Study On Problems And Countermeasures Of M & As And Reconstruction Of Public Companies

Promoting marketization and standardization of M & As and reconstruction of public companies is an important problem. It is a basic approach of settling this problem to strengthen the system building of securities market and supervision of M & As and reconstruction market. The key point of this problem is that M & As and reconstruction of public companies should run according to the rules of market economy.Research of this paper opens out enclosing the subject that M & As and reconstruction of public companies can help to realize resource collocating of securities market, advance quality of public companies, and promote the optimization of structure and function of stated-owned economy. The paper researches how to change the financial and speculative reconstruction at present to the strategic and material reconstruction aftertime.Firstly, the author proves the feasibility of M & As and reconstruction that conduces to advance management efficiency of companies and efficiency of securities market in theory, and emphasizes on some conceptions which have certain differences between westward M & As and reconstruction market and ours.Secondly, the author analyzes the development course and characteristics of M & As and reconstruction market from 1993 to today. The author also points out that it came into being and developed at especially system of our securities market and policy circumstances, and the characteristics are relation to the background from planned economy system to market economy system.Thirdly, the author analyzes the non-marketization and non-standardization problems of M & As and reconstruction of public companies, the influences and fundamental reason and immediate reason of these problems.Finally, the author definitely points out M & As and reconstruction of public companies should progress to the model that the mechanism of marker will operate dominantly, and puts forward some corresponding countermeasures.