上市公司并购重组监管体系研究

发布时间：2018-01-15 11:26

本文关键词：上市公司并购重组监管体系研究　出处：《中央民族大学》2012年博士论文　论文类型：学位论文

【摘要】：我国上市公司并购重组活动已有近20年的实践,并购重组作为资源配置的重要手段,为资本市场贡献了大批优质资产,有力促进了资本市场的活跃与发展。随着我国上市公司占国民经济比重的不断提高,上市公司利用资本市场并购重组已成为促进经济发展方式转变和经济结构调整的重要实现形式之一,并在资源优化配置、产业整合升级、提升国际竞争力、推动国企改革等方面发挥了积极作用,利用资本市场并购重组促进“调结构、兴产业”,既是历史机遇又是历史任务。然而在此过程中,也出现了上市公司违规实施并购重组、规避监管机构的监管、并购重组中伴随内幕交易等不良现象,使市场和社会各界对上市公司并购重组产生较为负面的印象。鉴于此,如何保护在上市公司并购重组中处于弱势地位的广大中小股东、防止和打击并购重组中滋生的内幕交易和操纵市场等市场欺诈活动,是各国证券监管机构不懈努力的目标。基于对上市公司并购重组行为的价值判断、不同的市场发展水平以及各自的国情,各国政府建立了不同的上市公司并购重组监管体系,对并购重组行为也采取了不同程度的监督管理。上市公司并购重组监管,从根本上讲是一种政府行政行为,并从改进政府执政方式出发,根据不断变化的市场新情况,完善监管体系,更新监管理念,改进监管方式,健全监管规则,提高运用科学理论解决实际问题的能力,处理好政企关系、政社关系以及政府内部各种关系,更好地转变政府职能、提高政府管理效能,从而促进资本市场和实体经济的规范发展。因此,研究上市公司并购重组监管具有不可替代的理论和现实意义。上市公司并购重组是众多学科共同涉足的一个领域,长期以来一直是资本市场和学者研究的热点问题,国内外已有很多学者从各自研究领域出发进行了专题研究,提出了诸多有益的建议,但大部分仍然局限于研究上市公司并购重组的具体制度或者形式,而对于上市公司并购重组监管的问题仍然是一个新兴的问题,尚未形成较系统的理论体系,至于上市公司并购重组监管体系构建问题的研究则更处在初级探索阶段。在现有公共行政管理领域的文献中,也尚无专门探讨我国上市公司并购重组监管体系的文章,因此对其进行研究的难度是不言而喻的。笔者试图大胆尝试,尽力而为。本论文以上市公司并购重组监管体系为研究对象,依托政府介入企业并购理论、金融监管理论、证券市场监管理论以及并购重组理论等,吸收、借鉴国内外最新研究成果,通过系统论方法、实证分析与规范分析相结合的方法、比较及动态分析的方法以及理论分析与操作实务相结合的方法,从不同的角度来探讨上市公司并购重组监管体系的运作问题,总结发现我国上市公司并购重组监管实践出现的突出问题,比较和分析境外典型并购重组监管体系的构成及监管情况,反思我国上市公司并购重组监管的实施效果,力图使论证比较充分,分析比较透彻。在此基础上提出符合现阶段中国市场发展水平的完善上市公司并购重组监管体系的路径选择和对策。笔者认为,上市公司并购重组监管对维护并购重组活动正常开展意义重大,完善上市公司并购重组监管体系的前提是高度重视上市公司并购重组监管,并提出了完善上市公司并购重组监管体系的具体对策和建议。主要包括：进一步优化上市公司并购重组监管体系架构；进一步挖掘上市公司并购重组的辖区监管责任制的潜在功能；在上市公司并购重组监管中把监管和服务更加有效地结合；借助地方政府的力量,授权自律组织进行自律监管,发挥中介机构的作用,提高社会监督力量的参与度,形成合力监管；加强对并购行为的全过程监管,强化现场监管和后续监管的力度；继续坚持以市场化为导向,鼓励并购重组的创新等方面的建议。在明晰现阶段上市公司并购重组监管面临的挑战与存在的问题的情况下,准确定位政府监管与市场行为的关系,在做好“裁判员”的同时把握好监管边界,调整监管理念与思路,坚持服务市场的服务精神,转变监管模式,努力创新,构建并不断完善与市场行为相适应的市场化多层次立体综合监管体系,是我国上市公司并购重组监管体系构建的理性选择,以期为我国上市公司并购重组监管体系的完善提供研究依据,并能够为正在不断完善中的上市公司并购重组监管工作做出微薄贡献。此外,本论文最后对我国民族地区上市公司并购重组监管体系面临的机遇与挑战进行了分析,并提出了推动民族地区上市公司并购重组的思考。
[Abstract]:The practice of China's mergers and acquisitions of listed companies has been nearly 20 years, mergers and acquisitions as an important means of resource allocation, with a large number of high-quality assets into the capital market, to promote the active and the development of the capital market. As China's listed companies accounted for the proportion of the national economy continues to improve, the listed companies use the capital market mergers and acquisitions have become one of the important form of promoting the transformation of economic development mode and the adjustment of economic structure, and optimize the allocation of resources, integration of industrial upgrading, promote the international competitiveness, has played a positive role in promoting the reform of state-owned enterprises, the use of capital market mergers and acquisitions to promote structural adjustment, emerging industries, is a historical opportunity and a historical task. But in the process, also appeared in the implementation of mergers and acquisitions of listed companies illegal circumvention, regulators, insider trading and other undesirable phenomena associated with mergers and acquisitions, The market and the community have a more negative impression on mergers and acquisitions of listed companies. In view of this, how to protect the disadvantaged in the mergers and acquisitions of Listed Companies in the small and medium-sized shareholders, to prevent and combat mergers and acquisitions in which insider trading and market manipulation and other market fraud activities, securities regulators around the goal of unremitting efforts. The judgment of the merger and reorganization of listed companies and the value based on different market development level and the respective national conditions, governments set up different mergers and acquisitions of listed companies on mergers and acquisitions behavior supervision system, supervision and management has taken a different degree.
The merger and reorganization of listed companies supervision, fundamentally speaking is a kind of administrative behavior, and from the point of improving government governance, according to the new situation of the changing market, improve the regulatory system, update the regulatory philosophy, improve supervision, improve the regulatory rules, improve the ability to use scientific theory to solve practical problems and deal with the relationship between government and enterprises the relationship between government and society, internal relations, better transformation of government functions, improve the management efficiency, so as to promote the development of the capital market and real economy standard. Therefore, research on the merger and reorganization of listed companies supervision has irreplaceable theoretical and practical significance.
Mergers and acquisitions of listed companies is a common field involved in many disciplines, has long been a hot issue in the study of capital market and the domestic and foreign scholars, many scholars from different fields of study put forward some useful suggestions, but most of the research is limited to the specific system of mergers and acquisitions of listed companies or, for mergers and acquisitions of listed companies and regulatory issues is still an emerging problem, has not yet formed a complete theoretical system, to study the problem of constructing supervision system restructuring mergers and acquisitions of listed companies are more in the initial stage of exploration. In the field of public administration in the literature, but also there is no specific analysis on the listed companies in China M & a supervision system of the article, so the research on the difficulty is self-evident. The author tries to bold attempt to do my best.
In this paper, the merger and reorganization of listed companies supervision system as the research object, relying on government intervention in the enterprise merger theory, financial supervision theory, absorb securities market regulation theory and theory of mergers and acquisitions, and the reference of the latest research results at home and abroad, through the method of system theory, empirical analysis and normative analysis combined with the method of comparison and dynamic analysis and theoretical analysis and practice of combining the operational problems from different angles to explore the merger and reorganization of listed companies supervision system, concluded that the listed company mergers and acquisitions Restructuring Problems of supervision practice, comparison and analysis of the composition and regulation of overseas mergers and acquisitions typical supervision system, the implementation effect of reflection of Listed Companies in China the company supervision of mergers and acquisitions, and tried to make the argument more fully, more thorough analysis. On the basis of the present stage of China Market The path selection and Countermeasures of the regulatory system of merger and acquisition and reorganization of listed companies.
The author believes that mergers and acquisitions of listed companies to maintain regulatory activities significant mergers and acquisitions, mergers and acquisitions to improve the supervision system of the listed company is listed companies attach great importance to the supervision of mergers and acquisitions, and puts forward some concrete countermeasures and suggestions to improve the supervision of mergers and acquisitions of listed companies. The system mainly includes: to further optimize the merger and reorganization of listed companies supervision system further; mining mergers and acquisitions of listed companies under the supervision responsibility system potential function; mergers and acquisitions of Listed Companies in the supervision of supervision and service more effectively integrated with the local government; the power authorized self-discipline organization to carry out self-regulation, play a role of intermediary organizations, improve the participation of the power of social supervision, strengthen the supervision efforts; the whole process of supervision on mergers and acquisitions, strengthen on-site supervision and follow-up supervision; continue Adhere to market-oriented, to encourage innovation and other aspects of mergers and acquisitions advice. In clear at this stage of mergers and acquisitions of listed companies and regulatory challenges exist in the case of the relationship, the accurate positioning of government regulation and market behavior, do a good job in the "referee" at the same time a good grasp of the regulatory boundary, adjust the regulatory philosophy and ideas, adhere to the service market service spirit, change supervision mode, strive for innovation, build and constantly improve the market and adapt to the market behavior of multi-level comprehensive supervision system, supervision system is a rational choice to construct the recombinant acquisition of Listed Companies in China, to provide research basis to improve the supervision system for mergers and acquisitions of Listed Companies in China, and can contribute is constantly improving the merger and restructuring of listed company supervision. In addition, the ethnic areas listed companies in China The opportunities and challenges faced by the M & a supervision system are analyzed, and the thinking of promoting mergers and acquisitions of Listed Companies in ethnic areas is put forward.

【学位授予单位】：中央民族大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F271;F832.51

【引证文献】