Strategical Research On Expanding Capital Operation Of Listed Companies In China

Capital Operation is a newly emerging thing in China's capital market. With the development of market economy and standardization of securities market, Capital Operation has become a widespread form and way for the typical stock companies-listed companies to develop themselves and realize their strategical business targets. Among them, Expanding Capital Operation, with its targets of extending economic scale and enhancing competitive ability, is deeply held in esteem by listed companies, and gradually become the main stream in capital operation. Expanding Capital Operation, as an important part in development strategy, is closely related with the long-term development of listed companies, therefore, listed companies should hold strategical view in planning and making-decision in conducting Expanding Capital Operation.Based on sustainable development principle, the dissertation analyses the essence of Expanding Capital Operation and its basic models according to the theories of capital operation; combined with existing situation of China's listed companies, analyses internal causes and external factors which lead Expanding Capital Operation falling into dire straits, and advances that using strategy is a breakthrough point to solve the problem. Then, with the logical line of strategical management"analysis of strategical environment-settlement of strategical targets-drawing-up and choosing strategical model-implementing and controlling strategy-assessing strategy", brings strategy into Expanding Capital Operation process, analyses factors effecting Expanding Capital Operation, and constructs decision-making model for choosing strategical styles; in the implementation stage, focus on fixing exchange price and the whole integration management; at final, using Conglomerate M&A Strategy as an example, utilizing Entropic measure method, Regression-analysis, Variance-analysis and SPSS Digital-Statistic Software, constructs a model to illustrate the relationship between Diversified M&A Strategy and economic performance of listed companies, puts forward the suitable Expanding Capital Operation Style for China's listed companies, and gives some suggestions.