换股

企业购并案中换股比例问题研究

Problems of Stock Exchange Rate in Enterprise M & A Projects

长江实业在一份换股公告中称，重组将提升即将成立的两家新公司的规模，让股东直接持有它们的股份，并提高透明度及业务一致性。

The restructuring would enhance the size and scale of both the new companies to be created , allow shareholders to invest directly in each of them , and provide greater transparency and business coherence , Cheung Kong said in a stock exchange announcement .

TCL集团IPO及换股吸收合并TCL通讯是中国资本市场发展过程中的重要事件，它标志着中国资本市场正在逐渐成熟，加快了与国际资本市场接轨的步伐。

This case is a cornerstone in the development of Chinese capital market .

其次，本文对当今资本市场上整体上市模式进行总结，并分为三种模式：定向增发模式、换股IPO模式和换股吸收合并模式。

Secondly , this article summarizes the model of list in integrity and classify it to three : directional add-issuance , IPO convertible , convertible merger .

美国政府将在一项全面重组计划中获得通用汽车（gm）的多数股权，这项计划涉及关闭更多的工厂、裁员以及一项大幅度的债换股计划。

The US government is to take majority control of General Motors in a sweeping restructuring plan that involves more plant closures and job losses and an aggressive debt-for-equity swap .

而且作为此次融资计划的一部分，TPG和GIC经过重新谈判，以每股4.50港元价格转换其原有可换股债券。

And as part of the fundraising plans , TPG and GIC have renegotiated to convert their original convertible bonds at HK $ 4.50 a share .

数据提供商Markit和IHS将通过一宗130亿美元的换股交易实现合并，以打造出一家能挑战彭博（Bloomberg）和汤森路透（ThomsonReuters）的金融及企业信息巨擘。

Data providers Markit and IHS are to combine in a $ 13bn stock deal to create a financial and corporate information powerhouse to challenge Bloomberg and Thomson Reuters .

Joyus在启动时发行了55万美元的可换股票据，在第一轮融资中又成功募集到730万美元。

The company raised a $ 550,000 convertible note at launch , and since has secured $ 7.3 million in series a funding .

花旗集团（Citigroup）周日完成期待已久的580亿美元换股计划后，美国政府将持有这家境况不佳的金融集团34%的股份，对该银行不仅提高了影响力，也提高了风险敞口。

The US government is poised to take a 34 per cent stake in Citigroup , increasing both its exposure to and influence over , the troubled financial group following Sunday 's completion of a long-awaited $ 58bn share offering .

随着TCL集团换股上市和武钢股份增发成功，在当前证券市场上，整体上市已经成为一个市场关注的焦点。

With the share-for-share listing of TCL Corporation and successful share 's Second issuing of Wuhan Iron and Steel Corporation ( Wugang in short ), in the securities market ," overall listing " has been a focus .

壳牌还表示，本次收购将采取现金和换股的混合方式进行。现金支付价格是每股383便士，而换股方式是用0.4454股壳牌B股换取1股BG股份。

Shell said that it would pay for the acquisition with a mix of cash and stock , with BG shareholders receiving 383 pence a share in cash , and 0.4454 B shares in Shell for each BG share held .

tpg去年7月向李宁的董事会派驻自己人，即金珍君（jin-goonkim），因而此番有关换股价格的重新谈判表明，其对李宁近期扭亏为盈信心极微。

TPG placed one of its team , Kim jin-goon , on the board of Li Ning last July , so its move to renegotiate its terms shows little confidence in a turnround any time soon .

熟悉北京政治气候的人士表示，tpg选择换股的可能性更大，因为若tpg保留对中国金融业的大规模持股，官方将更容易接受此项交易。

People familiar with the political climate in Beijing said TPG was more likely to choose the share-swap option because officials would find it easier to accept the transaction if TPG retained a large stake in the Chinese financial sector .

尽管这其中可能存在垂直整合的逻辑，与矽品换股的交易或许不是个好例子：此次换股的时机表明，其目的更多在于阻止矽品的竞争对手——台湾上市公司日月光半导体（ASE）对矽品发起的收购。

Despite the possible logic of vertical integration , the SPIL deal may not be a good illustration : the timing of the share swap suggests it was designed more to thwart a proposed acquisition of SPIL by Taiwan-listed competitor Advanced Semiconductor .

上周，鸿海和同为台湾企业的半导体封测厂商矽品（SPIL）进行了换股，称希望在智能手机等产品方面进行合作。

Last week , the company swapped shares with compatriot semiconductor packager , Siliconware Precision ( SPIL ) , saying it wants to collaborate in smartphones , among other products .

新救援方案的具体细节尚需完善，不过很可能包括一项“债换股”（debt-for-equity）交易；根据该交易，美国国际集团向政府支付的利息，将低于目前约10%的利率。

Details of the new rescue still have to be finalised but the package is likely to include a debt-for-equity swap that will require AIG to pay less interest to the government than the current rate of about 10 per cent .

换股并购在企业资产重组中的应用研究

Study on Convertible M & A in Enterprises ' Asset Restructuring

如今，换股合并已经成为企业合并中最基本、最重要的合并方式。

Now exchange combination becomes the most basic and essential way .

企业并购确定换股比例的优化模型

The Optimized Model of Stock Exchange Ratio Calculation in M & A

换股并购的会计政策选择研究

Study on the Choice of Accounting Policies for Stock-Exchange Combinations

我国上市公司换股合并行为的研究

The Research of the Share Exchange Merger in Domestic Companies

换股并购方式下换股比率的确定

The Confirmation of Stock - exchanging Ratios under the Way of Mergence

换股合并会计方法研究

Study on the Accounting Method of Changing Shares ' Consolidation

基于回售条款的可换股债券的定价研究

Study on putable convertible exchangeable bond ( PCEB ) pricing

加强换股比例确定研究，具有非常重要的意义。

Enhance exchange rate make sure research , and have very important meaning .

那么，以公司内在价值为基础估算出的换股比率应相应较高。

Then the exchange rate should be higher too .

关于完善我国换股合并会计处理方法的思考

Improve the Consolidated Accounting Treatment of Our Convertible Methods

鉴于换股比率变得越来越有吸引力，这种看法似乎是有道理的。

This view looks plausible as the conversion ratios become ever more attractive .

探讨股票并购交易中确定换股比率的两种主要方法。

This article discusses two methods of confirming stock-swap ratio in stock-swap deal .

论换股合并与会计方法的选择

Discussion on the Choice of the Merge by Stocks Exchange and the Accounting Methods