摘要
随着中国资本市场的完善和股权分置改革的完成，证券市场的开放程度逐年
增大，B股市场也逐渐失去了自身的价值。进入21世纪，B股市场的发展已经进
入到了停滞的状态，近二十年都没有新股上市，市场规模也在不断降低，融资功
能已经丧失殆尽，几乎已经被边缘化，B股企业面临转板的问题亟待解决。目前
我国B股市场有近100家上市公司，其中仅A+B股的上市公司就有80个，因此
通过运用换股吸收的方式合并A+B股企业是目前最优的处理方式。本文选取的美
的合并小天鹅案例是中国资本市场上首例A股上市公司跨板块换股吸收合并A+B
股上市公司的经典重组项目，本次合并具有创新性和代表性，跨板块的并购相对
于单一板块的并购来说，在换股标准和现金选择权方面的研究会更加复杂，因此
对其分析更有实践意义。
本文首先分析了此次合并动因，众所周知，2014年美的集团对小天鹅控股
已经超过了50％，无论是在法律上还是在控股主体上都拥有了绝对的控制权，
然而在2018年美的集团不惜失去小天鹅这个稀有的“壳资源”，这种合并旗下
上市公司并使其注销的情况十分罕见，就连深交所也发来了质询函；其次对此次
换股价格合理性进行了分析，相对比较合理；之后使用每股净资产法、每股市价
法、L-G模型法和每股收益法得出一个合理的换股比例区间，此次合并的现实换
股比例处在该区间范围内，相对比较合理；此外运用可比交易法分析了现金选择
权的合理性，由于给予小天鹅B股股东的现金选择权较低，一定程度上侵犯了其
权益；最后运用事件研究法、财务指标分析法和经济增加值法对合并后的整合绩
效进行研究，判断此次合并后的实际效果。
通过对案例的研究可以得知家电行业发展周期和特殊的宏观环境造就了合
适的合并时机，同时提升了美的集团的企业绩效和综合实力，对于上市公司来说
将每股市价法作为换股比例确定的基础最为合适，但是给予的现金选择权不利于
小天鹅B股股东，一定程度上侵犯了中小股东的权益。本文根据研究结果给出以
下几点建议：换股吸收合并在我国应用时间比较短，还有很长的路要走，并购企
业应结合自身情况做出合理的判断，选择适合自己的并购方式；在合并的过程中
合理确定换股价格和换股比例；完善现金选择权定价机制，维护双方股东的合法
权益；同时完善我国换股合并的法律法规，让资本市场的发展环境越来越健全。
关键词：A+B股转A股；换股吸收合并；中小股东权益
I

Abstract
With the improvement of China's capital market and the completion of the
share-trading reform, the degree of openness of the securities market has increased
year by year, and the B-share market has gradually lost its value. In the 21st century,
the development of the B-share market has entered a state of stagnation. In the past
two decades, no new shares have been listed, and the market size has been decreasing.
The financing function has been lost and has almost been marginalized. B-share
companies are facing a turnaround. The problem of the board needs to be solved
urgently. At present, there are nearly 100 listed companies in my country's B-share
market, of which 80 are listed on both the A-share market and the B-share market.
Therefore, merging companies listed on both the A-share market and the B-share
market through the use of share swaps is the best way to deal with it. The case of
Midea's merger Little Swan selected in this article is the first classic restructuring
project in China's capital market where an A-share listed company absorbs and
merges companies listed on both A-shares and B-shares through a cross-sector share
swap. This merger is innovative and representative, and cross-sector mergers and
acquisitions are relatively For single-sector mergers and acquisitions, the research on
the exchange criteria and cash options will be more complicated, so its analysis has
more practical significance.
This article first analyzes the motivations for the merger. As we all know, Midea
Group has over 50% of Little Swan Holdings in 2014, and it has absolute control in
both legal and controlling entities. However, Midea Group did not hesitate to do so in
2018. Losing the rare "shell resource" of Little Swan, this kind of merger of its listed
companies and their cancellation is very rare. Even the Shenzhen Stock Exchange
sent a letter of inquiry; secondly, it analyzed the rationality of the exchange price.
Relatively reasonable; later use the net assets per share method, the per-share price
method, the LG model method, and the earnings per share method to get a reasonable
conversion ratio range, and the actual conversion ratio of the merger is within this
range. Relatively reasonable; in addition, the use of comparable transaction method to
analyze the rationality of the cash option, because the cash option given to Little
Swan B-share shareholders is relatively low, it infringes their rights to a certain extent;
finally, the event research method and the financial indicator analysis method are used.
And economic value-added method to study the integrated performance after the
merger, and judge the actual effect after the merger.
Through the case study, we can know that the development cycle of the home
appliance industry and the special macro environment have created a suitable merger
opportunity, and at the same time improved the corporate performance and
comprehensive strength of Midea Group. For listed companies, the price per stock
market is used as the share exchange ratio. The basis for determination is the most
appropriate, but the cash option granted is not conducive to Little Swan B-share
shareholders, and to some extent violates the rights and interests of small and medium
shareholders. Based on the research results, this article gives the following
II
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