摘  要：现今全球航空公司的经营都遭受到了巨额的亏损，并购的浪潮应运而生。东方航空公司也趋着这股并购浪潮，成功与上海航空公司合并。东方航空公司与上海航空公司并购重组，这标志着东航上航联合重组工作已基本完成监管部门的审核，将进入最后资产交割阶段。重组后的新的东方航空公司将占据上海航空市场50%左右的市场份额。至此，中国内地民航市场形成了东航、国航、南航三家航空公司三足鼎立的格局。两家ST和*ST的上市公司原先在资本市场上处于弱势地位，而此次的并购重组，显然达到了“弱弱联合，互利共赢”的效果，从而改变了中国乃至世界民用航空业的格局，影响可见一斑。本文基于东方航空公司和上海航空公司合并事件，对其合并动机、合理性以及影响等进行了分析。56918

毕业论文关键词：换股吸收合并，并购重组，分析

Abstract：Currently, global airline companies have suffered huge losses and the wave of mergers and acquisitions have emerged. Eastern Airlines has conducted a beautiful operation to annex Shanghai .Eastern Airlines and Shanghai Airlines’ merger and reorganization, which means that  China Eastern Airlines joint restructuring work has been basically completed the audit of regulatory authorities , will enter the final stage of delivery of assets . After the reorganization, the new Eastern Airlines will occupy a market share of about 50% of Shanghai Airlines. So far, the formation of China's civil aviation market in mainland has become three tripod pattern containing China Eastern Airlines, Air China and China Southern Airlines .Two ST and * ST listed company originally was in a weak position in the Capital Markets . After the mergers and acquisitions, apparently it reached a “weak union, mutual benefit and win-win” effect which changes the Chinese civil aviation industry and the world pattern with big effect. This paper based on China Eastern Airlines and Shanghai Airlines’ merger, analyze the reason and effect of the event.

Key words: convertible absorption of the merger，acquisition and reorganization，analysis

目 录

1  引言 4

2  换股吸收合并的概述 4

2.1  换股吸收合并的含义 4

2.2  换股吸收合并产生动因 4

2.3  换股吸收合并的优缺点 4

3  东方航空公司和上海航空公司背景 5

3.1  中国东方航空股份有限公司 5

3.2  上海航空股份有限公司 6

3.3  东航并购上航事件简述 7

4  案例分析 8

4.1  合并的原因分析 8

4.2  合并的方案分析 9

4.3  合并的影响分析 10

5  换股吸收合并对企业的影响 12

5.1  换股吸收合并对企业的积极影响 12

5.2  换股吸收合并对企业的消极影响 13

5.3  对企业换股吸收合并的建议 14

结 论 15

参考文献 16

致谢 17

1  引言

中国航空业在国际形势严峻，国内行业消极的情况下，合并浪潮兴起，中国东方航空集团一直活跃于合并浪潮的前端，想要摆脱持续巨亏的现状，想要泥潭自救不被其他航空巨头拆分，只有两条道路可选，一条是引进外资，一条是兼并其他航空公司。