|
In general, M&A includes merger and acquisition. While in fact, besides merger and acquisition, M&A also involves assets swap, spin-off, custody, leasing and other forms. In western countries, M&A has developed for many years and now it is fairly developed and comprehensive. Meanwhile, theories relative to M&A got increasing progress, especially the theory of internal efficiency, the theory of anticipation effect and underestimation of value, and the theory of corporation strategy. From 1993, M&A of our domestic listed companies has been progressed for more than 10 years. During this 10-year-period, M&A of China listed companies experienced the stage of elementary grope and continuous development, and now is undergoing the stage of standardized development. Moreover, besides market motivation, finance motivation and avoidance of being purchased, the incentive of M&A also includes the motivation of enlarging the scale of capital stock, improving the structure of equity, and otherpractical motivation. With the issue of new regulations and laws, M&A of private and forgiven companies continuously develops and new forms of M&A come into being at the same time.However, by statistical analyses of M&A cases, the writer find out that the performance of M&A in 2002 is not satisfied. The reasons behind such fact include false reconstructing, connected transactions, and other factors. In the deeper hierarchy, our underdeveloped secondary market, large scale and non-circulated state-owned stock, and unsound laws and regulations lead to out current problems in M&A. So, the writer suggests that in order to standardize our M&A of listed companies, on the one hand, our listed companies need to definite their M&A strategy relative to their evolution stage, pay much attention to the evaluation of target companies and strengthen the integration after M&A; on the other hand, our government has to perfect correlative regulations, reinforce the demand of disclosure, moderately involve M&A of listed companies, and enhance the structuring of our capital market, thus forming a favorable situation to our M&A of listed companies.
|