Research On Tianjin FAW Xiali Transfering The Share Of Sino-Foreign Joint Venture

At the beginning of the 21th century, when china took part in the WTO, Chinese captial market is openning to the word step by step. International corporations come to china and have begun to purchase the property of Chinese enterprises one after another. At the situation that chinese enterprises are short of captial tranfer experience and station-owned captitals are tranfered at several spheres, the researches and studies of share right transfer are more urgent and important than before to safeguad owner`s benifets.This artcle selected the case that listed company of Tianjin FAW xiali contorlled by China first automobile works corporation transferred the share right of two sino-foreign joint ventures as the studied object. The case was exposed at Tianjin daily newspaper,Tianjin equity transfer center`s web and China securities newspaper. Because the case has reticular share right relations between two atuomobile corporations and diffculty appraisal to price, it is worth studying to find the expierence and inspiration behind the smooth circumstance. After reasrching the companies information and collecting the documents concerned, this article takes Toyota as the contarst object and researches the case deeply by use of the equity transfer metheds and appraisal theories .Firstly, the article introduces the researching effect and overviews the basic theory of the share right transfer and price. Secondly, the informations of the enterprises which are related to the case are described. Third part analyzes the reasons of the case emergence and the attitude of related enterprises. Moreover, this part also lists the process of the case by time order. At the improtant forth part, the article analyzes the transfer results and the problems of the transferor and its controlled shareholder . At the basis of analsis to the foreign corporation, this article also draws some strategy. Last part analyzes the shortcoming of the government polices and the prolbems in execution.Through the analysis of this article, we can get some conclusions and inspirations.Because of the neglect to the case analysis, China first automobile works coporation was the singular loser in this case. All of other enterprises achieved their expected purposes. Chinese enterprises or corporations are shortage of transfer expierence .They should learn to the foreign corporations. Some policies of the station-owned property management damages the benefits of the owners whose shares don`t belong to the country. At the same time, the article also prefers strategy to Chinese enterprises or corporations to raise their ability of share right transfer and protect their benefits. Besides , the article also offers some advices to the government to consummate the policies and strengthen the level of execution .