中文摘要：

本文以我国2007-2014年沪深两市A股上市公司的并购案例为样本，使用二元Probit模型，从终极控制人视角，对我国特殊体制情景之下终极控制人的性质和持股比例与并购模式选择之间的关系进行了实证研究。研究发现，终极控制人对上市公司并购模式选择具有显著影响，其中，终极控制人为政府的上市公司更倾向于专业化并购、关联并购以及同区域并购；终极控制人持股比例越高的上市公司。越倾向于专业化并购、关联并购、同区域并购。

英文摘要：

With the support of M＆A cases of listed companies in Shanghai and Shenzhen A-share markets from 2007 to 2014, using binary Probit model, empirical research has carried upon the relationship between the nature and ownership of ultimate controller and M＆A mode selection from the perspectives of ultimate controller. Study found that the ultimate control has significant influence on mode selection of the hsted companies M＆A. Among them, for those listed companies in control of the government tend to be professional M＆A, related M＆A, and regional M＆A; the higher of the ultimate controllers holding, the more they inclined to professional M＆A, related M＆A, and regional M＆A.