The Stock-exchange Acquistion Under The Mixed-ownership Reform

At present,the reform of state-owned enterprises is deepening,and the reform of mixed ownership has become an important breakthrough in soe reform.The state council about the opinions of the state-owned enterprises to develop the mixed ownership economy "is put forward to encourage non-state capital investment in state-owned enterprises in many ways,to encourage state-owned enterprise through investment,joint investment,merger,acquisition and reorganization,such as a variety of ways,and non-state-owned enterprises equity integration,strategic cooperation,resources integration,to develop a mixed sector of the economy.Merger and reorganization is one of the main ways of soe reform.With the deepening of reform,many state-owned enterprises have been exploring mixed ownership reform through merger and reorganization with private enterprises.However,there are some phenomena such as lack of merger and acquisition funds,excessive operating pressure,and loss of state-owned assets,etc.,which leads to the final implementation effect that is not significant or even counterproductive.Through a share swap acquisition merger and reorganization of advantage gradually appeared,state-owned share acquisition corporation,with mutual integration of private enterprises,inject high quality assets and dynamic corporation group,introducing private capital diversified ownership structure,these measures can effectively promote the reform of the mixed ownership will have great significance on deepening the reform of state-owned enterprises.In this background,this paper adopts case study method,the mixed ownership reform state system and deepening the reform of state-owned enterprises after the first demonstration projects through a share swap case corporation for mixed ownership reform: the stock-exchange acquistion between AT&M and TLWM as the research case,analyzes its implementation process and effects,summarizes the mixed experience.First of all,this paper stock exchange to buy related literature and theoretical basis is studied respectively,summarizes the share purchase,three kinds of exchange mode,the concept of mixed sector of the related concepts and related theories of share purchase.Secondly,the main part of the thesis is the case study of the AT&M stock exchange acquisition plan.First,it introduces the general situation of the two parties and the development and current situation of China’s mixed ownership reform.Secondly,this paper analyzes the implementation plan,motivation,influencing factors and implementation effect of the transaction,especially the effect of financial effect and the reform of mixed ownership.Finally,this paper sums up the experience and enlightenment of "AT&M mode",and gives some Suggestions on the reform of state-owned enterprises in the future.Through the analysis of this article,think through a share swap acquisition corporation to mix to try "AT&M model" is successful and effective,the model for the company improve enterprise value,improve enterprise performance,improve enterprise competitiveness,promote the business sector,etc have a positive help;To promote the company’s mixed ownership reform has a positive effect,the introduction of private capital to form diversified ownership structure,introducing corporation team optimize the corporate governance structure,the formation of capital owners and workers benefit community;To provide some experience for reform of state-owned enterprises,including through a share swap deal to promote mixed in the process of change,mix to the measures to prevent loss of state-owned assets,mix after fully release activity of corporation management.