上市公司整体上市的模式、问题及对策再思考  

Overall listing modes,problems and countermeasures

作　　者：罗忠洲[1] 屈小粲[2] 张蓓[2] 

机构地区：[1]复旦大学金融研究院,上海200433 [2]华东师范大学金融系,上海200062

出　　处：《证券市场导报》2010年第9期20-26,共7页Securities Market Herald

基　　金：第二十期上证联合研究计划课题"上市公司整体上市模式与效果分析"(编号:SAH3208021)

摘　　要：本文总结了我国上市公司整体上市的模式,分析了整体上市带来的问题。整体上市有增发反向收购、换股IPO、换股吸收合并及自有资金反向收购等四种模式,其中增发反向收购模式是主要模式。整体上市公司存在盈利预测未实现、强化了一股独大等问题。本文提出了改革资产评估机制、建立补偿机制等建议。This paper studies the overall listing modes of China＇s listed companies and analyzes the problems posed by the overall listing, and raises the corresponding policy recommendations. The research obtains the following conclusions： The overall listing has four modes, which includes reverse acquisition by additional shares, convertible IPO, merger and acquisitions by convertible stock and reverse acquisition by own funds, in which the reverse acquisition by additional shares is the main mode. Problems arise with completely listed companies such as not realizing expected earnings and strengthening dominance. It finally proposes policy recommendations such as reforming asset evaluation mechanism and establishing a compensation mechanism.

关 键 词：整体上市 公司并购 整体上市模式 反向收购 

分 类 号：F830.9[经济管理—金融学]