本文關(guān)鍵詞：上市公司并購重組監(jiān)管體系研究　出處：《中央民族大學(xué)》2012年博士論文　論文類型：學(xué)位論文

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【摘要】：我國上市公司并購重組活動已有近20年的實(shí)踐,并購重組作為資源配置的重要手段,為資本市場貢獻(xiàn)了大批優(yōu)質(zhì)資產(chǎn),有力促進(jìn)了資本市場的活躍與發(fā)展。隨著我國上市公司占國民經(jīng)濟(jì)比重的不斷提高,上市公司利用資本市場并購重組已成為促進(jìn)經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變和經(jīng)濟(jì)結(jié)構(gòu)調(diào)整的重要實(shí)現(xiàn)形式之一,并在資源優(yōu)化配置、產(chǎn)業(yè)整合升級、提升國際競爭力、推動國企改革等方面發(fā)揮了積極作用,利用資本市場并購重組促進(jìn)“調(diào)結(jié)構(gòu)、興產(chǎn)業(yè)”,既是歷史機(jī)遇又是歷史任務(wù)。然而在此過程中,也出現(xiàn)了上市公司違規(guī)實(shí)施并購重組、規(guī)避監(jiān)管機(jī)構(gòu)的監(jiān)管、并購重組中伴隨內(nèi)幕交易等不良現(xiàn)象,使市場和社會各界對上市公司并購重組產(chǎn)生較為負(fù)面的印象。鑒于此,如何保護(hù)在上市公司并購重組中處于弱勢地位的廣大中小股東、防止和打擊并購重組中滋生的內(nèi)幕交易和操縱市場等市場欺詐活動,是各國證券監(jiān)管機(jī)構(gòu)不懈努力的目標(biāo)�；趯ι鲜泄静①徶亟M行為的價值判斷、不同的市場發(fā)展水平以及各自的國情,各國政府建立了不同的上市公司并購重組監(jiān)管體系,對并購重組行為也采取了不同程度的監(jiān)督管理。 上市公司并購重組監(jiān)管,從根本上講是一種政府行政行為,并從改進(jìn)政府執(zhí)政方式出發(fā),根據(jù)不斷變化的市場新情況,完善監(jiān)管體系,更新監(jiān)管理念,改進(jìn)監(jiān)管方式,健全監(jiān)管規(guī)則,提高運(yùn)用科學(xué)理論解決實(shí)際問題的能力,處理好政企關(guān)系、政社關(guān)系以及政府內(nèi)部各種關(guān)系,更好地轉(zhuǎn)變政府職能、提高政府管理效能,從而促進(jìn)資本市場和實(shí)體經(jīng)濟(jì)的規(guī)范發(fā)展。因此,研究上市公司并購重組監(jiān)管具有不可替代的理論和現(xiàn)實(shí)意義。 上市公司并購重組是眾多學(xué)科共同涉足的一個領(lǐng)域,長期以來一直是資本市場和學(xué)者研究的熱點(diǎn)問題,國內(nèi)外已有很多學(xué)者從各自研究領(lǐng)域出發(fā)進(jìn)行了專題研究,提出了諸多有益的建議,但大部分仍然局限于研究上市公司并購重組的具體制度或者形式,而對于上市公司并購重組監(jiān)管的問題仍然是一個新興的問題,尚未形成較系統(tǒng)的理論體系,至于上市公司并購重組監(jiān)管體系構(gòu)建問題的研究則更處在初級探索階段。在現(xiàn)有公共行政管理領(lǐng)域的文獻(xiàn)中,也尚無專門探討我國上市公司并購重組監(jiān)管體系的文章,因此對其進(jìn)行研究的難度是不言而喻的。筆者試圖大膽嘗試,盡力而為。 本論文以上市公司并購重組監(jiān)管體系為研究對象,依托政府介入企業(yè)并購理論、金融監(jiān)管理論、證券市場監(jiān)管理論以及并購重組理論等,吸收、借鑒國內(nèi)外最新研究成果,通過系統(tǒng)論方法、實(shí)證分析與規(guī)范分析相結(jié)合的方法、比較及動態(tài)分析的方法以及理論分析與操作實(shí)務(wù)相結(jié)合的方法,從不同的角度來探討上市公司并購重組監(jiān)管體系的運(yùn)作問題,總結(jié)發(fā)現(xiàn)我國上市公司并購重組監(jiān)管實(shí)踐出現(xiàn)的突出問題,比較和分析境外典型并購重組監(jiān)管體系的構(gòu)成及監(jiān)管情況,反思我國上市公司并購重組監(jiān)管的實(shí)施效果,力圖使論證比較充分,分析比較透徹。在此基礎(chǔ)上提出符合現(xiàn)階段中國市場發(fā)展水平的完善上市公司并購重組監(jiān)管體系的路徑選擇和對策。 筆者認(rèn)為,上市公司并購重組監(jiān)管對維護(hù)并購重組活動正常開展意義重大,完善上市公司并購重組監(jiān)管體系的前提是高度重視上市公司并購重組監(jiān)管,并提出了完善上市公司并購重組監(jiān)管體系的具體對策和建議。主要包括：進(jìn)一步優(yōu)化上市公司并購重組監(jiān)管體系架構(gòu)；進(jìn)一步挖掘上市公司并購重組的轄區(qū)監(jiān)管責(zé)任制的潛在功能；在上市公司并購重組監(jiān)管中把監(jiān)管和服務(wù)更加有效地結(jié)合；借助地方政府的力量,授權(quán)自律組織進(jìn)行自律監(jiān)管,發(fā)揮中介機(jī)構(gòu)的作用,提高社會監(jiān)督力量的參與度,形成合力監(jiān)管；加強(qiáng)對并購行為的全過程監(jiān)管,強(qiáng)化現(xiàn)場監(jiān)管和后續(xù)監(jiān)管的力度；繼續(xù)堅持以市場化為導(dǎo)向,鼓勵并購重組的創(chuàng)新等方面的建議。在明晰現(xiàn)階段上市公司并購重組監(jiān)管面臨的挑戰(zhàn)與存在的問題的情況下,準(zhǔn)確定位政府監(jiān)管與市場行為的關(guān)系,在做好“裁判員”的同時把握好監(jiān)管邊界,調(diào)整監(jiān)管理念與思路,堅持服務(wù)市場的服務(wù)精神,轉(zhuǎn)變監(jiān)管模式,努力創(chuàng)新,構(gòu)建并不斷完善與市場行為相適應(yīng)的市場化多層次立體綜合監(jiān)管體系,是我國上市公司并購重組監(jiān)管體系構(gòu)建的理性選擇,以期為我國上市公司并購重組監(jiān)管體系的完善提供研究依據(jù),并能夠為正在不斷完善中的上市公司并購重組監(jiān)管工作做出微薄貢獻(xiàn)。此外,本論文最后對我國民族地區(qū)上市公司并購重組監(jiān)管體系面臨的機(jī)遇與挑戰(zhàn)進(jìn)行了分析,并提出了推動民族地區(qū)上市公司并購重組的思考。
[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.

【學(xué)位授予單位】：中央民族大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F271;F832.51

【引證文獻(xiàn)】

相關(guān)博士學(xué)位論文 前1條

1 羅曼麗;影響我國股指波動性主要因素研究[D];中國農(nóng)業(yè)大學(xué);2014年

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本文編號：1428106