Model Innovation, Policy Breakthroughs And Interests Of The Game

Since 1993, the merger and acquisition institutional changes and thought gradual progress of Chinese listed company mainly embodied in three respects of mode, policy and interests. Mode innovation and policy breakthrough of Chinese listed company are institutional changes. Interests game of Chinese listed company is the inherent motive force of institutional changes. Accordingly, the merger and acquisition thought gradual progress of Chinese listed company mainly embodies in three respects of mode thought, policy thought and interest thought. The mode thought is began on discussion of open market purchase mode, win development in discussion of privately negotiated transaction mode, and made elementary maturity in discussion of tender offer mode. The policy thought is formed to the extensive discussion on foreign capitals merger and acquisition, and updated in the discussion on management buy-out. The interest thought begins and develops on the discussion of anti-purchasing question and performance question, and has been matured while disputing in the theory of the interests source, has been deepened in the discussion on disclosure of information. There is a bidirectional relation between thought gradual progress and institutional changes of Chinese listed company.In merger and acquisition mode aspect, the mode innovation comes from Interests game. The open market purchase mode will be major mode of China in the future. In merger and acquisition policy aspect, the policy breakthrough results from Interests game too. The value orientation of merger and acquisition policy in our country should rely on encouraging merger and acquisition at present and through it enliven market, stabilize the society, improve the quality of listed company, create the loose environment for the question left over from history, solve the problem in developing, create the loose environment for settlement other problem of developing market. In merger and acquisition interest aspect, interests game is the inherent motive force of mode innovation and policy breakthrough. As a kind of institutional changes, there are three mechanism of diachronic linkage in mode innovation and policy breakthrough of overlapping linkage, pattern reconfiguration of institutionalized linkage and diachronic institutional complementarity.Merger and acquisition of listed company is a many interests course, which the participant includes each side of merger and acquisition. It makes each side participant reach the inherent function with balanced interests in certain condition. The merger and acquisition institutional changes have inherent motive forcemechanisms, our country's mode innovation and policy breakthrough is embodied the mechanism. The government, while revising and making the rule of merger and acquisition, should follow the interests balanced and satisfy the mechanism. Under the guidance of this thought, we should adjust our country's present merger and acquisition rules.The article is divided into five chapters.Chapter 1 is the introduction. Chapter one explains the historical development of theory and practice of Chinese and foreign enterprises merger and acquisition, introduces the research visual angle of this article and its theory innovation, the research thought and research approach, the basic conception, the research meaning and this article 's structure.Chapter 2 is the research on the merger and acquisition mode to the Chinese listed company. Combining the typical case with the three kinds of legal modes which includes open market purchase mode, privately negotiated transaction mode, and tender offer mode, Chapter two expounds the fact that the modes breakthrough and its institutional changes, comments the research results of the mode, points out the mode thought is began on discussion of open market purchase mode, win development in discussion of privately negotiated transaction mode, and made elementary maturity in discussion of tender offer mode, Introduces the mainstream mode in ripe stock markets and look forward to the future mainstream mode in China stock market.Chapter 3 is the research on the merger and acquisition policy to the Chinese listed company. This chapter recommends the merger and acquisition institutional changes of China listed company from the visual angle of policy breakthrough. This chapter summarizes the policy of the natural person as from forbidding to unlocking, foreign capitals policy as from repeated to steady, analyses the policy of MBO should be totally stop or slowly standardize. This chapter analyses and comments the theory of the foreign capitals merger and acquisition, the theory of MBO, and points out the policy thought is formed to the extensive discussion on foreign capitals merger and acquisition, and updated in the discussion on MBO. This chapter expounds the value orientation of the merger and acquisition and looks forward the merger and acquisition policy of China listed company.Chapter 4 is the research on the merger and acquisition interests to the Chinese listed company. This chapter points out merger and acquisition course of listed company is a many interests course which the participant includes purchasing the side,...