源配置劣化,甚至不利于产 Since the early 90s in Shanghai, Shenzhen set up stock exchanges, the stock market in China to implement centralized trading of stocks, but also a large number of listed companies involved in the merger. Listed companies, as the new force in the development of national economy in our country, have the permit to finance directly from the capital market. Therefore, the various forms of merger and acquisition activities around the listed companies make the capital market play a more important role in optimizing the allocation of resources. However, since the development of China's capital market has not yet been completed, neither the theory of mergers nor the practice has a long way to go to the western developed countries, and the mergers and acquisitions are not completely market-oriented. Therefore, the mergers and acquisitions may cause problems such as deteriorating resource allocation or even adverse benefits Production