A Study On The Market-oriented Regulation System Of Foreign Capital's Merger And Acquisition Of Chinese Listed Companies Under Full Circulation Background

Since the transferring of institutional stocks of Beilv Limited Corporation, the Foreign capital's Merger and Acquisition (M&A) of Chinese Listed Companies ("FCMACLC") has just a history of more than ten years with an unprecedented speed. Because of the special stocks'structure of Chinese listed companies, the foreign capital's M&A behaviors are not so market-oriented: FCMACLC often takes the form of negotiated M&A instead of stock market, which is harmful to the development of stock market.After the stock-split revolution, the Chinese stock market will finally realize full circulation, which will have a great influence on FCMACLC. However, as the foreign capital with inborn profit-orientated and speculative characteristics, it will be harmful to the stability of Chinese economy, if without any regulation.In China, the government plays an excessive role in FCMACLC, which leads to the government-oriented regulation system of FCMACLC. This kind of system is not suitable for the demands after the full circulation, a revolution is in need.Under such background, the dissertation tries to make a research on the regulation system of FCMACLC, focusing on how to reform the present regulation system. The thesis provides with the market-oriented regulation system of FCMACLC, in order to make good use of market mechanisms. The thesis is composed of six parts:Part one is the introduction. By analyzing a M&A case, it points out defects of the present regulation system of FCMACLC, and explains the institutional reason. It also makes a brief account of the current situation in the study of the topic.Part two deals with the general theory on the regulation system of FCMACLC. It gives a general researching scope of the thesis and puts forward the new trend of FCMACLC after full circulation. By case study, it discusses the negative externalities, and based on this, analyzes the theory of FCMACLC regulation.Part three mainly studies the present regulation system of FCMACLC. By deeply discussing the present regulation system, it points out the unsuitability of the system. Meanwhile, it implies the necessary trend of market-oriented regulation system.Part four summarizes regulation systems of FCMACLC in both developed countries (US, UK, Germany, Japan) and new-emerging counties (South Korean, India, Singapore) in order to make reference to China.Part five mainly studies how to set up the market-oriented regulation system. It first describes the whole prospect of the market-oriented regulation system. After that, it puts forward some suggestions on how to build up the system. Finally, focusing on the effective operating of stated-owned stock, it makes deeply research.Innovations and features:Firstly, the dissertation provides with the idea of the reforming of government role in FCMACLC, which indicates the transferring from government-oriented to market-oriented.Secondly, the dissertation puts forward a special point of view to realize the market-oriented regulation goals by effective state-owned stock operation.Finally, the dissertation concretely discusses the new challenges of the regulation system under full circulation background, and points out the strong negative externalities of FCMACLC.