The Analysis Of Merger And Acquisition On Property Right And Insititution

M&A is an important form for a company to expand. The company's expanding by mergering can economize the cost of transaction and market entering, then realize the objective of scale economy effect, coordination effect and strategy market. According to the economics of property rights, M&A in perfect market exchange property rights on the basis of ensuring property privilege.The premise of property rights dealing is the definition of property rights, so, as a form of property rights dealing, the premise of M&A is certainly definition of property rights. In addition, the different institution arranges such as property rights institution, company system, market style and government controlling make important affects on the progress of M&A.From 1978, Chinese M&A has improved a lot, but there are still kinds of problems. The essential fact of impeding M&A is the obstacle of property rights. To resolve this problem, on one hand, we must perfect the management system of state-owned assets and pay attention to the operation of property rights. On the other hand, it is necessary to improve the property rights institution of company legal person and definite the relation of rights, duty and benefit of every principal part in the process of property rights realization. In addition, some problems in Chinese capital market hindered M&A. The slow development of China's invest bank and other medium organizations is bad for M&A. Strengthening China's capital market and medium organizations can perfect the market of M&A.In the end, according to Williamson's model, M&A has two affects on resources arrangement. M&A develops the scale economy and the potential market power, at the same time, it brings about monopolization and damages social welfare. It is necessary to formulate the anti-monopolization law and other relational economic regulations to ensure the development of Chinese M&A.