Chinese And Foreign Enterprises Mergers Comparative Study

As an inevitable outcome of marketing economy, M&A started from the end of the 19th century. The western countries headed by the U.S.A have gone through five climax of M&A since the end of the 19 th century, which have brought about far-reaching influence on the economic development of the western countries. It can be said that the developing history of modem enterprises, especially that of the multi-national corporations, is very the history of M&A. beginning from mid-1980s, our country's M&A experienced the first climax in the end of 1980s. After 1992, our country's M&A went throuth the second climax with the corporatization of the state-owned enterprises and the devlopment of security markets, which has brought about more and more influnce on the development of our country's economy.Happening after the industrial revelution and then the rise of the economy , the large-scale M&A in western countries based on the emergence of the mordem corporation mechanism and the mature of the market system . Otherwise, the occurrence of our country's M&A is on the basis of the reformation from the planned economy to the market economy , which is the only way out for our government on condition that the decrease of the state-owned companys' defice, the maintenance of the society's stability and the improvement of state-owned enterprises' administration had been the urgent task . As a result, our country's M&A mechanism is very different from that of the western countries.Through the comparision of the M&A mechanism and its influnce factor between china and the western countries, the author points out in this thesis that there are lots of contradictions and defects in our country's M&A mechanism because of the property rights structure and the corporate governance of state-owned corporations , as well as the marketing environment ,medium organizations and the law systems of M&A . To raise the efficiency of our country's M&A, we have to devoted ourselves to the reorganization of the state-owned economy'sProperty rights structure along with the improvement of the marketing environment, medium organizations and the law systems of M&A , in which the former is the most important one.