M & A Case Study Of China's Listed Companies

At the end of 20 century, China's economy is at the key moment of transforming and developing. After our state-owned enterprises completed two jumps: from plan draft production to market draft production, then from single production to scale economic operation, gradually they step on the third jump: from product operation to capital operation. The spirit of capital operation is Merger and Acquisition.In this thesis, each step of Chinese M&A has been analyzed on a transforming economic background. Characters of Chinese M&A are obtained under different development procedures, which include structure character and technical character. It is pointed out that the Chinese M&A should be operated under market mechanism and government guidance. In the way to market mechanism, on one hand a new set of system are required to regulate and promote the healthy development of M&A, thus a M&A system can be made, on the other hand. The cooperation of political and financial system is preferred. So the design of the position and structure of equity swap market can be carried out, the government behavior can be regulated and new financial policy and financing mechanism can be drawn up.After the analysis and innovation of above regulation and system, this thesis point out that in the need of deepening state-owned enterprises. M&A of listing companies are required to settle the unreasonable industry structure and over-heavy debt problems. So the optimal compensation of asset reserve among different economical entities can be promoted. Meanwhile, this thesis has studied certain behaviors of M&A cases on Chinese listing companies, analyzed the merging forms in Chinese financialmarket, advantages of merging listing companies, behavior of Chinese M&A, existing problems in M&A and their resolutions.Chen Xinhua (Accounting) Directed by Jin Liyu...