摘要
本文在借鉴国际惯例的基础上,分析国内证券市场新近发生的两起市场化吸收(换股)合并案例发现,第一百货吸收合并华联商厦案例对于我国企业合并更具普遍意义。我国已具备使用购买法的环境,但应作适当修正以适应我国股权分裂的现状,最关键的是以账面净资产作为计量购买支付对价的依据,重点考察非流通股换股比率,而不考虑包含流动性溢价要素的股票市价及相关的流通股换股比率。
Based on international accounting practice, thispaper analyzes two typical merger cases recently taken place inChina. It is found out that acquisition of Hualian CommercialBuilding by No.1 Department Store is more representative,drawing the conclusion that purchasing method is applicableunder Chinese context, but should be revised to fit the currentshareholding status quo in the country so that net book assetshould be taken as the basis for calculating product pricing.Stress should be laid on transferring ratio of non-float sharesrather than that of market cap and related free-float shares withfloating premium included.
出处
《证券市场导报》
北大核心
2005年第5期50-57,共8页
Securities Market Herald
