Mergers And Acquisitions

The complete title of the thesis is that stock-ownership operation and its market organization by means of merger and acquisition.Firstly, stock-ownnership operation is the core and the key of property ownership management, which, in form of Merger and Acquisition of stock-ownership of other enterprises, finally achieves enterprise performence in the maintaining and accruing of assets. In a word, that is the operational behavior of buying or selling enterprise stock owmership. Firm merger and acquisiton is a specific property ownership transaction, its objection of transaction is firm property ownership, which is the holdings of stock-owners, rather than firm assets and its factors or various existing creditor's rights. The reason for that the stock ownership could become the object of firm merger and acquisition lies in that the essence of such operation activities aimed at acquiring the control power of enterprise, naturally, who takes command of the control power of enterprise would possess it. through selecting and appointting manager, one who conducted the behaviour of merger and acquisition could created higher management efficiencey.Stock-ownership operation could not only facilitate the transfer of control power and assets reshuffling between enterprises, but also promote the reform of enterprise operating mechanism and the management performence. At the same time, it could be used as a important way to optimize the reallocation of social economy resoucese. As its main measures, merger and acquisition have several characteristics such as leverage and stimulating stock with flow, etc. Whether a country has some system and mechanism suitale for mergering and acquisiting is a improtant criterion measuring the degree of maturity and perfection of its market economy.secondly, market organisation is defined as follows: formation of various market transaction and their relative intermeditary institutions, the formation of market transaction includes: retail market, country fair market, supermarkets, wholesale market, stock exchange, forward market etc.The thesis expounded the issues of the market organization in the stock-ownership operations from three aspects such as: the institutional foundation for the stock-ownership operating, the underlying mechanism analysis, and external enviroments analysis etc. from the angle of listing firm, the operation firm of stock-ownership could be summed up as three kinds: first, assets purchasing which is conducted to maintain and enlarge the stock-ownership in forms of integration merger and assets exchange; second, agreement purchasing which2makes the control power of firm transfer through private agreement on the transaction of the stock-ownership; third, open market purchasing which could be made on the second market of stock exchange in forms of contractual purchasing and commission purchasing, the thesis has an introduction of those purchasing, and also positively analyses them respectively, the thesis has a survey on the world-wide operating activities of stock-ownership, selects America, Japan, and South Korea as examples to make positive analyses, on the background of Japanese bable economy, from which it argues that some lessons and enlightenments could be drawn, meanwhile, further points out the operation of the stock-ownership should be based upon foundamental economy.Through the institutional survey and positive analyses on the operation of stock-ownership and its market organization that has merger and acquisition as its measures.aiming at the issues on China market of stock-ownership operation, the thesis emphased to optimize culture environment for firm merger and acquisition, designed an objective model for the operation of State-owned stock-ownership, pointed out the stock-holding institution for manager in Stated-owned stock-ownership and the viewpoints about the globalization operation strategy for Stated-owned stock-ownership, emphatically argued that the dominant role of government take some advantages, and at the...