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公司并购是市场经济条件下的一种普遍的市场行为,是资本市场优化资源配置的重要形式。并购推动了企业从生产经营向资本运营的转变,充分体现了市场经济条件下优胜劣汰的法则,作为迅速实现资本集中和公司规模扩张的有力杠杆,对于增强企业竞争力、促进市场经济发展有重大推动作用。然而,长期以来,中国资本市场流通股与非流通股并存的格局,不仅扭曲了股票定价机制,也限制了上市公司并购市场的培育和发展,严重弱化了资本市场的资源配置功能。
Merger and acquisition (M & A) is a common market behavior in the market economy and is an important form of optimizing the allocation of resources in the capital market. M & A has promoted the transformation of enterprises from production to capital operation and fully embodied the law of survival of the fittest under market economy. As a powerful lever for the rapid capital concentration and company expansion, M & A has greatly promoted the competitiveness of enterprises and promoted the development of market economy effect. However, for a long time, the coexistence of tradable shares and non-tradable shares in Chinese capital markets not only distorted the stock pricing mechanism, but also restricted the cultivation and development of M & A market of listed companies and severely weakened the resource allocation function of capital markets.