Study On The Running-off Of State-owned Assets During The Mergers And Acquisitions Of State-owned Enterprises By Foreign Capitals

Since the 1990's, it has become a new trend for the foreign capital to enter into China by merging and acquiring the Sate-owned Enterprises (SOE). On one hand, this trend brings many positive effects to the reform of China's SOE. However, on the other hand, the running-off of the state-owned assets occurring while foreign capitals are merging and acquiring SOE is a severe problem which brings to the country a great loss. Therefore, study on how to avoid state-owned assets from running-off while foreign capitals are merging and acquiring SOE and how to make it a win-win situation are the key issues in our country. And that's the reason for choosing the title of this thesis.Firstly, base on the conformity correlative theory of foreign capital's merging and acquiring, we elaborate the concept and implementation procedure of merger and acquisition of SOE by foreign capital, analysis the affecting factors of the development of merger and acquisition of SOE by foreign capital in China, clear the concept of the state-owned assets and the running-off of state-owned assets, and definite the standard of running-off of state-owned assets during the foreign capitals are merging and acquiring. Secondly, we elaborate the causes of the running-off of state-owned assets during the foreign capitals are merging and acquiring. And we use the game theory to establish game models to analyze the produce of behaviors and problems, which are the reasons of the running-off of state-owned assets. Thirdly, combining the theoretical and game analyses of the causes of the running-off of state-owned assets, we give some advises to guard against the running-off of state-owned assets. Finally, from the practical perspective, this part will discuss the reasons of the running-off of state-owned assets and demonstrates the rationality of these measures by using the case of the Calyle Group merging and acquiring XuGong Science & Technology CO., Ltd.In summary, the running-off of the state-owned assets occurring while foreign capitals are merging and acquiring SOE is a systemic problem, which involves a wide range. Therefore, the solution is more difficult. We need to constantly improve the SOE's principal-agent mechanism, the mergers and acquisitions pricing mechanism, assets evaluation mechanisms, property rights trading system and related laws and regulations, and completely solve the problem of running-off of state-owned assets from macro to micro and from the internal to the external.