The Market For Corporate Control And The Relevant Important Regulations

The listed companies are and will be important to China domestic economy with the development of the securities market; in fact, the capitalization value is about 50% of GDP. However, there are lots of problems in Chinese corporate governance, which hinder the development of the companies themselves, and endanger China securities market. At the mean time, a part of corporate governance chain, the market for corporate control, is emerging in the mainland. It is great to Chinese future corporate governance to analyze, summarize and improve the market. This thesis is the first to study the market in China. It systematically reviews the former papers, analyzes lots of keys and problems, predicts the trend of the market in the mainland, discusses the shortages of the market, and then provides suggestion, by the methods of combination of theory and practice, empirical analysis, and quantitative analysis.The thesis can be divided into 3 parts besides the introduction, and includes 11 chapters. The first part includes the first to the fourth chapters, and mainly reviews the theory and practice relevant to the market. The second part includes the fifth to the eighth chapters, and analyzes the history, current status and relevant important regulations of China corporate control market in details. The other chapters belong to the third part, which predicts the trend of the market in China, discusses the shortcomings, and put up advices.THE FIRST PART, REVIEWChapter 1, systematically reviews the market from the concepts of corporate control and corporatecontrol market, ownership structure and the control type, the premium and the earning of the control,and the efficiency of the market.Chapter 2, analyzes and discusses the motivates of fighting for the control from fair and unfair earnings,on the bases of the foreign and domestic papers, and the practical market in china.Chapter 3, abstracts the character of the control as a good, discusses the theoretic value of the controland the main factors affecting its price, and introduces the status of the price in the western country.Chapter 4, discusses the two different sides of the corporate control contest, and briefly introduces themethods of the contest.THE SECOND PART, HISTORY, STATUS AND RELEVANT IMPORTANT REGULATION INCHINESE MARKETChapter 5, systematically quantitatively analyzes the ownership structure of the listed companies in themainland, and then finds out the controlling persons of the companies partly using others' data,furthermore, wholly looks back the history of the market in China, and concludes its character.Chapter 6, according to the two sides of the control contest, on the bases of the cases, introduces andanalyzes the practice in Chinese contests.Chapter 7, analyzes the relationships between the market and the State-owned Assets ManagementSystem Reform.Chapter 8, studies the affects of two regulations.THE THIRD PART, TREND, SHORTCOMINGS AND ADVICESChapter 9, introduces the recent new regulations in China, and then predicts the trend of Chinesemarket.Chapter 10, briefly discusses the shortage of the market.Chapter 1 1, on the base of the previous discussion, advises for the market pointing to the problems, andsuggests improving Chinese rules.This text embodies creativeness mainly in the following ways,1 . It is the first paper to analyze motivates of the contest, and divides the motivates into two categories, i.e., to get fair and unfair earnings.2. The thesis divides the process of the contest into two stages, i.e., shares purchasing and voting contest. It is the first around the world.3. It is the first to analyze the character of the corporate control as a good, discuss the theoretic value of the control and the affecting factors of the price.4. According to the ownership structure of the listed companies in China, it suggests to restrict the voting rights of the largest shareholder, so that the restriction will be useful to solve the problems to the m...