The Study On Regulation Of Assets Reorganization Of Listed Companies

Reorganizing assets of listed companies is a perpetual topic in the securities market. Since 1997, assets reorganization in Chinese listed companies has been upgrading dramatically, which results in a series of problems of regulation of listed companies. Because of unpolished laws and regulations and the defect of system, the regulation failure has been occurring. This dissertation focuses on the research subject based on the hot topic in the Chinese securities market.The final aim of assets reorganization is redistributing the resources to the most efficiency. At the macro level, the two basic theories, Pareto Efficiency and Pareto Improvement interpret this topic. At the micro level, the theory of consolidation and enlargement of competitive advantages, of the minimization of costs (or of Economic Scale), of the enhancement of factor markets' position, of exchange costs provide further interpretation for assets reorganization. The theory of coordination value in management science also backs it.As there have no specialized theoretical researches on the regulation of assets reorganization in listed companies, this dissertation tries to interpret it by way of three fundamental theories of government regulation in regulation economics and institutional economics, i.e. the Public Interest Theory, the Capture Theory and the Theory of Economic Regulation.The characteristics of listed companies' assets reorganization are as following, the forms of assets reorganization being varied and characterized, the increasing fight for the controlling right in listed companies, the majority of assets reorganization being at the end of year, the second reorganization being increased gradually and the use of connected transaction being frequent. The main problems of listed companies' assets reorganization are that the motives of some companies are not legal, that the information disclosure on assets reorganization is not in accordance with law, that there exists serious inside dealing during assets reorganization, which damages equity and efficiency in the market, that some companies manipulate stock prices to make illegal profits by using assets reorganization, damaging the interests of investors, that fraud...