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Relying on the capital market mergers and acquisitions of listed companies is the only way for the modern business growth, mergers and acquisitions of listed companies active in the stock market is the key to the allocation of resources and market growth forms an important driving force. Mergers and acquisitions of listed companies is conducive to enterprise's own adjustment of product structure, technological innovation, structural optimization, the core competitiveness of culture, but also help establish and improve the securities market, optimizing the financing system, realize the rational allocation of social resources, cultivate new economic growth point, promote economic restructuring and industrial restructuring and upgrading. At present, in the context of economic globalization, China, as the emerging market economies, economic activity active in the appreciation of the RMB channel, which are conducive to mergers and acquisitions. However, in the mergers and acquisitions of listed companies flourish, the stock market to move closer to the mature international market model, while under the old system of market factors and not immediately eliminate the impact of the local government, the absence of owners, management control of listed companies financing channels for a single securities market is not yet mature financial advisers and other issues in the Chinese stock market next period of time more or less become an obstacle to development or mergers and acquisitions unfavorable factors. Therefore, it should be a correct understanding of the status of listed companies in mergers and acquisitions, mergers and acquisitions timely detection of problems and risks, which for mergers and acquisitions of listed companies to promote the sound development of the business, and promote the deepening of the reform of state-owned enterprises and industrial structure adjustment and upgrading has extraordinary unusual significance. Also based on this paper on mergers and acquisitions meaning, type, links, motivation and other basic theory, and foreign mergers and acquisitions practice to analyze the situation on the basis for China's listed companies merger and reorganization process, status, from an objective environment, and mergers and acquisitions activity itself, etc. viewpoint, focusing on the mergers and acquisitions of listed companies Problems, risks. Objective conditions, there are six aspects: First, in our particular economic system, too much government intervention in mergers and acquisitions; Second, the industry regulatory agency is not enough competence to practice also needs to be improved; Third, there is extensive use of mergers and acquisitions speculative behavior; four is due to agency relationship exists managers moral hazard; five are more single means of financing, financing tools to be innovative; six are inadequate laws and regulations, there are loopholes in the blank. M \u0026 A activity itself there are four major risk that the financial risk, the risk of blind expansion of the scale, risk diversification and mergers and acquisitions M \u0026 A integration risk. Finally, the response to these problems, risks, put forward the corresponding countermeasures and suggestions. First, the accurate positioning of mergers and acquisitions of listed companies the government's role; Second, to develop and standardize intermediary; Third, standardize the secondary market, strict disclosure system; Fourth, constraints to guide the operator acts; Fifth, the rich financing instruments; their six, standardize and improve the relevant laws and rules and regulations; their seven, make financial arrangements to reduce financial risk; their eight clear goals mergers and acquisitions, to enhance the core competitiveness; their nine, attaches great importance to the full implementation of the integration of mergers and acquisitions . This paper argues that only in the constant mergers and acquisitions of listed companies in the behavior of all participants, mergers and acquisitions objective to create a good environment, to prevent the risk of the merger and reorganization cases, mergers and acquisitions of listed companies to be able to be sustained and healthy development, in order to achieve rational allocation of resources in our society, the success of the industrial restructuring and upgrading, and ultimately promote the rapid development of economic harmony.
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