Study On The Effect Of Foreign Merger-and-Acquisitions In Agro-industry In China Based On Industrial Security

This dissertation focuses on mergers and acquisitions' effect (M&As'effect) in China's agro-industry based on industrial security. This dissertation systematically integrates subject achievement including Industrial Economics, International Economics, Agricultural economics, modern Theory of Corporate Mergers and Acquisitions, applies various methods including Comparison Analysis, Empirical Analysis, Game Analysis, Logical Thinking Analysis, analyzes theory of industrial security and theory of foreign investment M&As, heckles reciprocal relationship between hostcountry industrial security and foreign investment M&As, establishes M&As mechanism model, empirically analyzes foreign investment M&As'effect in China's agro-industry, in conclusion puts forward regulatory framework of coping with foreign investment M&As and maintaining agro-industrial security in our country.â… .Contents of Research in the dissertationâ…°. Theoretical framework of foreign investment M&As' effect based on industrial security. As start point, this part critically integrates theories of industrial security and foreign investment M&As, puts forward mechanism model of action, and then analyzes foreign investment M&As in agro-industry in depth as an extension.â…±. Empirical analysis of foreign investment M&As effect in China's agro-industry. This part puts econometric model into use from macro-level and industry-level, analyzes structural effects and spillover effects of foreign investment entry into China's agro-industry. And then this part empirically analyzes stock effects and financial effects of foreign investment M&As of China's agro-industrial listed companies. And then this part analyzes foreign investment M&As of Soybean Industry as a case study.â…². Regulatory framework of coping with agro-industrial foreign investment M&As based on industrial security. This part statistically analyzes present situation and problems in foreign investment M&As of China's agro-industry, and appraises agro-industrial security degree applying evaluation model. And then this part analyses experience Lessons from developed countries and developing countries, and puts forwards regulatory framework including relevant policy collection and protection mechanism of industrial security.â…¡. Main Conclusions in the dissertationâ…°.Industrial structure effect of Foreign Capital utilization on agro-industry is inconspicuous. The amount of foreign capital in primary industry and it exhibits moderating trend. The Location Quotient (LQ) of foreign capital in primary industry keeps low level. Foreign capital's divergence aggravates industrial deviation, hinders agro-industrial sustainable development and then impacts agro-industrial security.â…±.Technology spillover effect of foreign capital utilization in agro-industry is not obvious,which is less contribution to agro-industrial development. At the background of increasingly foreign investment M&As, foreign capital economy does not play a due role,which accounts for investment attraction's inefficiency in agro-industry.â…². The foreign investment M&As' effect is significant negative effect to agricultural listed companies in short term, but it is significant positive effect in long term. It is found that abnormal rate of return is significant negative in short term, whereas it is significant positive in long term when foreign investment M&As happens.â…³. Foreign investment M&As cannot significantly improve financial status other than cash flow of agricultural listed companies. Cash flow is significantly ascending, but ROE, ROA, DAR, Receivables Turnover are ascending but not significant. Liquidity ratio, growth ratio of Prime operating revenue is descendant but not significant.â…´. Marginalization risk of foreign investment control exits in Soybean Industry. Foreign investment control material supply, pricing, buying soybean enterprises, which results in Soybean manufacturing country into importing country. We should self-reflect agro-industry development policies in order to upgrade the whole industrial competitiveness.â…µ. China's agro-industrial security is "Basic Safety" as a whole, but industrial innovation, Agro-based products competitiveness, agricultural resources and environment, agro-industrial production status is "no security". Agriculture is the foundation of national economy; agro-industrial security is the base of economic security. We should put a new premium on agro-industrial security and take some effective countermeasures.â…¢.Main Innovations in the dissertationâ…°.Take shape initially theoretical framework of foreign investment M&As in agro-industry based on industrial security. Firstly, this dissertation researches reciprocal relationship between foreign investment M&As and industrial security. Secondly, this dissertation establishes foreign investment M&As model based on host country industrial security. Thirdly, this dissertation calculates influence degree of foreign investment M&As on agro-industrial security. At length, this dissertation provides an analytical framework of agro-industrial foreign investment M&As. in practice, the issue of foreign investment M&As from the view of host country industrial security is an original analysis.â…±. Experimentzing empirical analysis of foreign investment M&As effect in China's agro-industry. The research empirically analyzes macro effect, industrial effect and micro effect.. Domestic scholars rarely try out comprehensive methods of foreign investment M&As on host country industrial security. Furthermore, this dissertation exerts index system,using statistical data, calculates influence degree of foreign investment M&As effect on agro-industry standing out the weights of foreign investment M&As.â…². Try to put forwards regulatory framework including relevant policy collection and protection mechanism of industrial security. At present, china does not very often adopt policies on control of foreign funds. The research systematically tries out building an effective regulatory framework based on industrial security, and believes our country should moderately protect agro-industry and agricultural enterprises. Of course, its applicability is judicial.â…£. Some proposals on the related policies in the dissertationâ…°. Construct forewarning index system of national Agro-industrial security. For the sake of Measuring agro-industrial security, the study selects some indexes as follows:development power, competitive power, degree of dependence on foreign investments, control force and performance indexes.â…±. Construct legal system as the core of Anti-monopoly Act. We should take efficient measures such as consummating accompanying measures, consummating legal regulations on foreign M&As in Securities Law and Corporation Law, consummating other relevant laws and regulations on foreign M&As.â…². Construct work system of active foreign capital's utilization. These measures includes various introduction of foreign capital, selective foreign capital utilization, grasping "exchange market for technology" policy, phasing out preferential policy of foreign capital, controlling control right of joint-venture.â…³. Strengthen agricultural leading enterprises' ego-development system. These measures includes encouraging business cooperation, enlarging funding input, intensifying personnel training, intensifying national brand's protect. â…´. Intensify protection mechanism of industrial security. These measures include admission mechanism, early warning mechanism, security review mechanism, continuous supervision mechanism, logout mechanism, complementation mechanism.