Implementation Of Mergers And Acquisitions Of Listed Companies' Governance Mode Analysis And Remodeling Study

Traditional corporate governance systems (CGS) are being generally modified by a great number of M&A. Meanwhile, the restructure of CGS after M&A has greatly affected outcomes, especially those based on different CGS backgrounds. Entrepreneurs should be aware that M&A in reality is rather a complicated procedure. Mergers can't believe curtly that the restructure of CGS after M&A is a simple process that they transfer their CGS to the new enterprise. They have to ponder over factors of various aspects, ranging from the macroeconomic situation of the goal enterprise to the allocation of the employees of the goal enterprise. Therefore, the work after M&A is exceptionally hard, which makes R&D in this field become more important. Based on successful experience of overseas enterprises in the related area, the author introduced the current situation of CGS of our listed companies after M&A, analyzed its reasons, and elaborated on the countermeasures and suggestion so as to provide theoretical and practical supports for local enterprises.Including a preface, the article consists of five parts:In the preface, the author expounded the writing motive and the overall structure. The innovation was strengthened that the article focused on the CGS restructure of enterprises of different kinds.The first chapter of the thesis is a theoretical base of the whole. From the view of evolvement of theories, the author elaborated researches of corporate governance. Then two typical CGS, the system of USA and British and the system of Japan and German, were compared and analyzed.The second chapter is a main part of the thesis. In this part, the author analyzed elaborately and concretely the situation and its reasons of CGS after M&A between multinational capital, state-owned capital and individual capital. The writing order is multinational enterprises merging state-owned listed companies and private enterprises merging state-owned listed companies. At the end of this part, in order to find problems in the process of M&A of our listed companies and to raise adequate attention in the circle, the author analyzed in depth the three times of M&A of Sisha Share.In the third chapter, the author focused on the overseas theories and practical experience of M&A. Firstly, the paper introduced the main content of restructure of M&A; then two typical theories were discussed, which were Organizational Fit andSchool of Process. Lastly, the Chrysler/Daimler merger was studied.In the fourth chapter, the author compared several current typical opinions and made conclusions on the features of our CGS. Based on developed experience overseas and according to the corporate governance problems of our listed companies after M&A, the author suggested in five aspects.