Foreign Mergers And Acquisitions And Capital Structure Of The State-owned Enterprises Optimization Study

Since 1990s, under the background of global economic integration, transnational merger and acquisition becomes the main form that a foreign businessman invests in. The global foreign businessman's direct investment was up to 1,300 billion dollars in 2000. Among them, the amount of transnational merger is 1,100 billion dollars which has accounted for about 85%. Obviously, transnational merger and acquisition plays a more and more important role in nowadays international economy.In our country, with the deepening of the investment environment, the foreign investments change from the newly-built development to the merge gradually in recent years and the international competition pressure that the state-owned enterprises of our country faces is more seriously day by day. So, breaking the existing rigid property right pattern of state-owned enterprise, optimizing resource distribution effectively again in the whole society and setting up modern enterprises system have already become the inevitable choice in the state-owned enterprises' growing process.The structure theory of the capital is one of the three key theories in the western financial management theory. Its evolution goes through and includes the theory of the net income, classical capital structure theory and including MM theory of the structure theory of the traditional capital, weighs the modern capital structure theories of the theory, asymmetrical information theory, etc. for two important stages. On the basis of MM theory and reality, the economist carry on the proper balance to them, consider various cost that brought by the debt (for instance, financial affairs cost not short of money, act for cost, etc. of)) and get the conclusion: under the most suitable relevant conditions of a regular period, any enterprises must appear in finally a capital structure that has the lowest comprehensive cost and largest enterprise value at the same time. That is the optimum capital structure.At present, the capital structure of state-owned enterprise is unreasonableseriously, the asset-liability ratio is generally on the high side, the proportion is unreasonable, shortage of the capital and capital stock are too centralized coexists within the structure complicatedness of the debt, debt capital. Make a general survey of history, traditional state-run property relations, imperfect investment structure, imperfect bank credit system, poor management and administration and heavy society of poor benefit bear, have caused the present out-of-balance capital structure finally. The unreasonable capital structure enables actually has difficulty in taking a step on the state-owned enterprise reform beset with difficulties. Optimizing the structure of capital of state-owned enterprise is imperative.The foreign capitals merge is an effective form of optimizing the structure of capital. According to the actual conditions, the foreign capitals can merge the assets of state-owned enterprise or purchase the stock right of state-owned enterprise while merging the state-owned enterprise. The foreign capitals merge could optimize the structure of enterprise's capital through the external strength and influence enterprises' value finally. To state-owned enterprise, it is highly centralized that the foreign capitals can solve the capital stock of state-owned enterprise to a certain extent while merging, such as the company administration structure with insufficient, not scientific capital of state-owned enterprise and heavy policy burden, etc. difficult reform problem.The foreign capitals merge the state-owned enterprise is one of the effective ways of deepening the SOE reform. It has offered sufficient fund for state-owned enterprise in the predicament, played an inestimable role for the setting-up of the modern enterprise system. On the basis of theoretic research, the paper proved foreign capitals merge to the important meaning optimizing the structure of capital of state-owned enterprise again through the Yunnan smelt zinc industry Limited Company and Belgium Umicore Company's entering into partnership case. But, as the new things of reform and opening-up, there's coming such problems as the legal obstacle, the present and added state-owned assets, nationality's industrialprotection and foreign capitals merge and fulfillment procedure, etc. The state-owned enterprise should be purposefully and in a planned way, according to the regulations of national relevant laws and regulations strictly, utilize the foreign capitals actively and reliably, in order to reach and optimize the structure of capital, deepen the goal of the SOE reform.