股权并购

较固定资产投资而言，通过股权并购方式取得控制权收益的代价较低，但控制性股东占有被并购公司控制权收益的比例也较低；

Compared with the fixed asset investment , the equity merger has a lower cost for obtaining control benefit , but leads to relatively lower benefit proportion for the control shareholder ;

近年来，股权并购已成为企业并购的主要类型。

In recent years , equity mergers have become the main type of mergers .

在我国，国有股权并购价格曾先后采取了资产法和市场法。

Asset valuation method and market comparison method have been applied in different periods in China .

这是股权并购的主要风险，也是最难防范的风险。

This is the major risk of stock ownership merger and acquisition and also the hardest risk to prevent .

股权并购的交易特征、文化差异度是影响企业并购绩效的主要两个因素。

Two , the transaction characteristics and cultural differences of equity mergers are the main two factors determining the performance of enterprise mergers .

按照中国法律的相关规定，外国投资者可以以两种方式并购境内企业，一种是股权并购，一种是资产并购。

There are two ways for foreign investor to take over domestic enterprise in China , one is called Equity M A , another is called Asset M A.

常年财务顾问；专项投资顾问；企业重组顾问；法律顾问；劳动合同风险规避；股权并购咨询；税务协调。

Annual Financial Consulting , Special Case Consulting , Financing Corporate Restructuring Consulting , Legal Adviser , Labor Contract Risk diminishment , Shares Merger Consulting , Tax Coordination .

该模型揭示，影响股权并购绩效的主要因素，除了交易特征外，还有文化差异度，这是以往的研究较少关注的。

This model reveals that the main factors determining the performance of equity mergers include not only the transaction characteristics , but also cultural differences , which is rarely involved in previous studies .

在博弈论和利润最大化推导过程中，发现股权并购博弈是围绕支付对价展开的，且对市场超额报酬的预期是支付对价的函数。

In the deducing process of game theory and profit optimizing , the author discovers that the game of equity mergers revolves around paying prices and the expectation for super-normal market performance is the function of paying prices .

无论经济处于高涨时期，还是萧条时期，公司并购在资本市场中一直占有重要地位，其中，股权式并购是通常采用的主要方式。

Merger & Acquisition always play an important role in capital market , whether in the period of economy upswing or in the period of economy depression . Share Purchase is one of main means adopted among such transactions .

本文以国内兼并收购市场做为研究对象，将并购交易按支付形式划分为三类，包括现金支付并购、股权支付并购和混合支付并购，分析了中国并购市场的发展及现状。

This thesis takes China M A market as the research objective , divides all deals into three groups according to their payment methods , including cash payment M A , stock payment M A and mixed payment M A , analyzes the market development of M A in China .

今年，在金融工作组内建立了一个私募股权与战略并购子工作组。

This year , a Private Equity and Strategic Mergers & Acquisitions Sub Working Group was established within the Banking Working Group .

通过对并购公司和目标公司绩效变化差异的研究，同时参考股权结构与并购规模，能找出并解释造成这两类公司绩效差异的影响因素。

By studying the differences in performance change between acquirers and targets with reference to equity structure and acquisition scale , the influencing factors for the differences can be found .

在中国，私募股权和战略并购越来越重要，对经验分享与信息交流的需求随着不断增长。

With the growing importance of Private Equity and strategic mergers and acquisitions ( M & A ) in China , there is an increasing need to share experiences and exchange information .

在分组检验中，本文发现并购类型以及是否从股市募集并购资金对并购后公司的经营业绩没有显著影响，而公司的股权结构和并购的规模则对并购后公司的经营业绩有显著影响。

In the grouping test , we find stock structure and the scale of M A could effect the performance after M A , but the types and capital source of M A have no effect on performance .

使用股权融资进行并购的并购绩效要小于使用其他融资方式的并购绩效，并且并购债务融资与并购绩效正相关，内部现金融资能力与并购绩效负相关。

The use of equity financing for mergers and acquisitions M A performance is less than the use of other means . M A debt financing and M A performance is positive correlation . The Internal cash financing capacity and M A performance is negative correlation .

国有股权转让引发国际化并购重组热潮

The Transfer of State-owned Shares Appeals to International M & A

股权租赁对公司并购的作用分析

Analysis on the Effect of Share Lease on Corporation M & A

还有一点笔者非常好奇，对于一直默默伴随史泰博的私募股权公司，此次并购是否会对它们产生影响。

Also worth wondering if the merger will have any impact on private equity firms that continue to quietly circle staples .

对外投资形式也逐步发展到境外上市、股权置换、跨国并购等国际通行的跨国投资方式。

Foreign investment also form the progressive development of the offshore market , stock exchange , transnational mergers and acquisitions , international practices of transnational investment .

而由于股权分割，换股并购在中国也缺乏现实的操作基础。

Furthermore , merger and acquisition by means of the exchange of shares also lacks operational basis in reality in China because of the segregation of stock ownership .

在实务中，企业资本经营主要表现为五种形式：股权转让式、并购、联合式、资产剥离式、租赁、托管经营式、品牌经营式。

In practice , enterprise capital operation mainly assumes five forms : Share-right transfer , Mergers and joint ventures , selloffs , Renting , Trusteeship operating , and Brand-name operation .

商务部新规定是对2003年颁布的暂行规定的扩充，将首次允许外资企业以股权作为支付手段并购境内公司，从而打开了一个可能非常重要的融资新渠道。

The regulations , an expansion on temporary 2003 rules , will for the first time allow foreign companies to use shares as payment for stakes in Chinese ventures , opening a potentially important new financing option .

理论部分，分别从股权集中度、控股股东属性、管理层持股三个方面阐述了不同的股权结构对并购绩效的作用机制，提出了文章的假设。

In the theoretical part , I described how ownership concentration , property of the shareholder and management float acting on M & A performance , and gave the hypothesis .