Comparative Research Of The Listed Companies Acquisition Mode

In the stock market, a listed company after the IPO, will sooner or later face the need to optimize the allocation of their stock assets again. Acquisitions are an important way to meet this need. During the session of takeovers, when the target company is established, the most important thing that the acquirer will have to face is the mode adopted in the acquisition. And the acquisition mode will possibly have a direct impact on the payment way, the financing channel and the next link decision-making, even have a direct bearing on the success or failure of the acquisition. Now China's economy is undergoing a transition period which means tremendous significance and value of the company acquisition in our country.In the period of equity division, acquiring a listed company by agreement, tender offer and purchasing price bidding in the secondary market are unexpectedly the basic pattern of listed company acquisitions in China. However, the reform of non-tradable shares will have a great and profound impact on the acquisition the listed company activities in all aspects. One of the great effects is that the acquisition mode will undergo significant changes.This paper will focus on the research of listed company acquisition mode and the full text is divided into four chapters. The main contents are as follows:Chapter I is the introduction. This chapter carries on the literature review of the research about the listed company acquisition mode at home and abroad, then points out the methods and the main thesis, and finally the main contribution and limitations of paper research.Chapter II is about the motivation and modes of the acquisition. Starting from the meaning of acquisition, it puts forward the motivation theory of western company acquisition, and on this basis researches on the classified acquisition modes according to different classification criteria, compares the advantages to disadvantages of various acquisition modes.Chapter III researches on the acquisition modes of listed companies. This chapter will focus on the comparative study of the three kinds of acquisition modes in the domestic and foreign practice situation, and on this basis proposes that there are several important factors needed to be considered when to choose the acquisition modes. Then with the present situation of our country, it points out the rational choice of the acquisition mode in China and finally it puts forward relevant proposals to improve the modes of China's listed company acquisition.Chapter IV is about the impact of the reform of non-tradable shares on the acquisition mode choice of China's listed companies. In this context of the reform of non-tradable shares, this chapter analyses the significant influence put on each kind of acquisition mode, and on this basis, reasonably forecasts the development trend of these acquisition mode. In which key analyzes tender offer this very much to have development potential marketability acquisition way through the case research.This article is mainly based on the practice of the listed company acquisition in China, it not only refers to extensive relevant theories and viewpoints but also puts forward some new ideas, mainly manifested in the following:Firstly, most theoretical studies from Scholars at home and abroad focus on merit and limitations of the listed company acquisition mode, or give a in-depth analysis of a certain acquisition mode, but the comparative study of various acquisition methods is relatively few. This paper will classify the various acquisition modes and do comparative study of their advantages. It will adopt the classification standard by the way of obtaining shares, according to the relevant law and practice of the listed company acquisition in China, and carry on the comparison of acquisition modes at home and abroad, which can be said to be more comprehensive and in-depth. The purpose is that after comparative analyzing, the listed companies can do the best decision-making of the listed company acquisition mode.Secondly, this essay also has applied theoretical value and practical significance for the practical research of the mode of China's listed company acquisition. In this context of the reform of non-tradable shares, this essay conducts the comparative research of the basic pattern of China's listed company acquisition mode before and after the reform of non-tradable shares, analyses the significant influence that the reform of non-tradable share puts on the choice of acquisition mode and reasonably forecasts the development trend of these acquisition mode. On this basis, it puts forward the very acquisition mode adaptable to our national circumstance.Thirdly, while writing this paper, the "Securities Act" and the "management of listed company acquisition" have been promulgated. Therefore, on the basis of comparing the old version of the "Securities Act" and the "management of listed company acquisition" to the new version, this essay puts forward the rationalization proposal to further improve the China's listed company acquisition mode from the aspects of law, supervisory system, intermediary institutions, financing channels and so on. The goal lies in further the standard and consummation present stage each kind of the listed company acquisition mode.