反向并购

与2010年初的峰值相比，彭博中国反向并购指数（BloombergChinaReverseMergerIndex）暴跌了68%。该指数追踪在纽约上市的82家中国公司。

Dozens have been delisted and the Bloomberg China Reverse Merger index , which tracks 82 Chinese companies listed in New York , has tumbled 68 per cent from its peak at the start of 2010 .

DPO或直接公开发行将成为主要替代首发和反向并购中国公司上市的方式。

DPO or Direct Public Offering will become the main alternative to IPO and reverse merger for Chinese companies .

目前，由于IPO上市申请手续仍然繁琐、时间比较长、条件较为严格，因此不少中小型企业为了能够迅速达到上市融资目的纷纷选择审批时间短、限制条件少的反向并购方式。

At present , the application procedures of IPO listed are still complicated , and time-consuming . Many small and medium enterprises have chosen the reverse merger in order to quickly reach the public financing purposes because its procedures are less restrict .

当时，中西部公司表示支持Murchison的出价。该交易将设计为反向并购，让中西部公司成为上市实体。

Midwest said at the time that it backed the Murchison offer , which would be engineered via a reverse takeover , leaving Midwest as the quoted entity .

针对通过反向并购在北美上市的一些企业的欺诈指控，导致股价大幅下挫，例如，彭博（Bloomberg）中国反向并购指数去年跌逾60%。

Fraud allegations against some Chinese companies that gained North American listings by reverse mergers resulted in huge falls in share prices – the Bloomberg Chinese reverse mergers index , for example , fell more than 60 per cent in 2011 .

从二十世纪80年代的空壳公司上市到2005年开始兴起的特殊目的收购公司（SPAC）反向并购在世界资本市场作为一种主要融资方式受到了广泛的关注。

Since the blank check company acquisition in the 80s of last century till the emergence of Special Purpose Acquisition Companies (" SPAC "), reverse merger has been the main way of capital financing and has also attracted great attention in global capital market .

如果一家公司通过反向并购登陆美国市场，那就要当心了。

If the company arrived via a reverse merger , watch out .

相应的负面宣传，也有利于向投资者强调反向并购结构的风险。

Negative publicity has also helped to highlight the risks for investors of the reverse merger structure .

这个合并计划将通过反向并购来实现，使中西部公司成为上市主体。

The merger plan would be implemented via a reverse takeover , leaving Midwest as the quoted entity .

尽管反向并购日益增加，但反向并购商誉初始计量仍然有许多亟待解决的问题。

With the increasing reverse mergers , there are still many problems of goodwill measurement on reverse mergers in practice .

而在反向并购商誉初始计量中如何更好地运用公允价值则与我国整个公允价值市场相关。

Besides how to better use the fair value on initial goodwill measurement of reverse mergers is related to the setting up of our fair value market .

在过去两年中，有数十家反向并购企业被指舞弊、遭遇审计事务所辞任、或者被美国股市摘牌。

Over the past two years , dozens of these reverse merger companies have been accused of fraud , seen their auditors resign and been delisted from us exchanges .

接下来，本文对现有的8家券商的反向并购上市模式进行分类，分析各自的优缺点，并对每一类反向并购的模式进行典型举例辨析。

Next , the paper classifies reverse merger models of the existing 8 listed securities companies , analyses their advantages and disadvantages , and introduces typical examples for each category of reverse merger models .

本文不足之处在于未能提出我国反向并购商誉初始计量新计量方式或者改进方式而只是在准则对比和案例分析的基础上对反向并购商誉初始计量提出一些建议。

In addition , this article fails to put forward a new measurement method for goodwill measurement of reverse mergers and only make some suggestions on the basis of accounting standards comparisons and case analysis .

去年11月当他宣布该基金亏损时还表示，在他对中国反向并购股票的投资表现令人失望之后，富达中国基金使用了5家公司的服务，为其提供专项尽职调查。

As he announced losses in November last year , he also said Fidelity had taken on the services of five firms to provide specialised due diligence following the disappointment of his investment in Chinese reverse merger stocks .

2006年，证交会以民事欺诈罪起诉中国节能和该公司驻中国的四名高管。中国节能当年是通过反向并购获得美国上市地位的。那四名高管被指参与了一宗股票操纵阴谋。

In 2006 , the SEC filed civil fraud charges against China Energy , which obtained a US stock listing through a reverse merger , and four senior officers based in China allegedly engaging in a stock - manipulation scheme .

从2007年到2010年，有相当部分房地产企业通过反向并购的方式上市，而这段时期房地产企业反向并购上市的企业数量远远高于首次公开发行的数量。

During the period of 2007 to 2010 , quite a number of real estate firms did not become a public company via a traditional initial public offering ( IPO ) . Rather , they acquired public traded companies using the method of reverse merger ( RM ) .