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Research on Tender Offer of Listed Companies after Equity Division Reform

Author: YuTao
Tutor: ZhouGuoGuang
School: Chang'an University
Course: Business management
Keywords: Tender Offer Agreement to acquire Split share structure reform Full circulation
CLC: F832.51
Type: Master's thesis
Year: 2008
Downloads: 108
Quote: 0
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Abstract


Securities market is an important part of the capital market, one of its important role in the establishment of an efficient and orderly platform, through activities such as mergers and acquisitions to achieve the optimal allocation of social resources and combinations to improve the overall efficiency of resource use, promote the upgrading of industrial structure . Low industrial concentration is an important flaw in China's economic structure, China is difficult to form a clear competitive advantage, proposed in October 2005 to develop the \joint support competitive enterprises bigger and stronger improve industrial concentration requirements. Therefore, with the aid of mergers and acquisitions and other means to give better play to the resource allocation function of the capital market, and eventually attaining strategic acquisitions revenue, and enhance the competitive advantages of listed companies, optimize the structure of the national industry of China is facing an important topic. The listed company is the core strength of a country's corporate acquisition of listed companies naturally become the focus of attention. Acquisition by agreement in the acquisition of listed companies in China, has always been dominant. Articles on comparative analysis and consultation to obtain control of the acquired companies and the largest shareholder rights agreement to acquire autonomous behavior between the shareholders, because of cost considerations will not continue to overweight the equitable transfer of the right to deprive the minority shareholders, and to negotiate the price not with the characteristics of the market-oriented, prone to secret operations procedures, and serious damage to the interests of minority shareholders, which the market calls for more effective acquisition. The tender offer is a fully market-oriented acquisition, a major capital the way they operate in the mature markets of the capital, to be able to overcome the many drawbacks of the agreement to acquire. Since China's first since the tender offer murder case from 2003, the tender offer has been applied in our country gradually has been affecting the basic function of the capital market allocation of resources, but because of the historical problem of split share, it distorts the pricing function of the securities market, contrary to the Capital fair market principles, which plagued the healthy development of the securities market thereby restricting the formal implementation of the implementation of the tender offer or the existence of the problem. 2005, China's split share structure reform, securities market gradually the the unbalanced dual structure in the past gradually evolved to full circulation mode, and laid the foundation for the free conversion of the equity. 2006 Securities Act, the Companies Act introduced a greater degree of modification, and the Measures on the Administration of the Takeover of listed companies in 2002, With more detailed changes to the operation of the tender offer and regulatory regime and regulations, which also will lead to the tender offer will become the mainstream way of acquisition of listed companies in the near future. In this context, the combination of the current market conditions, and make predictions on the future development of the tender offer, and analysis of constraints and countermeasures research, which is the focus of this article. Specifically, this article will be to analyze and solve the problem: The acquisition of listed companies major way and distinction? Implementation agreement to acquire what harm? Tender offer than the agreed acquisition What are the Advantages? Tender offer is successful implementation of the elements? Equity division set period of our offer to the acquisition of the defect? ??stock reform of the offer acquisition produces the? After the share reform offer to the acquisition of the development environment have what improvement? After the share reform our offer to the acquisition of facing the constraining factors and related legal institutionally still exists the problem there is what? how to eliminate These constraints, as well as solutions to this problem?

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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