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刘哲:部分企业拿并购穿在身上当做皇帝的新衣

2017-09-09 17:06:39   中国经济网

经济日报-中国经济网北京9月9日讯(记者 关婧)证券日报与中国经济网联合举办的“七问中国股市”论坛今日举行,论坛邀请了七名专家学者,就IPO制度和退市制度常态化、完善并购重组市场、壮大长期资金规模、提高新三板市场流动性、机构投资者责任等问题进行了深入探讨。

万博研究院新供给中心主任刘哲在论坛上表示,并购是中国产业结构转型的重要方式,特别是资本市场上的并购行为对于实体经济的产业转型是非常大的助力。

刘哲认为,要防止忽悠式并购、跟风式并购的行为,需要回归产业本质,一方面要提高信息披露的及时性和关键信息的披露,减少灰色套利空间,另一方面要发挥市场作用,监管部门、专业机构合力建立规范化的市场,让有转型动力的传统企业的需求得到满足,让新兴产业得以借助资本市场的力量得到发展,让有协同效应的产业能通过并购重组实现优势互补,最终让并购市场既是“活水”又是“净水”。

万博研究院新供给中心主任刘哲发言。中国经济网张相成/摄

刘哲指出,目前从实体经济的产业并购需求上,国内有行业内集中度提升的需求,有上下游产业链协同效应的需求,也有跨行业之间的并购的需求,更多是新兴产业和传统产业融合。从资本市场的并购意图上,目前很大程度是买卖差价和价格利益的驱动、博弈。刘哲认为,正是由于中国资本并购和整个产业需求在一定程度上的脱节或背离,才导致了资本市场的并购会出现“净水不净”的问题。

刘哲进一步指出,并购是产业整合非常重要的方式,但是上市公司把并购中的融资和产业的需求本末倒置了,再加上一些投资者将错就错跟风炒作,就形成了中国现在并购市场潜在的风险。

“融资当然是资本市场一个非常重要的功能,但是融资和产业整合之间的关系是什么?”刘哲指出,首先企业可以通过资本市场进行融资和产业整合,提升整个资本的配置效率和企业效率,然后给持有这些企业的投资者带来相应的回报,最终实现盈利、赚钱或者是财富升值的目的。

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