A Study To The Ethical Problem Of M&A

M&A is an brief name of Merger and Acquisition. M&A is a kind of method by which an enterprise expansion quickly. The ethics problem of M&A, with the general characteristics of economic activities, also have its special place. As an economic activity, it is also ruled by the principle of unify of Yi and Li. But M&A not only involves the bargain both parties, and also involves many stake-holders. The author's basic standpoints in this thesis are following.First, we should understand the moral value of M&A dialectically. M&A is a double blade sword, since it can give the social economy the development to bring bigness of benefits that push function, and also be a pure fight for interests, even cause the economic and social turbulence. A reasonable M&A should promote the companies accomplishment, and create value for whole society.The second, we should master the factors which effect the accomplishment of M&A. The motives of M&A, the rules under which M&A be governed, the decision procedure, and the integration after trade, will all effect the accomplishment of M&A. Generally, if the motive of M&A is rights, and decision is science, at the same time the integrate after trade is successful, the M&A will promote the companies accomplishment, and create value for whole society.The third, the moral principle which guide the M&A and buy the rules which govern the M&A, should not only follow the global practices, but also be fit to the characteristics of China. That is, in M&A, we should not only promote the interests of the stock-holders, but also give consideration to that of stack-holders of corporate.The article's chapter arrangement is following. Chapter land 2deal with the principle of M&A. Chapter 3 investigate rule system forM&A. Chapter 4 studies the equal principle of shareholder and the duty of trust. Chapter 5 studies the M&A with hostility and anti-acquisition. Chapter 6 talk about the ethical problem of MBO. Chapter 7 talk about how to realize the unify of Yi and Li by ethical integration after trade.