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Corporate Mergers in China Problems and Solutions

Author: HuangChangLin
Tutor: LongMaoFa
School: Southwestern University of Finance and Economics
Course: Business Administration
Keywords: Problems and Solutions China's enterprises Mergers and acquisitions M \u0026 A market M \u0026 body Loss of state assets Securities Law Transfer of ownership Legislation Cultivation of Core Competitiveness
CLC: F279.21
Type: Master's thesis
Year: 2000
Downloads: 1008
Quote: 1
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Abstract

The state-owned enterprise reform is at a crucial stage, the period in mergers and acquisitions in the reform of state plays an important role in the Fifteenth session of the Fourth Plenary Session of corporate mergers and acquisitions are on the way to the formation of large enterprise groups enliven state The role of small businesses has been fully affirmed. So far, China has also formed a real sense of modern economics, mergers and acquisitions boom. This article attempts by these phenomena, mergers and acquisitions from behind to identify the problems. Because only find out these issues in order to find a solution to the problem, in order to truly regulate mergers and acquisitions of Chinese enterprises, and promote the healthy development of China's enterprises mergers and acquisitions. In theory, on the significance of mergers and acquisitions, and other issues have been studied for many, but things are developing and changing, mergers and acquisitions in its different stages of development have different characteristics, and thus there will be a different problem. Sometimes accompanied by a problem at the same time generate a new problem. In this paper, empirical analysis and inductive approach to the current problems of mergers and acquisitions to explore and identify authors address these issues from that viable solutions. This paper is divided into three chapters: the first chapter, the characteristics of mergers and acquisitions of Chinese enterprises and their significance. This chapter briefly describes the following: (a) the concept of mergers and acquisitions made on brief, that pave the way for discussion later; (2) briefly describes the generation of mergers and acquisitions on China's development so that readers have an early history of mergers and acquisitions Skip to understand; (3) on the early development of mergers and acquisitions and the characteristics of this stage were summarized, and contrast; (4) general exposition of the mergers and acquisitions of Chinese enterprises on China's current economic development at the macro and micro aspects of meaning . Chapter II, mergers and acquisitions of Chinese enterprises the main problems. The section from four aspects of mergers and acquisitions were major problems exist more detailed exposition. lt; WP = 3 gt; 1, the lack of laws and regulations, mergers and acquisitions and lag issues, the authors first summarize the legislative status quo of China's mergers and acquisitions, mergers and acquisitions of Chinese enterprises listed on the regulatory role of national and local laws and regulations, and an overview of the current Regulations exist in the problem of poor operability. Secondly, according to China's M \u0026 A legislative situation and come to our mergers and acquisitions practice of mergers and acquisitions legal status of unsound conclusions. It embodied in: (1) lack of uniform adjustment of mergers and acquisitions, \mergers and acquisitions of Chinese enterprises lack of regulations. (5) the social security system is not perfect; (6) \Third, laws, lax enforcement situation. Fourth, the information disclosure of listed companies are not standardized conditions, as listed companies are not standardized information disclosure is a major source of insider trading, the stock is currently a recurring problem in the secondary market, the authors made their devoted. 2, the main body of mergers and acquisitions is not clear coexist with excessive government intervention. (1) unclear property rights of Chinese enterprises. Relationship between ownership and clarity due to mergers and acquisitions is clearly the main premise, so companies with unclear property rights leads to the following questions: First, mergers and acquisitions and the acquired right to decide who should not be determined; Second, the transfer of property rights and the right income who decide who should use can not be determined. (2) implementation of the right inferior mergers and acquisitions. Government intervention in state-owned enterprises mergers and acquisitions phenomenon obviously, corporate mergers and acquisitions do not have autonomy. (3) excessive government intervention in the formation of many drawbacks mergers and acquisitions, mergers and acquisitions so highly inefficient. 3, China's capital market is not exactly the constraints on M. (1) of mergers and acquisitions market problems. As China's major mergers and acquisitions of property rights trading market, property rights exchange, securities trading markets there are many problems to bring mergers and acquisitions greatly limited, so our OTC widespread mergers and acquisitions, and lead to loss of state assets, and many other drawbacks . (2) the development of intermediary institutions constrained the development of mergers and acquisitions. China's securities companies, asset appraisal firms, accounting firms, law firms and other intermediaries development time is shorter, lack of talent and the legal system is not perfect so that it functions not charge lt; WP = 4 gt; minutes played, thereby constraining the development of mergers and acquisitions. (3) mergers and acquisitions of Chinese enterprises financing constraints. Of mergers and acquisitions less funding sources, and are subject to many constraints, less accumulated its own funds, the issuance of restricted stock and bond more difficult to access bank credit funds and M \u0026 A market, and thus the formation of many constraints on mergers and acquisitions. 4, the concept of mergers and acquisitions in the disorder and loss of state assets. Its concept barriers mainly reflected in: (a) the concept of entrepreneurship qualities suited to the development of mergers and acquisitions. (2) the existence of large mergers and acquisitions blindness. Some enterprises blind pursuit of production scale; blind pursuit of low-cost acquisitions; defenses of some listed companies blindly shell; Some companies focus only on the M \u0026 A transaction process while ignoring post-merger integration; There are some companies in mergers and acquisitions in the blind pursuit of Diversification neglect the cultivation of core competitiveness, etc., resulting in mergers and acquisitions ultimately fail. Loss of state assets mainly in the following situations: first, the loss in asset evaluation; Second, the loss of property rights transfer; Third, the loss of property rights transfer income; Fourth, loss of intangible assets, etc. Chapter III, mergers and acquisitions of Chinese enterprises to promote the basic countermeasures. According to the second part of the problems of corporate mergers and acquisitions analysis, this section eleven proposed countermeasures. 1, strengthening the rule of law, to create a good legal environment for mergers and acquisitions. Legislation based on mergers and acquisitions, and mergers and acquisitions practice, our needs, our mergers and acquisitions in building the legal system must do the following: (a) as soon as possible, \\5) acquisition of domestic firms to foreign companies to regulate; 6) improving the social security system, the development of re-employment project. 2, to establish the main acquisitions, improve government guidance services. We must first clear property rights, establishing the main acquisitions, and to successfully done this, we must deepen the reform of property rights lt; WP = 5 gt; and enterprise reform, the full realization of the personification of enterprise property rights. Second, we must actively play the role of government guidance and services, the role of the so-called boot services means that: (1) We must be major mergers and acquisitions

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