我国上市公司换股并购问题研究.doc

摘 要:近年来，全球范围内的并购浪潮一波接着一波，西方国家的并购市场已经发展到了一个很成熟的阶段，而中国作为一个经济高速发展的国家，它的并购浪潮也正在兴起。随着经济的发展，并购变得越来越重要，它是一种有效的使得资源配置更加优化的手段。而在这过程之中，则不得不提到股权分置改革，它对我国的并购市场有着非常重要的意义。股权分置改革的成功，扫清了股东们对于所持股票权利的不统一的障碍，使得并购更加地公平公正，且有理可依。而其中的换股并购由于它本身的优势，必将成为一种主要的并购形式，成为一种主要的融资手段。所以在此时，对于我国上市公司的换股并购进行研究分析是很有必要的，我们要针对其中存在问题提出相关的建议。

　　　本文是先从理论出发，先对其进行分析，进而再联系实际的案例进行论述，使得文章有理有据。文章首先对换股并购这一概念进行了定义，接着简要地阐述了换股并购的优缺点；紧接着对换股比率的确定方法以及会计处理方法做了论述；在这之后，对实行换股并购的内外部环境作了些许的阐述；然后，就换股并购中存在的问题以及各个部分的影响作了一些论述；最后引用了2012年优酷换股并购土豆的案例，结合案例对我国换股并购进行了分析，并得出了相关启示。

关键词：换股并购；换股比率；会计核算方法；问题；影响

ABSTRACT:In recent years, the global wave of mergers and acquisitions is becoming more and more popular. Western countries’ market of mergers and acquisitions is mature.While China with a rapid development at economy, its wave of mergers and acquisitions is also on the rise. With the development of the economy, mergers and acquisitions is becoming more and more important. It is a kind of effective means of making resource allocation more optimized.As a means of optimization of effective resource allocation, mergers and acquisitions in the process of our economic development play an increasingly important role. The split-share reform is of great importance in our country's capital market.The success of the split-share reform cleared the stocks held by the skimble-scamble rights of the shareholders, making mergers and acquisitions more fair and rational. Due to the advantages of stock-to-stock mergers and acquisitions,it will become a main component of mergers and acquisitions, a main means of financing. At this point, that we make analysis in depth, and find the problems in mergers and acquisitions, then put forward the corresponding Suggestions has important theoretical significance and practical significance.

　　　This article is in accordance with the first theoretical analysis to the concrete practice, which wants to achieve the reasonable combination of both. First of all, the paper is starting from the definition of mergers and acquisitions, then talk about the advantages and disadvantages. Following is the proportion of mergers and acquisitions as well as the accounting methods of it. After that, it is about the internal and external environment of the mergers and acquisitions. Then, the topic is about problems of mergers and acquisitions and the influence of each part. At last, the paper quotes the typical case to talk about the mergers and acquisitions, and raises suggestions.

Keywords: Mergers and acquisitions; ratio of mergers and acquisitions; accounting method; problem; influence