| Merger, as an external way of enterprise growth, has a history of more than 100 years in western countries, and it has developed in our country for more than 10 years. My thesis will show the current situation of merger activities in china and will also analyze some problems. I hope will be helpful to the merger activities in Chinese enterprises.In my survey for merger, through the statement for its concept, classification and motives, the thesis gives the clear understanding for the basic concept and show the importance of merger in microeconomy and macireconomy. The thesis also show a clear picture of the historyin western developed countries, and try to find out the law of development of history, and supply the enterprises of our countries with experiences and modes. Merger has developed rapidly in our countries, though it does not have a long history in china. It has developed from the beginning, fast growth to standardization now. Though we can not follow exactly or copy the western experiences, we can still study and find out from the western development of merger the most suitable way to match ours and we can work out the short cut.At present, our state-owned enterprises has been deeply affected by the planned ecomony mode. The world is on the trend of merging into anorganic whole, the economic structures of our country are in urgent need of strategic restructure. Strategic merger is an important way of market-oriented characteristics and can play an important role in the economic restructures, especially the enterprises are small-scaled and the production much repeated in countries, we need to develop the merger, which has been used in western countries.In state-owned enterprises, the state-owned shares are deducted in order to improve the managerial structures. So far, the private owned, collect-owned or other form of non-state-owned enterprises are comparatively weak. The foreign investment is the biggest buyer for shares from the deducting the state-owned enterprises. This is an opportunity for restructuring state-owned companies, but it is also a risk for the safety of the national economic development. So for the state-owned enterprise, we can not just see the benefits in front of us, and we have to consider the future and strategic target, avoiding the bad position. The government has to be in the right position between attracting the foreign investment and protecting to some extent the domestic-owned enterprise.Public enterprises are the very important part in the merger market. Most of our public enterpries come from the state-owned under the system of planned economy, in which the state owns the majority of the shares. Theproblem is that the shares owned by the state can't be transferred. In the enterprised the transferable shares owned by the public and the untransferable shares owned by the state exist together and this makes the agreement merger an important mode. While the offer merger adopted in the developed security market can not used in china security market. This way the role of the merger can not be fully played. Plus the law and the rules are not standardized and improper interference by the government, all the above factors create a lot of problems. A healthy security market can ensure a stable and fair market enviroment. Besides, our investment banks need to further develop. Qualified intermediary companies for merger business are scare. We should constantly bring forth new ideas in the reform for the securities and trust companies and make them the real qualified investment banks.MBO is now contentious. Some people think it is not acceptable in china now. may MBO is handled not with the market price. And this goes against the way that the government want to carry the policy. The biggest problem is the pricing and how and where to get the loan. A great number of the agreement mergers are handled under the table. And this leads us to think the state-owned capital is sold undervalued. Many MBO do not solve the problem as to where and how to get the lo... |
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