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股权分置下的我国并购市场存在着许多缺陷,诸如政府介入过深、战略性并购较少、要约收购较少、支付方式单一、杠杆收购方式较少等。股权分置改革的实施和新《上市公司收购管理办法》的施行,为解决这些问题创造了条件。我们应该采取由政府导向转变为市场导向、向战略性并购转变、向要约收购转变、采用多样化的支付方式、发展杠杆收购、培育投资银行等金融中介机构等措施来积极应对,完善证券市场优化资源配置的功能。
There are many defects in China’s M&A market under the equity division, such as the government’s deep involvement, less strategic mergers and acquisitions, fewer tender offers, single payment methods, and less leveraged buyouts. The implementation of the equity division reform and the implementation of the new “Administrative Measures for the Acquisition of Listed Companies” have created conditions for solving these problems. We should adopt measures such as changing from government-oriented to market-oriented, changing to strategic mergers and acquisitions, changing to tender acquisitions, adopting diversified payment methods, developing leveraged buyouts, cultivating financial intermediaries such as investment banks, and actively responding to them, and improve securities market optimization. Resource allocation features.