Study On Government Roles In State-owned Enterprise Merger And Acquisition

Merger and Acquisition (M&A) can be seen as combination or merger, its motive involving realizing the corproate development strategy, and its essence with the redistribution of the social resources. As the state sector of the economy went through accelerated restructuring, the mergers and acquisitions of state-own enterprises has faced a whole new time. Meanwhile, it has pushed forward the adjustment of national economic structure and optimization of industry structure, and enhanced the corproate'competitive power and ability in resisting market risk. Seeing that at present market economy and market mechanism is still not complete, the mergers and acquisitions of state-own enterprises can go through smoothly with the government intervention and support. Government may have a very important role in it at the initial stage. With the intensifying of economic system reform and change of M&A activities, government' over-intervention and over-dominance has barricaded the further development of the state-owned enterprises. Therefore, governments'role in M&A of state-owned enterprises has to be transformed and repositioned.This thesis mainly focuses on the causes, behaviors, roles and its position of the local governments, and attempts to have a relatively systematic theories reference and empirical analysis on them. By analyzing those government roles from the developed countries and its implications being combined with China's national conditions, the thesis explores the behaviors, roles and its weakness of the local governments in M&A of state-owned enterprises by taking one Tai-funded enterprises Merger and Acquisition in Jiangxi as example, puts forward the view that government plays such roles as cultivator, guide and reconciler in enterprise M&A market and offers the ideas on how to reposition the government roles.