| Since 1990s,especially the 14th National Congress of the Communist Party of China, with gradual establishing of the socialist manker economic system, the foreign investments in quantity ,scale and quality, efficiency have made rapid progress. In the past few years, the entering approaches of the foreign capital has beenchanged greatly, the proportion of investment in equity through different approaches such as merger, acquisition and share controlling ,etc. has been increased .Furthermore, the foreign investors take special interest in merging and acquiring the state-owned enterprises , then the foreign investments have been extended to merging and acquiring the state- owned equity of the listed companies. This effect is closely linked with the reform of SOEs, especially with " grafting "of joint venture, and the process of attracting investment.From the present case, the foreign investors' merging and acquiring of SOEs has certainly paid active role in developing national economy and reform of SOEs. The main points as follows: 1, A large sum of foreign capital can be attracted to ease the shortage of fund in SOEs . 2, Promote the creating activities of SOEs including creating of system , technology and market ,etc. And intensify vitality of the SOEs. And 3, to a certain extent, stimulate the development in property right trade and capital markets, meanwhile, promote the structure adjustment of domestic industry and enterprise organizations therefore this is of special significance under the condition of dual difficulties of limited investment increasing and large quantities of idle stock assets without making profit.And the foreign capital's merging and acquiring of SOEs will cause negative effect. Showing: 1, If it takes too much share of the market, the foreign investment will form monopolies in some industries, obtain extra huge profit, so as to undermine the fair competitive environment .2, Foreign capital's merging and acquiring of SOEs is aimed to get" the controlling right ''including depriving Chinese partners of state -owned property right, so that there will be some problems such as dealing with the debt of the enterprises merged and acquired, loss of arrangement of personnel and resources, reducing of the technical exploiting capability of Chinese side and loss of the fame of the name brand. 3. At the present, under the condition in which the state laws and regulations are not complete and perfect enough, the fact that the foreign investors merge and acquire the Chinese non - listed companies through listed company, then apply for listing the company abroad after packing the non-listed companies merged and acquired, will bring China's SOEs uncertain factors and big risks. These problems bring the difficulties to Chinese side in supervision and management.The survey, through the real case in which Chengdu Iron and Steel Plant was merged and acquired through two approaches of foreign capital, indicates that there exist positive and negative effects in SOEs which are merged and acquired by foreign investors. It also comes to draw a conclusion that the "grafting" between Chengdu Iron and Steel Plant and foreign industrial capital is far better than that between CISP and foreign financial capital. On the basis of studying of the background, terms, causes happened in the enterprises merged and acquired ,and operating mechanism, approaches, methods in the enterprise merged and acquired by foreign investors, from economic perspective and the real case, we'd like to submit the proposal to regulate the government's behaviors ,and create the lawful environment. It is expected that the exploration will be useful for attracting foreign capital and raising the quality of attracting foreign capital.The logical ideas in studying of the foreign capital's merging and acquiring of CISP may be outlined as "why and how to carry out merging and acquiring , and its results " The concrete content of the general ideas consists of 5 parts:1. From macro p... |
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