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人民日报海外版:企业兼并重组让市场做主

2017-2-28
2014-03-27
FaGIFiAYGtVnNoLDDHPlu24x/GO7N3kfyzdZne6ZObZ48bL6ZRMQmrL7KsaL2I2lczL/SyCezJUMQzSUJcpFvKaGR5ZyZkcPc70zqdfAt0Jjvjff1ug/5QUDcXYAK6sWP5Ah+vLJa6jWWytC5qAcpPWNozRHlPmIzn1WtO2fArsEqe9D1u6p/4cpJkI3Wo79nqtG1xrEFD22V6nbEWp0kVurhh8ly5X6JMFSTl4rYJaQKMGZQWLRY8PfkR18+Na/gwhBHDn/2vj5ZqTdXQF5bAlVYsjUaSNbwfipoqSmnVYR2QhFQp+YvqDZC01uUU5cmrbBxv5AdZhSLuA3bRjMyszmIPztp6p1790aTtjuZj/AzIoZ8dAogSoXLSU7t0GKgDd9+od6BsVoAAFfrqxPHjyHsmAz/SxDUw2iH+N0bcmK3+V0YdexvHupO1xW0Hgudj5KarKv09fz17fdXvYZXJ1WOHVJARdUdjTCdzP1igSXDFePL87gwgX35tHZABbuXv3kjg8VfHlR8JqUC35z26/ibCKaEtWIYWzy7z65RZ8JVWLI1GkjW8H4qaKkpp1WEdkIRUKfmL5uXgZXSSL/JKTukEsmjrNE1jzh2ar+CEfChOhKWQzbVdZEptQs0+fMQjNeeSiXhhVyJd3d2OCxJiGam5MjOLtAy1YP7pUs3nhqqMoBImDTLuV+BcTmhi/vJEzz+b0e4XCdaFPWxhYau4ci058x4ZmxA/bB3tG1jpBZBiaAyU3wSekNf9fvMTlarRHH4sbH0597gCcBcwqF/oiLMs2n5ldBZUiMmi/uPtvLPJNjNXAzCOA282JKZ9Q3u4q/aMZsfSMd/fmuOglN1VdgzhA3UjIsOiKYqa/pLrPpTSZgUO2zMu+pHH2LFSNAjxfJHgGFGYgYE/XmOk3HuLoBwNRhZO5lDLO2UBX4oM+C/aBJBOJnOUlADKsAyHI2ci/qTkNE9kNArngKUpvG8BTKk8aahZVW0nBxRKN9BWbUZiDIgg/Es3L6qGD/dTuYf3HHPkqiPNQdqdnqhCN9HNNv4K0hxQJOv2UQKX6n7x3I/eLdKvd286Y/Wa4NXImULIEdq0QZdbWJ0O5DhHwCfafoGodIKO5TEWu3FEfxrOTuib5lSskiFMjdzzOHRSl5PqoRsjA6o91NpiML74Wx/fJieDkOSkz0Xd65aWub8PopvAqZjhXjwEKPBdsJ8dZq4TYVChU4TTgIbuQN+dgrhYiidtN/z8kbRMQWWV3myvmBdCIpF/bbfdU6NACyX+YHpkBAcABqXKTWNzLkxxN4TOP4vUd1+tmr5D/k0ImMoIJWT+CoGy7ucAsYTgr8TBRTxn97PAxaYreCDXgeUoe6QXe2t89pas56Qozaly8uFaoYl1mveDaEPvXIt6bx91p6uEyFAL0E/lj2mu6ElI5fIyfX9HyZ8BmPtFtVgf1+LQBD8yrKX25FDQo24vV13JXt3WYNhDW1pSK9b46aDT6pA8W0Zp+F1Ln66RPcQBYdjdUneJZxDsOWzOSPqpTRs7ffr6j2Vv4Ifv1NKKT1ZwVKHyTBUk5eK2CWkCjBmUFi0WPD35EdfPjWv4MIQRw5/9r47NKs8/37DxI8ZbzIhTicavFVR8Jfpy8lfA0Puk/y+eVRApc6YNOkGLKY/Mu1YpTroJYwrKXdoS8fm5wk4NgX9R2XrZZH4ND5XJtmuZobfraklkkyVFfCTlavXvxvo/bqO5glkHx58l3hNhUKFThNOFkBpGAw+G0FFaGIFiAYGtVnNoLDDHPlu24x/GO7N3kfyzdZne6ZObZ48bL6ZRMQmrL7KsaL2I2lczL/SyCezJUMQzSUJcpFvKaGR5ZyZkcPc70zqdfAt0Jjvjff1ug/5QUDcXYAK6sWKhctJTu3QYqAN336h3oGxWgAAV+urE8ePIeyYDP9LENTDaIf43RtyYrf5XRh17G8e6k7XFbQeC52Pkpqsq/T1/PXt91e9hlcnVY4dUkBF1R2NMJ3M/WKBJcMV48vzuDCBffm0dkAFu5e/eSODxV8eVHwmpQLfnPbr+JsIpoS1YhhbPLvPrlFnwlVYsjUaSNbwfipoqSmnVYR2QhFQp+YvuZ8F8HAyB35jifv3JFEXFOp3tBaaTj33T8fPOUS2JfOgHN7wnd7R0oqknNK66S99fpo/yMjswkXYiVVbdhKYI7jjpf/mIj8sspNRZx+nv7mb376jDepIdAZ5Oof14AhE1RNGqonYkLqU/fcCnAoB9c7mCWQfHnyXRpDIZIaW5z3IAYev/ZDDcU3pdxxT54OCAftA2Qlp2CUuC/6zRB5tVfmt9rVKLi3+tBzbs/Ud2NT3ZhjF62FBM50pY6WOGSI4bgb6pcptCe+nRKBGmNBeTcVA2jbafDxmkBDQXoAErlReoz5bd3qHcDOfVa07Z8CuwSp70PW7qn/hykmQjdajv2eq0bXGsQUPbZXqdsRanSRW6uGHyXLlfokwVJOXitglpAowZlBYtFjw9+RHXz41r+DCEEcOf/a+PlmpN1dAXlsCVViyNRpI1vB+KmipKadVhHZCEVCn5i+oNkLTW5RTlyatsHG/kB1mFIu4DdtGMzKzOYg/O2nqnXv3RpO2O5mP2mKEl1OLIIm5AkrrMN3KxR2GHcj0NKLHP1pFq5RbEZOKYuoJ8KU36p2JnHpVyqR6870f3SotekXu9LILRZBYrk/awCejKo1RZjrIS+lo2qA33qLJJAaC1pNg7NZ0M1aZrljvn6OUeyjm/Mf93nK9qsLEsdemmNGnj6yHk0fuoBx5Clri2A+eApVLKUlZ6kQdqizTGnlcy/g6rLnfAHX8sKFXEycYmoPTB6vhZbDnS40p0JufEsRLAKdzibjXDqiC/n2aSLCgf4kASmiM1223sAGhLTQ4FlSjT6iSu+VL4Z4T02GyJbn2RcHH9Zwbrue8ZJWU6vJjeQ882+s2KJ2PkfdQnbD/vy5yJhzcjolxW+3ccs5erUKtx1rn/nSFKn5aJOLZkWCMXgTpO6QSyaOs0TWPOHZqv4IR/XaOnKXqhh8PqHF/eGnJEc2Vx4Kokkgez8fPOUS2JfOqv7g00Xc13JyImOTNpK0OcMNm74AtGWFi+C/HlKzh8T7x2z7p6Owh5GFxxApaJ6hA2eptqOCSDEcJCPKlo2KIZmjOaJ6p4K/dszVN+je+rya/psKiQzG/+vcADgwTpOgE/C9OjFvmphrm7SAc6Fk9AsD7XszYFvOH+q/nn3scJQsnAbBdAQh6numur1rr+bYsKJHC13c9aQtvwOzu2ASMFxyWWa8lZSq509SyMUVWl/+og9AtdCiZISQ2g1Q382JwSJoBa7VZIzxhbuoTJqf88A7AdrjItw13DjYVVCBuvZfT9cdPfDKv2/wx+ZHFdAsRo/D0oSHU+inIDs3Q8eU8CxhLI0SEPKI1jhs0SRhrn1vfvqMN6kh0Bnk6h/XgCETVE0aqidiQupT99wKcCgH1zuYJZB8efJdGkMhkhpbnPcgBh6/9kMNxTel3HFPng4IB+0DZCWnYJS4L/rNEHm1V+a32tUouLf60HNuz9R3Y1PdmGMXrYUEznSljpY4ZIjhuBvqlym0J76dEoEaY0F5NxUDaNtp8PGaQENBegASuVF6jPlt3eodwM59VrTtnwK7BKnvQ9buqf+HKSZCN1qO/Z6rRtcaxBQ9tlep2xFqdJFbq4YfJcuV+iTBUk5eK2CWkCjBmUFi0WPD35EdfPjWv4MIQRw5/9r4+Wak3V0BeWwJVWLI1GkjW8H4qaKkpp1WEdkIRUKfmL6g2QtNblFOXJq2wcb+QHWYUi7gN20YzMrM5iD87aeqde/dGk7Y7mY/V1tShTQAM4dDlQYzvRYsHPsAKRuNk0RStVoSPT6n0+Wmh2veN59EpOy7CG1v7Ma7DCOZ66jRRgCmBIWK3pyQz/3VCEj2No7M1gpdjijS8784EWWkZSmsLqdCbnxLESwC8bVjLU+MDkuk4xLHBblY+BlVpxWgwjOAyyeuoFSDSDHLuYhXV09jg4pvTrJW06dxN2dGN3hW5WGEYJv3eaKY8ChWdce1yA+bPDSYZr2k1gsu+6N4PZL/gtZItBPYRnAgZ7AFffY0TimTYK8U95aqd/nmBEy/stGj9QfnXHdKjDXwbOJzmLuAh1OKDC7JfrduuGNr45eR/7X8q9jgySGXCo4aE0HPdSv62b6f6sf+kvD13X9fe6eam6TukEsmjrNE1jzh2ar+CEdVAjT6D4I3brDN3Y/oCKhZdUErhOuxCr3xetw0vCx+6aie+cY2vu+PLBEhMd8nc4GIajYfeFcWJbhYk63fLKZYenWGCjG9tbXm7mLY/kdfdt5nuY3sBQBe2sKoedu9+Sroc0YZzaIcAeDC1ukniGmwIxp/9qehw80vvNPd6WlF2qamlAiCJvXPEb7gzKDsPTEO0e5VleEs09sNo1tIkjnbbzDPFAb1Oifq+sbUXHYVABB8/MmUGIckvXqYUA5m7UNDdpgZhCPHTFRyQt+jgG7SKKyazUheu/wBKYUFkfINpx1zD7Fe8ZtgAhqEBh8K4iGvw0QorLvPB6oU5YhKyx5wHjQglWQ1SLtAlJo+UR7HzC3VArjdrQP0BVofjdU0kTb3qfhalj50enVBK4TrsQq98XrcNLwsfumceQw9KPJF0R5dzMErT+4ENLBVMHxuDWtzg1uGOEJvc2TQtYj4wXNOlPXNMAm4kz6GBmwfpqjzq6Wqhzh+RIY8vvK3QOEU8mG5g7LfQMTcsUQAPvwZ7Xkx7k141IZggXtqSbEQFmiQ3ZOQve8OZA2Wc/p5jt5pR4y6clK9K58dOrInPFSwAtyRL1vm6I69r0heXp0KshK3lmhcPTp7e3CH3/9IYRfDKIWJovveple1p9EYmbWbjnqJ/464cpuPDM1SLuA3bRjMyszmIPztp6p1aNgBPznJpzqHlFnGJzajAHSmB5ekq2kP89e33V72GVydVjh1SQEXVHY0wncz9YoE8iJTahcJLVYkwVJOXitglpAowZlBYtFjw9+RHXz41r9F1asZntHsaQyKdBf3nFj6QkuynucjNITeRd1qpAjzzTlL5vsnjh+oRSpWkWP3Ot1JbOQvmbomPcEGNmR/ewP2Hlfh5VjwOgji4Cb9PGdaUCuAzAdlMZspQyAbnNM3S0DxJ114PNU9wu28oN07zoGn3wANV2Fm6FuWeE1B9uHcGD9rAJ6MqjVFw+j7aAgmm9o2ZtwmIy/VcerjtQp7dUJN+rhHe7FyCdh678W54tuuHFYdg/s+Gm2/gjamrY9OfJpSbFZOvq98/iRM8/m9HuFwsKXXIX9oiq5GUO6YhlJHgz9rAJ6MqjVFhVUSvyjxdyCx7j7Bf8KErDN/Q2L3800lTR3ZEXar+qsrIIpj8RhVbkBPJ+ZCzZLg2MJ4C1rFuYZAZsJjQTsxcAhJUzTzG0cD3clT1pDeQV+QN/wWAuiqLvEaZ94S8rrmNI57f2iC54AUoLADLpLjhMfAeqpr9r6jDGVYIcfThAe6iixVf0RqTaNTYV32QsSgw+j7aAgmm9p7Aw8aBtt3V1XhQsuFNvREnkjzBvtOF23dS2518axEwMNGTl9eniEvXG3ojQtAvRIQqju0b7czifkU+/VeHlgwBiEA64zqXtTYjbHElGyBC2PHjOJJ2eJVOQwOk7dJ1pPVg2F0Nl5U04HdfYnB2VZ3vhV8O8LMzIzImKKs8TcN7Yh8nR6SEDnGHL1D+H2nME6Ahidsh1W5860GyF8FeDnMU/fcCnAoB9eIk+9AodICVTVAFi2um3u/RJUib7nNIQ/HSXGIymZ7e/tvBQJOanzo1PyKK7a3UMkOyBruP/r9+EQAPvwZ7Xkx7k141IZggXtqSbEQFmiQ3ZOQve8OZA2Wc/p5jt5pR4y6clK9K58dOtQL4K3TfUEYwwhKvRb8tbVsPCG/oD0OrDaY9hU4Yd7gHKu2xUDd5qOyJzxUsALckS9b5uiOva9IXl6dCrISt5ZoXD06e3twh9//SGEXwyiFiaL73qZXtafRGJm1m456if+OuHKbjwzNUi7gN20YzMrM5iD87aeqdWjYAT85yac6h5RZxic2owB0pgeXpKtpD/PXt91e9hlcnVY4dUkBF1R2NMJ3M/WKBPIiU2oXCS1WJMFSTl4rYJaQKMGZQWLRY8PfkR18+Na/e4sxy8rWqa/npX8MCYuKDQGaSULNz2q/Y6fga9XeLM+gjqF6khYBT+YBCC1EJLKA/yqgyy5D/jFvfvqMN6kh0Bnk6h/XgCETVE0aqidiQupT99wKcCgH1zuYJZB8efJdjs2EXTTRRW9k0LWI+MFzTpT1zTAJuJM+hgZsH6ao86ulqoc4fkSGPL7yt0DhFPJhuYOy30DE3LFEAD78Ge15Me5NeNSGYIF7akmxEBZokN2TkL3vDmQNlnP6eY7eaUeMunJSvSufHTqyJzxUsALckS9b5uiOva9IXl6dCrISt5ZoXD06e3twh9//SGEXwyiFiaL73qZXtafRGJm1m456if+OuHKbjwzNUi7gN20YzMrM5iD87aeqdWjYAT85yac6h5RZxic2owB0pgeXpKtpD/PXt91e9hlcnVY4dUkBF1R2NMJ3M/WKBPIiU2oXCS1WJMFSTl4rYJaQKMGZQWLRY8PfkR18+Na/IyQ04OYQkX2TFjngCrvZLsefsc0uqB6iFDttpOkYCVtYzQxLbfx5rst3Ee1nooTFUrk8NorQUsuEsiyZg5UC2nDqpD0q2S6Bhfh7zNyN2QTjxYPHIRB5vv+etTjbi1GB4e/WF9WTAANroyZ13VMQGAV1ygR0mOEbQiTGnnJELFkB1x6sG1d4vCi2YP//R4l+bmQLMvieXNAv4mt8bj4ujpq52AofM3aSeHfq9qpz9p7H2CLsxFml15I4GbtxDqTuxgbt+CLOIzECXADj7J/+rkvJLpDG0JKJBfy2aRCNHE+/3M4kZID/nZiK8zQJ8eB42FRbPHqjO731jIotUFVaREDS8Bk4vCBFw+j7aAgmm9qwKsZ/kQ/5nuR/H6ySWpCRba9aPvBRRl7DRA6dIZDHdXtEbkMBdAIepO6QSyaOs0TWPOHZqv4IR55am1Qg/3cFDEYcDfH/lnxy5nGft855TUye4yJnYyBtFaGIFiAYGtVnNoLDDHPlu24x/GO7N3kfyzdZne6ZObZ48bL6ZRMQmrL7KsaL2I2lczL/SyCezJUMQzSUJcpFvKaGR5ZyZkcPc70zqdfAt0Jjvjff1ug/5QUDcXYAK6sWKhctJTu3QYqAN336h3oGxWgAAV+urE8ePIeyYDP9LENTDaIf43RtyYrf5XRh17G8e6k7XFbQeC52Pkpqsq/T1/PXt91e9hlcnVY4dUkBF1R2NMJ3M/WKBJcMV48vzuDCBffm0dkAFu5e/eSODxV8eVHwmpQLfnPbr+JsIpoS1YhhbPLvPrlFnwlVYsjUaSNbwfipoqSmnVYR2QhFQp+YvreRCOQU4g6LkXVGYfswIL+HJptdxP0RXG6osQjVDxFI85CBjO1gh064r8hxJng9gcj3RXrVL8a3fSX5oFpQAAgq++7Rqc1QxDXENEmWkVhqItzh3EQzLT1sXN5f4ClpXMOh3wpEqTu4mjHuq8ww/gNChpdUr0VQtC2yjV1VVcewjx617PftiaaUvL9G9KqQbxpEru33dPo54jxZoViOCbtVLMMBb/1qaPh8JJezYHmpRBNcG59uiwLF920T0PcRZ+yGXunpBbFrhHbGsI3fpK4TZEtNIZALVdEWg0kPbVnjyKDYWRciTKTKSr6jWb3F4hAoTDjPSuJkwc9AJIDIsf35reA/AEIRs9BVVbMRYoa6E0re82Hd4HSDad/Na1CRvJAspJAgcAcFr2040TexgKTFMPp6ReBRl2rHkwtcfHxY/KvY4MkhlwqOGhNBz3Ur+kFSmpeBFnJiMzoFLbM0yoYaKORad7Klz5DlfnET/mM4BsCXRGEm4Xuc+AZGd/4g56kWjivxly3qGnUT3S9TmNgVstsPQk2tt9WWvyc3azFXgiiwwvSXW5jMlJ3HMvE7yF8UIlyc5UNTQ+TisN25gN9RjGd+XDI2pJmvncb37vQarwPpCr4J8gjlXrRT6PxWAzY9gYaD+ROUW+tAJ0OXBHdRajOtinnVETOF2MT1n8sFTVgY0MmeQjps0Khik5izzl795I4PFXx5UfCalAt+c9uv4mwimhLViH2KRI9cTLH5mE90gPxtLrkneJZxDsOWzOSPqpTRs7ffr6j2Vv4Ifv3h8ictLu1aJ8J02xHLFDPbHIct9JxzwhFNKKT1ZwVKH/cbhSEPbjmig9zZZfohhwOpTCwiaNDYAKimnSkZ1O/T30Z7xwtnChaSyL4+ZS3MyZWCeWaLBZi1GJIc+tBROKDxPklrw/TN0Vh+VPAxk6ZYQJJadgoEnUzzkIGM7WCHTqZCd6gl1aWgtk24WEoYUXzj7W01mIkmDznmGp5luJIde3SJHkAL5rofb/lQ7l2D40S7TJbxn5M8CEqPXF3lGuHuF7CKUEG+th2rU29lxtsgVavJNtrr6qMscktf1xk+mMosY9Xu+AigyySUnCWmYrNLlp/I2qDgVQDO/OCDJQgp37Q0aTUGEvwBZp81gJDI+8PAIuWbN2UNNYDvs0lGuSS+8HaudDF70sd4VjGRxPLJ+9o1aST47gTdrQgC9o62y7yZK6c89F18jUnEYqCxzhCOSTXInpRkcO5Dn5HYcN3H4UmoCOHs2FDTEBSDEpCuNwb1jp2czZkMnKC1YXHYPEJZ+MZ4GNwRX/wXSoJHFO8hSmzazPZ/tt5F4fYjzOxaHqeTQaYpO1W5/EfZ6l65mf8d5YiaD30FUEEV3lOgLo3Qrmunk7zlYYoer4WWw50uNNdun5mXf/fXB0jYODnYxIrbbSNr72OWNToIKDclr7152ldzezYV2wFIIang9m0SFR2dorMYiB16j428owP+Sy2qP0D0gYsanfnc5cdUyDxKJYkHfBMva2rzbh5NWsO9qES44yCLN/eswJs9exqTDEbyYng5DkpM9F3euWlrm/D6KbwKmY4V48BCjwXbCfHWauE2FQoVOE04CG7kDfnYK4WIonbTf8/JG0TEFlld5sr5gXQiKRf2233VOjQAsl/mB6ZAQHAAalyk3hvMnw9RUFLPrMywnDRPhJDLFgXnnNTSfsly2Zyfr1v2jL0XuUMSncMaBRwxaDTayBcbD9d0XMWmrIUQQucG3EKM2pcvLhWqm6kA06v25oG1eOkKoCkg7oCh6dYJlJLnjS9mCInxN8zdpCmlFvmDoaR9BvvmoywHwnTbEcsUM9schy30nHPCEU0opPVnBUofyBdogblXRlAY7jtFghU9sDxlvMiFOJxq8VVHwl+nLyUrapyvfN9bH+BXKl+QQ6E+E4NwyM/2Xwle/eSODxV8eVHwmpQLfnPbvGRKieVi5rifpGnd1bTCI8KVSNY9w3G7M+ZFB7MXkItdEXT+wFqs3Yd8nitzsN9/K1RwGaw7UlhCeyTLeAjZhZjj30+qgldejvmhMcjyNw6nUOY+8FRaJEtyLqTRKCowIwHOEBhv6tUknNpVT6H4qN/vpKxlHV7Lq+5qIfvR6eD8MmZhPO7utnkdGLsqj0bVcsrxweASdt0+5Tcc7BCDHnFhKDkynxzzPWkka7WWMihsQI3RXj7kANtUPOqdt3bF7TxaI94nQ4mwj2mLRKG7SHrhkhLKgxRJu43lFzE6cXnyYng5DkpM9F3euWlrm/D6KbwKmY4V48BCjwXbCfHWauE2FQoVOE04CG7kDfnYK4WIonbTf8/JG0TEFlld5sr5gXQiKRf2233VOjQAsl/mB6ZAQHAAalyk1jcy5McTeEzj+L1HdfrZq+Q/5NCJjKCCVk/gqBsu7nALGE4K/EwUU8Z/ezwMWmK3gg14HlKHukF3trfPaWrOekKM2pcvLhWqGJdZr3g2hD71yLem8fdaerhMhQC9BP5Y9pruhJSOXyMn1/R8mfAZj7RbVYH9fi0AQ/Mqyl9uRQ0KNuL1ddyV7d1mDYQ1taUivW+Omg0+qQPFtGafhdS5+ukT3EAWHY3VJ3iWcQ7Dlszkj6qU0bO336+o9lb+CH79TSik9WcFSh8kwVJOXitglpAowZlBYtFjw9+RHXz41r+DCEEcOf/a+OzSrPP9+w8SPGW8yIU4nGrxVUfCX6cvJXwND7pP8vnl0Hmf6DqKeZPRBSnzoNAZwUvbXg93xZ+pp7EX0tJLe9SIfJ0ekhA5xhy9Q/h9pzBOgIYnbIdVufOtBshfBXg5zFP33ApwKAfXP0vZ5vLXb8lhM0UZxGkkE0v4r1P3qPzK6JWAItyg/BvF6jBWsUzUfetJlVRV40zktTugZSBsDJ6nHqTMUDKOOFskHJz5+Op/y5wnZALq8ljB1kSPTIK7ppRfmoTgJ63kozVxTqqVWSEujqGGwnXJwqXq6NA8szoKDXr/Fiho2Yp8aJncF5nkBZJwmJdP3vn7wHedGBwmEsumhkeWcmZHD01WGMGGEhW6PGW8yIU4nGrxVUfCX6cvJStqnK9831sfPY1hy1rarboBsVMW7p/m3FIu4DdtGMzKzOYg/O2nqnVo2AE/OcmnOrHaXnOzY7+u6RPcQBYdjdUneJZxDsOWzOSPqpTRs7ffMVJVUI3M83Ayvftg5RonWFtTneG+HcRaSVvquJWl+X0jq8bXfm/+CXkXM+CezwJKRBVw0OylsMas8Yv7Qc8XpfMcKmbKxbVuS306/nc/kG9Ef6jfZxIrLssE+ugWRuRpDRJVt7ATFLKd6BAsP2MFGvR1C9qvuVERhp1IiWpYFH6HJptdxP0RXHTyc7ZCStger8NEKKy7zwc8R63fPvhc3K1kOEiplH0tO7YBDv1GxYuJAneTSnX6gxLRsPn4Rik5MP5b7uxCgScmU+huTerOgRcVjCrp+QpCHKcFH3oZ/WqrBhoGscgPXj0Z/uiSD2LRjr8P/tISu2IZ702W4Gxs8wYrLEEOEw0CWOlrzZ5aL4sveRMCjv9TG+l9YpGLl+c6LBUWScKNHeTuokdP27a+INycVUcFma8OkgQ19eakLR4o8iS1d6XYO5LRy76XHGlHDdeaYnoWN7YES79PRnOVHuecp5etbJma+ud8pcWYrAAK2kc7qfr4fP+msNMmqCKiSQ3dgVskQsdHFnlMiWkVotFYrKXHRDQG9yBDfNCpXcCrRgZLq/WPb/yHin/sEPfdKhT6rCEW7mK3JfyFUuFNvGhkIFT1jeWgjsyA7uzD6y+CAPwJBQhM/pwmMUwuZJ157P0XdjVKTPV09tmafZDCyyczJtWyI8iFjBDzdQNbEHZHPSQUscKef0Q8TbOJRQ1kPYNucOrqmfUo20e/a7Qoy67AtztowTmUhznBU20EyANVJ6XMFme3RD+QIfryyWuo1lsrQuagHKSxw8x7RxWUYh7IxDjtlNSM9VRlWeO1WHo9Ep8Y42ETpmEzRRnEaSQTS/ivU/eo/MrolYAi3KD8G8XqMFaxTNR960mVVFXjTOS1O6BlIGwMnqcepMxQMo44WyQcnPn46n/LnCdkAuryWMHWRI9MgrumlF+ahOAnreSjNXFOqpVZIS6OoYbCdcnCpero0DyzOgoNev8WKGjZinxomdwXmeQFknCYl0/e+fvAd50YHCYSy6aGR5ZyZkcPTVYYwYYSFbo8ZbzIhTicavFVR8Jfpy8lK2qcr3zfWx89jWHLWtqtugGxUxbun+bcUi7gN20YzMrM5iD87aeqdWjYAT85yac6sdpec7Njv67pE9xAFh2N1Sd4lnEOw5bM5I+qlNGzt98sPXK828eb9OrB1fLLEywL86lqtGnWt4BHIYlY1GF1/nkNtcvNQKZ4cQPL15/leVbKT83HN30wU3m1vIaHkUMBMwMKr0e5cM99ur0lneA1ynz0qwt9SM/uxWysx217JT7zkouSyOgBDkYY9Hkjsey9+UtO5igOgVAd3BkhTGgZEKnLQfVxDi7lo86PywP9ttyMNVzE4+aZ/Olba3TdsYQEweoF5O+vZJPCrrfgiWVfVAEePYoREfjkWGEeqTzbrFEWhUZn9LSMUpwZom1ZXP2W78M2bdkTG7vr3AA4ME6ToBPwvToxb5qYgMgcWvnc1Nj4qt12t192PH3W1VTzb/NzL4UnosuuPmRrBN2z2yydKQ9efFuGx+83xoKvVYR0Rrb10Ji0MzclchDf71bWVwzO2sXIhwTNFVAeNCCVZDVIu6UahJLP7HkoVgomKnh4YMSFPJSPjFOvwM/N4dpjfYfN7XtO9WBySUgRghmZ1288kt1oX5pDV/O5X5QEeBSG5ELfX1/nA86atOSz0UJRjkKxPL/PpuhyHkT0lX4L2Em+fUhYrWrowlt1WxfFvY4a5DY/kCH68slrqNZbK0LmoBykscPMe0cVlGIeyMQ47ZTUjPVUZVnjtVh6PRKfGONhE6ZhM0UZxGkkE0v4r1P3qPzK6JWAItyg/BvF6jBWsUzUfetJlVRV40zktTugZSBsDJ6nHqTMUDKOOFskHJz5+Op/y5wnZALq8ljB1kSPTIK7ppRfmoTgJ63kozVxTqqVWSEujqGGwnXJwqXq6NA8szoKDXr/Fiho2Yp8aJncF5nkBZJwmJdP3vn7wHedGBwmEsumhkeWcmZHD01WGMGGEhW6PGW8yIU4nGrxVUfCX6cvJStqnK9831sfPY1hy1rarboBsVMW7p/m3FIu4DdtGMzKzOYg/O2nqnVo2AE/OcmnOrHaXnOzY7+u6RPcQBYdjdUneJZxDsOWzOSPqpTRs7ffa4bDKOhj7OH9eBE/VbxfxjIFwH8gcGy4GulyfW7iTrcFmQh9vTvdMadCbnxLESwCyTVk5dx7XBuDpjf45doRfmOmyUlGTJGWwEAv7PB47LMB67LW9FsStrWkP3jzU06yRelMvtB9JK1YAZT0pEbCCI4XJu8F1xra8skfZq9akZrnp9f2y+eYvvshKHtXg7yVLNqo1LGQQXWWWzzU2LmwPck0PkRcqIDgLNqo1LGQQXVkc/l0duqWGjToQDbbJBxZ3YfZy+iJmGOY967zSB+17zaq/yMtxyP02xL/9vN8ZxZPC1s/sJN9ZcHFtHt2/rxAf/fWXHM+rUIvKOm4tW0wWxqOPq29FrplFRFI3+iDAjqkq5HFb4xIXLfk6lJynlWGE2iCentVQmiVp0UMLF1ebS03HGajDNwHOHGBfHHj3J+k7pBLJo6zRNY84dmq/ghHrGspRKOQ+N6DLnhylVOAj9N6XHpxG5crrAIldiZxF6FaRAaa9oDwkxyogxLbaYP3fhXfX4czbWBZ3j1ciBE6L3tWI4+gN+tLP95X4tDWD01UwiV7tDCpbeCLJ1bQtAgJoUJIfCngx99p1bouV9zCnMiYoqzxNw3tiHydHpIQOcYcvUP4facwToCGJ2yHVbnzrQbIXwV4OcxT99wKcCgH14iT70Ch0gJVNUAWLa6be79ElSJvuc0hD8dJcYjKZnt7+28FAk5qfOjU/IortrdQyY7HkGGTl7JN5D/k0ImMoIJWT+CoGy7ucAsYTgr8TBRTxn97PAxaYreCDXgeUoe6QYA+gTZw+1RVJ9f0fJnwGY+0W1WB/X4tAEPzKspfbkUNCjbi9XXcle3dZg2ENbWlIr1vjpoNPqkDxbRmn4XUufrpE9xAFh2N1Sd4lnEOw5bM5I+qlNGzt9+vqPZW/gh+/U0opPVnBUofJMFSTl4rYJaQKMGZQWLRY8PfkR18+Na/gwhBHDn/2vjs0qzz/fsPEjxlvMiFOJxq8VVHwl+nLyV8DQ+6T/L55btLBPqR+SfXpqKPRgktDKfrLqaWqEi5km9++ow3qSHQhMTa93FZ9hcgGAv59Vz7rygCSRRHfkw6Xd65aWub8PpWJHlTazy5ft9IO8+5K94ttzWixJJC50+hP92BZe4CteqmUe8F1IR09xXzEs5TcGgIbuQN+dgrhRQX7tWaETun

324日,国务院出台《关于进一步优化企业兼并重组市场环境的意见》,指出未来将通过“发挥资本市场作用”等七个方面的“硬措施”破除企业兼并重组所面临的障碍,简政放权,降低兼并重组成本,在产能过剩的当下大力提升行业集中度,为市场主体“松绑”,向企业本身“交权”。

交易成本过高是主要障碍

完成国内的一单企业并购交易,究竟要面临多少困难?

“这其实是一个很奇怪的现象,我们国内的企业兼并重组完成的案例并不多,相比之下,对于券商等中介而言,甚至是跨国的企业兼并重组更好完成一些。”北京大学光华管理学院教授刘俏对本报记者解释说,“从2009年以后,企业并购项目有很多都准备上马,但是由于原先的制度障碍,企业在兼并重组过程中面临着‘雷声大、雨点小’的问题,交易成本过高,导致很多项目最后‘流产’。市场发展本身是扭曲的。”

在产业结构不合理、企业分布小而散的今天,从体制机制上为企业兼并重组“大开绿灯”,无疑将是提高资源配置效率、化解产能过剩问题的一项关键性举措。业内人士指出,尽管20131月份12个部委就出台了推进重点行业兼并重组的指导意见,十八届三中全会后混合所有制经济的推进也给很多民资介入国企带来了机遇,但是在实际操作层面,企业的并购重组行为仍面临不少困难。

“一是兼并重组税收负担较重;二是融资难,融资成本高,融资手段相对单一;三是涉及企业兼并重组的体制机制还不完善,跨地区、跨所有制兼并重组难;四是企业兼并重组涉及的审批环节多、时间长。这次《意见》的出台有针对性地给出了这些难题的破解之道,对于整个兼并重组的市场环境的培育,是此次《意见》的最大亮点。” 工业和信息化部总工程师朱宏任表示。

资本手段“破冰”成最大亮点

此次《意见》将简政放权放在了改革首位。朱宏任分析称,这次改革将取消和下放一大批行政审批项目。这表明未来我国将更加尊重企业在市场中的主体地位,坚持市场化运作,这对于企业提高兼并重组的能力也有至关重要的意义。

分析人士指出,此次《意见》也在改善金融服务、完善土地管理和职工安置政策、加强产业政策引导、健全企业兼并重组的体制机制等方面提出了具体的政策要求,尤其是在一直困扰企业的支付手段问题上“迈出了非常大的一步”。

融资渠道是否通畅是制约企业兼并重组的重要因素。对此,本次《意见》中明确指出,将优化信贷融资服务,引导商业银行在风险可控的前提下开展并购贷款业务,支持符合条件的企业通过发行股票、短期融资券、中期票据、非公开定向债务融资工具等非金融企业债务融资工具,可转换债券等方式融资。允许符合条件的企业发行优先股、定向发行可转换债券作为兼并重组支付方式,充分发挥资本市场的作用。

此外,《意见》提出要修订完善兼并重组企业所得税特殊性税务处理的政策,降低收购股权占被收购企业全部股权的比例限制,扩大特殊性税务处理政策的适用范围。

并购成本将大幅降低

对于政策实施的未来前景,刘俏表示,“方向是好的,但还是要看具体怎么落地”。他指出,一方面,企业本身就是推动市场合理化的最大力量,企业自身会做出理性的选择,因此政府主要的任务是保证市场环境的透明和公平;另一方面,这次政策将给民企带来巨大利好,因为有能力整合这些过剩产能企业的,仍以民企居多,这就更加需要明确企业的平等主体地位,明晰政府和市场的边界,提供一个顺畅的并购环境。

让市场自己“说了算”,本身也意味着政府不再担负“发号施令”的角色。多位券商分析人士指出,此次政策的出台主要还是为了解决国有企业改制重组过程中遇到的一些问题,而这些大尺度的制度红利将大大降低企业并购重组成本,为进一步的国企改革铺路,或许不久之后真正市场化的并购浪潮将席卷全国。

“国家已经认识到企业兼并重组的重要性。未来很长一段时间,中国产业将进入兼并重组期,国企与国企之间、国企与民企之间都可能发生并购重组,国资混合所有制的改革也为民资进入很多产业领域提供机会。这也将为投行、私募、PE等金融中介机构带来一个重要的发展机遇期。”华西证券副总裁杜国文认为。

(本文章摘自326日《人民日报海外版》)

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