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The Motivation, Effect And Way On The Mergers And Acquisition Of China's Public Company

Posted on:2005-04-06Degree:DoctorType:Dissertation
Country:ChinaCandidate:J QinFull Text:PDF
GTID:1116360152455745Subject:Technical Economics and Management
Abstract/Summary:PDF Full Text Request
Along with the foundation and development of the capital market in China, more and more enterprises are paying close attention to M&A which is a way to capital management. M&A has existed more than 100 years, but it is a new phenomena in China. This dissertation reviews the history of M&A about China and foreign enterprises, discusses the motivation, effect and way on M&A of China's public companies and analyzes the example.Firstly, on the basis of resource disposition, the dissertation analyzes the original motive force of M&A lies in pursuing profit and avoiding management risk. And the dissertation points out that M&A can improve corporate governance and raise core competence of China's public companies on the base of the analysis of M&A's motivation in China's public companies from the angle of the government and the enterprise.Secondly, the dissertation analyzes M&A can improve external corporate governance depending on the principle of competition and encouragement. And the dissertation discusses the insider control and the credit in China's public companies, analyzes the reasons and dangers to the enterprises, and gives a way to solve these problems from the angle of M&A.Thirdly, relying on the relation among the stock structure, stock concentration and corporate governance, the dissertation analyzes the key to the losing balance of the corporate governance in China's public companies lies in the state-owned stock occupies the great part in a company. Then the dissertation discusses the forming reasons to the state-owned stock and its influence to corporate governance. And it points out that reduction of state-owned stock by LBO can perfect corporate governance. The dissertation explains that LBO is a good way to reduction of state-owned stock at present after the discussions of the condition, program and reality of LBO in China.Fourthly, how to train core competence is analyzed. The dissertation points out that it is an effective way to train core competence by external trading strategy. Then the dissertation analyzes the condition and environments of M&A. And the dissertation explains M&A is a feasible way through the financial target and reality.Fifthly, M&A can be accomplished by professional intermediary which is investment banking. This dissertation discusses the core of investment banking and it's development pattern from finance and scheme, points out that at present China should implement segregated financial business, but in a long term, mixed financial business is the finial aim.M&A is the development trend of history and a new problem of China. M&A is an effective way to improve the competitive power of China's public companies.
Keywords/Search Tags:Mergers and Acquisition (M&A), China's Public Company, Corporate Governance, Core Competence, Investment Banking
PDF Full Text Request
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