1993年的“宝延事件”拉开了我国买“壳”上市的序幕,自此之后,买“壳”上市成为我国资本市场上并购案的热点。但并购本身是一个复杂的过程,涉及许多因素,并购的内在驱动因素也非我国众多投资者所认为的上市融资。本文从理财的角度对目前正在重组的ST郑百文加以分析,希望能起到抛砖引玉的作用。 The “Baoyan incident” in 1993 opened the prelude to China's “shell” listing. Since then, the acquisition of “shell” has become a hot spot in China's capital market. However, M & A itself is a complicated process that involves many factors. The intrinsic driving factor of M & A is not the listing financing of many investors in our country. This article from the perspective of financial management is currently being reorganized ST Cheng Baiwen analysis, hoping to play a valuable role.