Foreign M & A Research, China's Strategy

Since the middle and late 90's, transnational M&A has become a dominant means of foreign direct investment. In an obvious contrast to it, the proportion of foreign investment by means of M&A to its total figure in our country is rather small. However, with the domestic and international environment improving and some restricting factors gradually eliminating, particularly since China joining WTO, foreign investment M&A (FIM&A) has been surging like spring tides. The thesis, taking on state-owned enterprises as major M&A targets, consists of four chapters.The first chapter, including two parts, looks back the development of FIM&A in China. The first analyses the different backgrounds and characters of two periods of FIM&A. The second analyses and sums up the positive and negative effects that FIM&A activities have on the micro-economy (enterprises) and macro-economy (national economy). These effects will help state-owned enterprises and governments have a complete and through understanding of FIM&A.The second chapter focuses on case study. It clearly analyses the relative brightness of three representative cases, as well as many details about M&A operation. Case study not only justifies the above analysis ofdual effects but also is used for reference of the following strategy research.The third chapter, in terms of corporate management, discusses two important parts in FIM&A: choosing M&A means and fixing M&A price. It consists of three parts: in the first part, the author induces the existing means of foreign investment merging and acquiring state-owned enterprises, and points out some factors that prevent two parties concerning from choosing more means in a wider range; in the second part, the author puts emphases on three problems of pricing and disadvantages of our assets evaluating technique.The fourth chapter, the key to this thesis, probes into the rectification and perfection of government action in FIM&A. governments can eliminate those factors that discourage FIM&A by governments and regulate FIM&A activities by rectifying its roles, making fresh known about national industrial protection and making other measures.