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Research On Tender Offers Of Listed Companies Under Full-circulation

Posted on:2008-03-15Degree:MasterType:Thesis
Country:ChinaCandidate:C J LiFull Text:PDF
GTID:2189360242457481Subject:National Economics
Abstract/Summary:PDF Full Text Request
Tender offer, one of the most important types of acquisition in the worldwide securities market, issues to all the shareholders openly in order to control the target. The vital character of tender offer is that all the shareholders gain the information equally, then the shareholders free to make decisions. So it is thought as normative and complete marketed acquisition method. Due to the long separation of stock as well as the non-mature of our capital market, up to now, about ten cases have happened, since 2003, when the first Tender Offer case happened—Nangang acquisition case. With the accomplishment of the reform of non-tradable shares, the un-circulated stock can be circulated, which will result in the foundation of the market-driven system.The behavior of listed companies' Tender Offer, therefore, will experience the profound transform.Here, based on the study theory of Tender Offer both in China and the western countries , combined with the reform from 2005 in capital market ,this paper will summarizes the transformations of the Tender Offer by the way of demonstration analysis, and the quantitative analysis.As to the study of tender offers, this paper resolves the following problems: How to define the concept of tender offer in our country? What theory can we learn from British and America? What kind of cases are there? What can we learn from the mature experience of the west? How does the listed company change? With the market of tender offer, how do the relative rules and regulations perfect? How to further perfect the offering purchasing rules? Based on the above problems, this thesis deals with tender offer of the listed company in four parts.Compared with the similar research before, this dissertation has some innovations and some profound practical significance:First of all, all the research of this paper is based on the new background of the reform from May, 2005 . Among the present academic research, a great amount discussions focus on the legislation of Tender Offer, while the transformation of it is the main section of this paper which will make it different.Secondly, the Chinese characteristics should be embodied through every change of Tender offer's motivation, operation modes and payment. And the relative regulations will be transitional . But there is no doubt that all of these will become compatible with internationally accepted practices.Lastly, to make the research more accurate and credible, all the concepts are invoked from existing regulations. And the adjustment and reform will be discussed regarding with the share-merger in A-share market.
Keywords/Search Tags:Full-circulation, The Reform of the Equity Division, Tender offer, Supervise
PDF Full Text Request
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