并购市场

• The form of market risk of m & a can divide into four styles by induction . this paper deeply analyzes the four styles by different methods such as theory support , illustrative explain , furthermore , it opens out the cause of formation of market risk of m & a from the objective and subjective facets
  此外，从主观和客观两方面分别揭示了并购市场风险的成因；第三，按照并购市场风险识别的过程分别概括了识别的理论基础、识别原则和识别程序等；第四，运用模糊综合评价法建立识别并购市场风险的模型。
• Corporate governance consists of external and internal mechanism . however , the necessary external competition mechanism is still deficient in china , such as the lack of effective capital market , mergers & acquisitions market , mature manpower market and bankruptcy system . so it goes without saying that the internal corporate governance mechanism is the crucial point of chinese enterprise ' s governance
  公司治理包括内外两种治理机制，但我国目前还缺乏公司治理所必需的外部市场竞争机制，如缺乏有效的资本市场、并购市场和完备的经理人才市场以及企业终止破产机制，因此内部治理机制成为我国公司治理的重头戏。
• Thirdly , we respectively generalize the theory base , discerning principle and discerning procedure , according to the discerning process of market risk of m & a , fourthly we set up a model of discerning market risk of m & a by fuzzy method . the paper abstracts the four aspects , thirteen factors , and finishes the discernment of market risk of m & a by quantitative analysis and qualitative analys is
  通过对并购市场风险表现形态的归纳和细分，论文将提炼出准则层的四大因素、子准则层的十三个因素，通过这些因素，从定量和定性两个角度实现并购市场风险的识别；最后，结合美的集团并购东芝万家乐的案例对其并购市场风险进行了实证分析。
• As for the market ' s reaction to the micro - efficiency , the mechanism of china ' s merger and acquisition has weak but positive effect . 3 . judged from enterprise ' s performance and market structure , the macro - efficiency has instructive effect on the development of china ' s merger and acquisition and the construction of china ' s economy system based on market
  企业并购可以创造价值、改善社会福利，并购收益的真正来源在于社会资源配置效率的提高； 2 、对并购活动市场反应的检验结果，支持我国并购机制在微观效率方面的积极结论，但具体表现并不明显； 3 、从企业经营业绩和市场结构上判断，我国并购机制的宏观效率对促进我国企业并购市场的发展以及市场经济体制的建立更具指导意义。
• Different m & a payment manner has different influence on the finance . whether the payment tool adopted is appropriate , not only influences the implement of incorporation strategy , but also displays different values of m & a information , which will further influence the operation of m & a markets , and even determine the final result of m & a transactions
  不同的并购支付方式对并购双方的财务影响各异，支付工具选择适当与否，不仅关系到并购策略的实现还会显示出不同的并购信息价值，从而影响到并购市场的运行，甚至决定并购交易是否能够成功。
• It has not established the real property transaction market , and it still belongs to m & a in the not perfect capital market . therefore , the deceitful reorganization in the short term is still popular in china m & a . in this way , it will affect the strategy in setting the price for m & a , and the financing of m & a
  当前我国企业并购还不是真正在市场经济条件下严格意义的企业并购，而且是一种不完全资本市场下的企业并购，真正适用于中国企业并购的产权交易市场尚未建立，以短期性为主的虚假并购、报表性重组依然是并购市场上的主流，因此对于合理确定并购交易价格和有效安排并购融资都带来很大影响。
• Therefore , it has become a pressing task to analyze the possible risks happening during the cbm & a procedure , utilize the experience and skills of foreign m & as ’ risk prevention measures , study the effectiveness and safety issues of chinese enterprises ’ cbm & a , and finally establish suitable required risk prevention mechanism for chinese enterprises ’ overseas development
  因而对中国企业跨国并购程序中可能出现的各种风险进行分析,借鉴国外并购市场的风险防范措施,深入研究中国企业跨国并购的有效性与安全性问题,来建立适合中国企业海外发展所需要的风险防范机制已成为亟待解决的课题之一。
• It is very meaningful and important not only for our macro - economy to enlarge the scale of chinese enterprises in order to participate in the international competition , but also for our micro - economy to develop the m & a market , and to take full advantage of the flexible market allocation of resources in order to realize that only the fittest survive and optimize the industrial structure
  宏观上,壮大企业规模,打造一大批大型企业参与国际竞争对我国经济而言意义十分重大;微观上,发展企业并购市场,可以充分利用市场配置资源的灵活性,实现优胜劣汰,优化产业结构。
• But in the western developed countries , m & a medium organization must take active part in the formed m & a market . from the practice of the m & a history , most were succeeded by it - in vestment bank . as one of the great effects on capital market , investment bank takes part in merger by all means
  但目前在我国，并购主要由当事人双方通过谈判达成协议的方式促成，然而在西方发达的市场经济国家，成熟的并购市场离不开并购中介组织的有效参与，大多数并购活动都是由投资银行促成的，投资银行作为资本市场上极具影响力的金融中介机构，以各种方式参与公司并购活动。