Strategies Of Anti-Merger And Acquisition

Chinese enterprise merger and acquisition(M&A) started from the 1980s, and along with the establishment of the regional property right trading market as well as "Securities law" releasing, the M&A activity of the listed companies was more active day by day. Although many fundamental researches indicated that the M&A may bring in the coordination benefit of management and the financial, and economic efficiency in the scale for the enterprise, but some theories also do not support the conclusion, instead, they hold that the M&A cannot bring in the obvious economic efficiency truly for the shareholder, simultaneously in the practice, the goal enterprise is not willing to accept the M&A enterprise’s intention, thus adopts a series of anti-M&A behavior. About the counter-M&A’s theory and the strategy, there is a thorough research in West countries, which has been fully utilized in counter-M&A practice, but, because of the particularity of the M&A market in our country, for a long time, the anti-M&A behavior is relatively scarce, moreover many of West’s fundamental research are not suitable for our country’s realistic environment, thus causes the home relevant research to be few. Therefore, based on Chinese particularity, this article is excerpted to put forward some feasible counter-M&A strategy proposal, through counter-M&A case of the Jidong Cement Co.Ltd of Hebei Province. The article will introduce the anti-M&A measure choice of Jidong, and the superiority from it, then promulgates present situation and the restriction factor of the M&A market in our country, to put forward counter-M&A strategy choice proposal which is suit for Chinese enterprise finally.This article structure is as follows:The first chapter is the introductory remarks. Introduction research background, significance, method and mentality.The second chapter is the outline of the counter-M&A theory. It will introduce the relations between the M&A and the counter-M&A relations, as well as overseas fundamental research about the counter-M&A with the present situation of theory about counter-M&A research in our country.The third chapter is the part of case analysis. Introduced the M&A tendency in the cement industry which is promoted by the national macroeconomic regulation and control, and some significant M&A activity in this profession in recent years as well, simultaneously analyzed the counter-M&A measure choice the Jidong Cement Co.Ltd made, facing the danger of being acquired.The fourth chapter tries to propose the suggestion of the counter-M&A strategy choice in our country, through introducing the situation and restriction factor of the M&A market in our country, thus proposes the counter-M&A strategy choice suggestion finally in view of our country actual situation.