70年代以来,西方企业合并活动日渐盛行。企业合并有吸收合并和创设合并两种形式。前者为资本实力较强的企业收购资本实力较其弱的企业;后者则为两实力相当的企业合并组成新的企业。无论采取何种合并形式,都存在着企业股票转换问题。采取吸收合并形式,被收购企业的股票就要转换成收购企业的股票;采取创设合并形式,两个企业的股票均 Since the 1970s, Western business merger activities have become increasingly popular. There are two forms of corporate merger merger and creation merger. The former is a company with stronger capital strength and acquires companies with weaker capital strength; the latter is a merger of two companies with equal strength to form a new enterprise. Regardless of the form of merger, there is a problem of corporate stock conversion. In the form of mergers and acquisitions, the stocks of the acquired company will be converted into stocks of the acquiring company; in the form of merger, both stocks