Research On The Means Of The M&A Of The Listed Company In Our Country

Nowadays, as the biggest developing country in the world, our country is undergoing the fifth global M&A tidal wave. And that in the practice of the M&A of the listed company, the corporations in our country are using lots of M&A means, which include the widely using protocol M&A, our country's distinctive volunteer transfer, parent company reconstruction which needs the ability of capital operation, and the rising tender offer, MBO and proxy contest. Well then, what are the advantages and disadvantages of these means? How well do the listed companies behave after the M&A? What is the applicability of these means? And which one is the corporation's best choice? The objective of this thesis is to solve above questions.After the necessarily summarizing of the theory and practice, this thesis analysis protocol M&A, tender offer, MBO, volunteer transfer, parent company reconstruction, directional issuance and proxy contest in detail at first, then the thesis compare these means according to the undermentioned criterions: cost, complexity of the procedure, likelihood of success, equitableness, marketability, and the conformity after the M&A. Then, this thesis choose the listed companies whose holding right were transferred in 2004 as samples (99 samples), and analyze them using event analysis and accounting analysis (EPS and ROE as index), In this way, we can make out the performance of the M&A of the listed company using different means, In the foundation of the qualitative and quantitative analysis, this thesis analyzes the applicability of protocol M&A, tender offer, parent company reconstruction and MBO. At last, this thesis discuss the topic that what a listed company can do when it face the danger of being taken over.According to the outcome of the analysis, the market reflection of the company using protocol M&A is the best, then followed volunteer transfer, tender offer, parent company reconstruction and MBO;and the financial improvement of the company using volunteer transfer is the most, then followed tender offer, protocol M&A, parent company reconstruction and MBO. Considering the outcome of the qualitative and quantitative analysis synthetically, each M&A means has its own advantages and disadvantages, so the corporation need to make the choice depending on its practicalcircumstances. Once a listed company faces the problem of being taken over by other corporations, it can beat back by using many kind of defending measures and oppositional measures.