子公司收购母公司的动因 方式与效果研究——东方电机收购集团主业资产的案例分析  

Research on the Motivation,Mode and Effect of the Subsidiary Acquiring the Parent Company——Analysis Cases Based on Dong Fang Electrical Machinery Limited Company Acquiring the Group Parent Company Core Operating Assets

作　　者：吴修瑶 

机构地区：[1]福州大学经济与管理学院,福建福州350116

出　　处：《物流工程与管理》2016年第10期124-127,共4页Logistics Engineering and Management

基　　金：福建省社会科学规划项目"风险管理导向的地方政府债务会计问题研究"(FJ2016C205)

摘　　要：文中以东方电机换股要约收购集团母公司主业资产的案例为研究对象,从收购的动因与方式两个角度对上市子公司换股要约的收购行为、收购过程以及效果进行深入分析。研究发现,子公司收购集团母公司的主要动因是整体上市集团母公司的经营性资产,并实现集团公司的主业资产证券化;采用定向增发和换股要约收购相结合的方式是子公司收购集团母公司较好的方式,能够有效地把握最佳的收购时机。Our paper from two aspects about acquisition motivation and mode makes an in-depth analysis on acquisition behavior about the listed subsidiary exchange offer,acquisition process and effect based on Dong fang Electrical Machinery Limited Company acquiring the group core operating assets case.The main motivation of the subsidiary acquiring the parent company is listing the group core operating assets,which makes the core operating assets securitization.The combination of issuance of new shares and convertible offer is a better way of acquiring group parent company.Issuance of new shares can solve the financing problem of the acquired side,effectively grasp the best time to acquire.

关 键 词：收购方式 主业资产 定向增发新股 换股要约收购 

分 类 号：F722.3[经济管理—产业经济]