The Study Of Property Right Efficiency-Oriented SOEs' M&A Improvement

M&A of enterprises has a long history of more than 100 years in the western developed countries. To a great extent, M&A of enterprises as an effective means promoted the development of related every country's economy. By comparison, the history of SOEs' M&A is very short which occurred in 1980s. Since the past 20 years, M&A has been proved to be a useful way that was good to dispose rationally the economic resources and improve the SOEs' competitiveness. It played an important role in the continue development of state-owned economy and the transform of economic system. At the same time, problems exist in M&A of SOEs such as the blur of property right relationship, the out-of-balance of stock right structure, the inadequacy of governmental interference, the lag of social security, etc. If we don't do our best to solve them, they will undoubtedly endanger the healthy development of SOEs because they are inevitable in the process of SOEs'M&A. Based on this background, my paper utilizes efficiency theory, industrial organization theory, neoclassical economic theory, agency theory and property right theory to do some researches on SOEs' M&A and Property efficiency, which points out that property right efficiency-oriented SOEs'M&A improvement should focus on adjusting property right structure and removing SOEs' M&A obstacles. This paper achieves some outcomes to supervise practice that not only make for national economy's healthy development and society harmony and stabilization but also have great academic and realistic significance and practice value for continually deepening SOEs' reform and perfecting property right system. The whole paper consists of four parts, the following is the main content of each one.The first part: Based on the analysis of present conditions, we point out practical problem in the process of SOEs'M&A and persists in drawing lessons from the several typical part of current western economic theories to explain the economic cause of M&A.The second part: Based on the analysis of the relation among property right system, property right structure and property right efficiency, we bring forward the concept of property right efficiency of SOEs'M&A to evaluate the action of its M&A ,and we discuss the property right characteristic of SOEs'M&A with high efficiency by the two view points of the enterprise performance difference under different property right structures and the adjustment cost of property right structures, so we establish a property right analysis modal of SOEs'M&A.The third part: By the guidance of property right efficiency of SOEs'M&A, we put forward some specific suggestions to solve the problem in the process of SOEs'...