导　　师： 郭银华

学科专业： 1251

授予学位： 硕士

作　　者： ;

机构地区： 广东财经大学

摘　　要： 随着近些年我国相关政策的先后出台，鼓励企业进行股权分置改革，完善公司股权结构，加速企业自身发展。早前由于历史原因，我国企业较多采用分拆上市，但是随着分拆上市暴露出的种种弊端，整体上市越来越受到拟上市企业的青睐。企业选择整体上市的目的是因为通过整体上市可以为企业带来很多好处的同时还能有效避免因分拆上市带来的种种弊端。整体上市能够有效减少相关企业之间的关联交易增强上市公司独立性；整体上市可以有效的避免同业竞争；整体上市可以为企业带来协同效应实现内外资源的有效整合，增强企业竞争力。除此以外整体上市还能有利于完善资本市场和促进证券市场的良好有序发展。整体上市这种创新模式无论对企业还是对整个资本市场的发展来说,都有着十分重要的意义。 2013年9月美的集团通过换股吸收合并方式成功完成了对旗下控股公司美的电器的合并，实施了集团业务的整体上市。美的集团作为存续公司将接手美的电器的全部权利和义务，合并完成后，美的电器将被注销掉。美的作为一家民办家电行业的巨头企业，此次整体上市的成功完成对后续拟上市的企业具有很好的参考和借鉴意义。“美的模式”未来会被越来越多的企业“复制”，这也是本文研究的主要原因。 本文主要通过文献分析、比较分析、案例分析等方法对美的集团吸收合并美的电器从而实现整体上市的过程进行系统分析。本文主要分析了美的选择“换股吸收合并”方式上市的优势，美的整体上市的具体做法，美的整体上市的不足之处以及“美的模式”的未来应用前景，最后对后续希望整体上市企业的启示进行了说明。本文的不足之处就是并没有对美的集团成功实施上市后的后续境况进行跟踪研究。 Recently,the introduction of Chinese policies aimed at encouraging the innovation ofthe enterprise share segregation and promote its development. Owing to the historicalfactors,most of Chinese enterprises adopted the policy of spin-off, which exposedgradually its disadvantages,while the policy of the overall market was popular in thepreparing listed company. Its target is to benefit the listed companies and remove themalpractice. The overall market may decrease the related transaction and strengthen itsindependence,and avoid the industry competition,and produce the synergies and integratethe domestic resources with the overseas to increase its competition. In addition,the overallmarket is helpful for improving the capital market and promoting the development of thestock market. So it is very important for the development of the enterprises and the capitalmarket. The Midea Corporation merged the Midea electric company-its holding companysuccessfully by the means of the convertible absorption, and realized the target of theoverall market in Sept.2013. The Midea corporation took over the Midea electric companywhich was cancelled. In the essay, it adopts the means of literature and analysis,and cases, analyzing theprocess of Midea corporation successful overall market detailedly. It analyzes mainly theadvantages of its overall market and the measures taken,and the faults and its prospect. Itsshortcoming is not to make a further research on its later condition.

关 键 词： 美的集团 整体上市 换股吸收合并

分 类 号： [F426.6 F832.51]

领　　域： [经济管理] [经济管理]