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Influence Study On The Reform Of Non-tradable Shares For M&A Of Chinese Listed Companies

Posted on:2008-09-26Degree:MasterType:Thesis
Country:ChinaCandidate:H LiFull Text:PDF
GTID:2189360215456151Subject:Political economy
Abstract/Summary:PDF Full Text Request
Along with the economic integration of China speeding up, the of enterprise has become a quick path for the accumulation and expand of capital, from the year 1997, the M&A and restructuring of listed companies has march into the speed way, and become the most key link for the resources disposition of stock market instead the IPO before. But the research and practice all indicated that, there have a very big difference between the M&A of China and the mature capital market, not only in the motive but also in the operation technique, the basic reason lies in the dispersion of share and rights, which is a congenitally deficient for the domestic stock market. But as the reformation of dispersion of share and rights push ahead, the boundary between the circulation stock and the non-circulation stock will eliminate, the pattern of capital market will standardize gradually, and the foundation of M&A will establish, the M&A and restructuring of listed companies of China will have a significant transformation.Beyond this, the article takes the M&A theory as the foundation, unifies the reform advancement of China capital market since 2005, uses research techniques such as the standard analysis, the comparative analysis, and so on ,induces the new changes under the new situation for the M&A behavior of China, and proposes the corresponding countermeasure and the suggestion.The full text divides into five chapters. The first chapter indicated the basic concept of M&A, summarized the elementary theory of M&A, and made a brief review about the five tides of M&A for the western country and our country. The second chapter analyzed the questions of M&A behavior in M&A and restructuring of listed companies ,along with the harm for the listed companies by the dispersion of share and rights . The third chapter is the key point of this article, first analyzed the situation of the reformation for dispersion of share and rights and it's influence to China capital market; then made a research about the main body, the goal company and other possible changes of M&A market after the overall circulation .The fourth chapter indicated three typical cases after the reformation for dispersion of share and rights, and made the corresponding review. The fifth chapter made the corresponding countermeasure and the suggestions for how to face the new characteristic of the listed companies after the overall circulation, from the three aspects : supervising and managing of M&A, the listed companies , the intermediary of M&A.
Keywords/Search Tags:Reform of non-tradeable shares, Merger&Acquisition and Restruring, Listed Company
PDF Full Text Request
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