证券交易所跨国并购动因探析及启示  

An Analysis of the International Merger & Acquisition of Stock Exchanges and Its Revelation

作　　者：贺显南[1] 孟娟[1] 

机构地区：[1]广东外语外贸大学,广州510006

出　　处：《广东外语外贸大学学报》2008年第4期25-27,共3页Journal of Guangdong University of Foreign Studies

摘　　要：当前全球证券交易所跨国并购风起云涌,欧美主要的几大证券交易所都纷纷开展并购谈判并取得成果。本文分析了这一热潮的经济动因以及制约并购顺利进行的障碍,认为证交所跨国并购必将继续下去并向亚洲扩张,而我国证交所要参与这种国际竞争必须首先完善交易所功能和服务,扩大交易品种和范围,加强制度建设以及与香港证交所的联合,这是我国证交所与国际接轨的必然选择。Currently there has been an upsurge in international merger and acquisition （M ＆A） of stock exchanges. Many European and American famous international exchanges have succeeded in the negotiation ofM ＆ A. This paper analyses the economic causes of the upsurge and the obstacles that restrict the smooth operation of M ＆ A. It tentatively concludes that the global M ＆ A would go on and further spread to Asia. However, stock exchanges in China cannot follow this trend unless securities＇ function and service are perfected and the financial products, widened. The institutional practices should also be further strengthened and combined with the Hong Kong Stock Exchange. This seems to be a better way for China＇s Stock Exchanges to join the international process ofM ＆ A.

关 键 词：跨国并购 网络经济效应 公司化改革 证交所 

分 类 号：F830.91[经济管理—金融学]