The financing-motivated takeovers allow the disfavored non-listed companies to circumvent the state monopolistic control over the financial system and capitalize on the privilege of listed companies in raising external finance.

• 融资动机收购使得没有被优惠的未上市公司规避了国有公司对融资垄断制度，而可以利用上市公司的特权筹集外部资本。