我国资本市场的并购重组活动,已经经历了三个阶段。在这三个阶段中,上市公司完成了从他动、被动到主动的角色转换于我国的社会主义市场经济体制是从长期的计划经济基础上改革而来的,所以,市场化的并购重组活动起步较晚。最早的并购重组活动可追溯到上世纪80年代,当时其主要表现为亏损国企改制民营化、管理层收购,以及后来的外资并购。这些并购活动部分解决了国有企业产权改革问题,使很多国有企业的经营机制得到了改善,运营效由 China’s capital market M & A and restructuring activities, has gone through three stages. In these three stages, the listed company has completed its transformation from his active and passive roles to an active socialist market economy in our country based on the long-term planned economy. Therefore, the market-oriented M & A and restructuring activities Start late. The earliest M & A and restructuring activities can be traced back to the 80s of last century, when its main performance was the loss of state-owned enterprises restructuring privatization, MBO, and subsequent mergers and acquisitions of foreign capital. These mergers and acquisitions partially solved the issue of property rights reform in state-owned enterprises and improved the operating mechanism of many state-owned enterprises