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20世纪90年代“,宝延风波”拉开了我国上市公司进行并购的序幕。短短的十几年间,上市公司并购市场几经波折,但依旧保持了惊人的发展势头,并在我国特有的环境下形成了其特有的问题和环境。笔者认为这其中并购的融资问题是我国上市公司并购现今面临的最主要问题。我国上市企业尤其是中小企业普遍都存在融资渠道狭窄、融资市场发展不健全等问题。杠杆收购其特有的特点和条件正好能够解决我国上市企业目前融资难的问题,它对我国现阶段的并购市场有着其独特的作用。笔者引用的案例进一步从阐明了LBO在我国上市公司并购中的重要作用。最后,针对我国现今运用LBO进行并购操作的一些问题,笔者提出了一些看法和建议。
The 1990s, “Bao Yan storm” opened the prelude to mergers and acquisitions of listed companies in China. In a short span of ten years, the M & A market of listed companies has experienced many twists and turns, but still maintained a remarkable momentum of development and formed its peculiar problems and environment in the peculiar environment of our country. The author thinks that the financing problem of the mergers and acquisitions is the most important problem that our country’s listed companies merge nowadays. China’s listed companies, especially small and medium-sized enterprises, generally have such problems as narrow financing channels and unsound financing market development. Leveraged its unique characteristics and conditions just to solve the current financing difficulties of listed companies in China, it is the stage of our M & A market has its unique role. The case cited by the author further clarifies the important role of LBO in M & A of Chinese listed companies. Finally, in view of some problems that China now uses LBO to carry out M & A, the author puts forward some opinions and suggestions.