The Analysis And Strategy Of State-owned Property's Running-off In Foreign Capital Multinational Mergers By Game Theory

With the reforming of our country's economic system and opening to the world, the attracting and using foreign capital is from none to existing, from small to large, the number and scale is becoming larger and larger. Joining WTO is the symbol of new opening to the world, and the international circumstance for the developing of Chinese economy is changing a lot. But at the moment, the reforming of state-owned enterprises are in the storming fortifications. Nevertheless, a good number of state-owned enterprises are facing with the short of capital. However, the capital would not be enough if it only comes from the companies' own capital or the country's financial department. So it is necessary for the enterprises to attract foreign investment.After the first foreign capital multinational merger in China in 1995, its number and scale is becoming larger and larger, and will be the main way of our country to attract the foreign capital in the future for its positive effect. At the same time, we must notice that the state-owned property of our country may run off in foreign capital multinational merger. The paper is just based upon this phenomenon. With my tutor's direction and help, combining theory and practice, referencing of foreign experts' discussion on how to rebuild a corporation through using foreign M&A, I finished this thesis.This paper stands on the whole points of view. On the base of conformity correlative theory of Cross-border M&A, it recounts the meanings and main manners of Cross-border M&A and correlative conception national assets. At the same time, it analyses the manners of state-owned property losing from different angles and makes the dynamic game theory of complete information applied into Cross-border M&A. The paper analyses the reason of the emerge of national assets losing by banding theories and cases together, and meanwhile, on the base of systems analysis, bands Parado amelioration and guarding against state-owned property losing in Cross-border M&A together. According to the facts of ourcountry, the thesis seeks the best point of Parado and brings forward some countermeasures in order to guard against state-owned property losing in Cross-border M&A .The thesis should be of some help to our corporations on the right using of foreign capital multinational merger.