Mergers And Acquisitions Of System Analysis

The paper is based on the recognition that "institution isan endogenous variable of efficiency". The main idea is toanalyze the institutional factors which influence Merger andacquisition (M & A). The aim lies in giving the institutionalarrangements for promoting Chinese market oriented M & A.This paper is made up of three Darts. In the first part,I summarize the general theory about M & A, including thedefinition,motive,ways of M & A.In the second part, I analyze the general institutionalfactors which influence M & A. The definitely delimitedproperty rights serve as the prerequisite to market transactionof enterprise property rights. Enterprise institutions affectsM & A's scale and continuation. The perfect market institutions,especially capital market and policy,law provided bygovernment affect M & A's efficiency.In the third part, connected with the special backgroundof chines economic transition, I not only analyze the presentcondition of institution supplies, for example, state-ownedenterprises (SOES) ambiguous property nights,problem of"control by insiders",An imperfect market institutionalenvironment (that is lack of stable competition rulestransaction order and excessive inadequate intervention ofgovernment in the market) and so on, but also analyze thecharacteristics of Chinese enterprise M & A.In the end, this paper's fundamental conclusion goes asfollows: Chinese market oriented M & A needs internal micro-institutions and external market, low institutions.