换股合并

如今，换股合并已经成为企业合并中最基本、最重要的合并方式。

Now exchange combination becomes the most basic and essential way .

我国上市公司换股合并行为的研究

The Research of the Share Exchange Merger in Domestic Companies

换股合并会计方法研究

Study on the Accounting Method of Changing Shares ' Consolidation

关于完善我国换股合并会计处理方法的思考

Improve the Consolidated Accounting Treatment of Our Convertible Methods

论换股合并与会计方法的选择

Discussion on the Choice of the Merge by Stocks Exchange and the Accounting Methods

换股合并中，折股比例确定时应以企业的内在价值为基础。换股合并中通常以权益联营法进行报表合并。

The proportion of the stock should be based on the internal value of an enterprise .

最后针对我国换股合并的现状以及存在的问题提出一些建议。

At last , puts forward several proposals based on the present situations and problems of our country .

第一部分：明确了换股合并的概念与内涵。在公司合并中，有现金、股票、债券等出资购并方式，其中以股票为收购出资，即为换股合并。

In an annexation , there are many ways such as cash , stock , debenture to provide capital .

因此，以换股合并为前提的会计处理方法&权益集合法也将提到议事日程。

Thus , gathering rights and interests-an accounting dealing method which bases on amalgamation by exchanging stocks has been risen to agenda .

为什么农村金融改革在过去的二十几年间多次反复，至今仍处于试点阶段？换股合并现在仍属于试点阶段，它是我国证券市场发展的有益创新。

Why the rural financial reform has been relapsing many times in past twenty years and is still at the experiment stage now ?

但在中国，换股合并正逐渐增多，且考虑到权益集合法操作简单，在明确规定限制条件的前提下，应当允许企业采用权益集合法。

But in China , the pooling method should be retained to accounting for pooling mergers if there are definite and rigour criteria .

2004年第一百货换股合并华联商厦成为我国第一例上市公司之间的换股合并。

In 2004 , NO.1 Department Store absorbed HUA LIAN CO. , which is the first case of true exchange combination in china .

其中，换股合并指的是以股票作为企业并购的支付手段，从而达到控制或者影响其他企业的目的。

Convertible merger is defined to achieve the control or influence of other enterprise by means of stock as payment of mergers and acquisitions .

避免同业竞争，进行换股合并而整体上市的集团企业大部分都是业务相近的公司间进行。

To avoid competition for the combined exchange-listed group as a whole and most of the enterprises are operating close to the company conducted .

上市公司股权变更与公司产出效率的研究关于我国换股合并会计处理方法的探讨

Merger and Acquisition , Exchange of Stocks and Efficiency of Corporation A Discussion on Accounting Method Related to the Mergence fey the Exchange of Stocks

换股合并会计方法研究第二部分：总结了我国换股合并的现状及合并的特征，换股合并在我国存在与发展的环境与动因，折股比例确定时所普遍采取的方法。

Study on the Accounting Method of Changing Shares ' Consolidation Part II : Summerize the characteristic and situation of the stock-changing annexation in our country .

换股合并的趋动力主要包括三个方面：追逐利润、缓解竞争的压力和企业家的成就感。

The initial motivation of combination by exchange of stocks between enterprises includes three sectors : searching for profit , competitive pressures and achievement of entrepreneur .

换股合并中的折股比例是指目标企业的一股普通股股票换取主并企业的多少股普通股股票。

For example , if the ratio is 0.5 , it means that target enterprise with ordinary share can exchange 0.5 share from the head enterprise .

同西方国家的换股合并发展历史相比，换股合并在我国的发展历程并不长，以换股的方式实施企业合并的案例也不多。

Compared with the Western countries , history of convertible merger in our country is not long , nor is the case of business combination many .

首先，在阐释换股合并含义的基础上，分析了企业换股合并的动因以及换股合并的负面影响，为研究换股合并的相关问题打下了理论基础。其次，研究了换股合并的定价基础。

Firstly , on the basis of explaining what the stock-for-stock merger is , the thesis analyzes the motivation and negative effect of the stock-for-stock merger .

同时，通过典型案例的列举揭示出换股合并式整体上市的过程；定性分析与定量分析相结合。

At the same time , the typical case reveals the list of merger-exchange market as a whole in the process ; qualitative analysis and quantitative analysis .

换股合并在我国还处于初级阶段，在发展过程中存在着诸多问题，如合并过程中资产评估、合并程序规范、换股比例、合并的会计方法等。

Acquisition by exchange of stock is still at the primary stage . There are many problem during the process of development , such as asset valuation in acquisition .

2007年我国股权分置改革基本完成，证券市场进入到了全流通时期，换股合并案例逐渐增多。

In 2007 , China basically completed the split share structure reform , the stock market got into the circulation period , the cases of convertible merger gradually increased .

换股合并这一交易方式在国际资本市场的整合上已经被广泛应用，但是在我国这一交易方式起步较晚，还有很多不完善之处。

The combined trading convertible has been widely used in the international capital market integration , but in the way of the deal China started late , there are many imperfections .

换股合并的动因。根据分析，换股合并的协同效应、规模经济效益等部分指标在论文的案例中得到了证实。

Motivation of M & A. According to the analysis of the convertible merger synergies , economies of scale , and other indicators of some of the papers in the case has been confirmed .

在这种背景下，运用换股合并的相关理论和方法，研究我国换股合并比例的确定等相关问题具有一定的现实意义。

In this background , it has a certain practical significance to use relevant theories and methods to study the problem , which is the determination of exchange ratio in China and other things .

这些优势使得换股合并在20世纪90年代以来，在国际金融环境的日渐宽松，尤其是金融服务业贸易自由化的发展的大背景下，风靡全球。

These advantages have made the convertible merger swept the globe in the increasingly liberal international financial environment , especially in the context of liberalization of financial services trade , since the 90s of the 20th century .

本文在规范研究的基础上，以我国换股合并的案例资料为背景，结合财务模型进行合并效应分析。

Research in this article norm on the basis of our country in order to exchange information on the merger case in the background , combined with the financial model analysis of the effects of mergers and acquisitions .

所以，我国现阶段的换股合并会计方法应保留权益结合法，并通过规范证券市场和完善资产评估等方式，逐步与国际合并会计准则趋同。

So at present , we should choose Pooling of Interests Method . At the same time , we should perfect the securities market and standardize the assets evaluation to close to the international combination accounting step by step .

在实例分析的基础上，笔者对我国上市公司换股合并从营造良好外部环境、完善换股企业自身方面提出了相应的建议。

Based on the analysis in the examples , the author of the listed companies in China from the convertible and create a favorable external environment combined , improve the terms of the convertible puts forward their own proposals .