全流通背景下的外资并购

上海交通大学硕士学位论文全流通背景下的外资并购姓名：金晓斌申请学位级别：硕士专业：工商管理指导教师：陈琦伟20070128INTERNATIONALMERGERANDACQUISITIONINFULLCIRCULATIONMARKETABSTRACTTodateChina’ssplitsharestructurereformisalreadyreachingtotheendandafullcirculationmarketiscomingintoexistence.Thosenontradablesharesarethereforenominallyfreedup.However,thereisstillagraduallyprogressingwayforarealfullcirculatestockmarkettogoduetotheexistenceoflimitedconvertalbeperiod.ThereformhasrestructuredChina’sstockmarketsystematicallyandmotivatedadrivetotheChinesecapitalmarketdevelopment,whichfullyrepresenteditspowerontheinfrastructure.Despiteoftheachievements,thegapbetweenour“fullcirculation”stockmarketandoverseasmarketsisstillobvioustoall.Againstthisbackground,ourmarketwillbeauniqueoneandtheforeigncapitalM&AwhereinwillalsobeengravedwithevidentuniqueChinesesymbol.“FullCirculation”MarketpreparedasubstantiallypromotiveenvironmentfortheinternationalM&A.AlargevolumeoflowpricecirculationjettonreducedthecostofM&A.Moreover,newopportunitiesareofferedtotheinternationalM&Aunderthefollowingthreejointsupport:thetheamendementofrulesandregulationsoncorporatelaw,securitylaw,criminallawandinsolvencylaw,theintegrationofouraccountingpolicyandstandardintointernationalonesandaincreasinglyimproveingM&Asystemconstructionandmicroeconomicaccumulation.Underthe“fullcirculation”background,newcharacteristicsaregoingtocomeforthwhenforeigncapitalsmergelistingcompaniesonsecondarymarketorbymeansofspecificallyallottedshares.Whereasshareacquisitionagreementandtenderofferwillstillplaythemainrole.WiththecontinuouslyameliorationofM&Alegislationenvironment,thedemandonM&Atargetbytheforgeincapitalwillreciprocallyadvanceaswell.MythesisanalysedthepossibleindustriestoattracttheforeignM&Acapitalunder“fullcirculation”background,fromtheperspectivesofthegovernmentincentiveandrestriction,theindustrialcentralization,assetsvalueaddedandindustrialoptimization.MypositionisthattheinternationalM&Aismuchmorelikelytooccurinindustrieslikenaturalresources,realproperty,generalmanufacture,andfinancialservicethanetc.Andwellperformedlistingcompanieswithvaluableassets,famousbrand,stableflockofcustomersandprofessionalcorporategovernancewilloutshinethepeerstobetheforeigncapital’spreference.UponChinese“fullcirculation”situation,theinfluencesofinterntionalM&Atothestockmarketaretwo-edged.Positivelyspeaking,internationalM&A’sparticipationfacilitatedavibrantstockmarketandinterrelateddomesticM&Awithinit.Inadditionally,itpromotedlistingcompanies’propertyrightreformandmotivatetheintrasystemassetsreorganization.Negativelyspeaking,internationalM&Achallengedtheindustrialsafetyandefficiency,thegovernanceandsupervisiononforeigncapitalM&A,thelistingcompanies’adapabilitytonewM&Asituationsandtheservicequalityofintermediaries.ThefocusofthisthesisisonthemonopolytriggeredbyinternationalM&AandthepotentialproblemesthereafterlikethedecliningofChineseeconomiccompetitiveness,thethreattothestate’sindustries,thelossofstateproperty,thepressureongovernmentsupervisionability,theinterferencetoprivatecompaniesandmediamandsmallcompaniesaswellasthecreativityofdomesticfirms.Uponthoseproblems,thisthesisaimedatsolutionssuchasimprovementofthelegaladjustmentonforeigncapitalmonopolyM&A,thecombinationofanti-monopolylawandindustrialpolicies,thestipulationofinternationalM&A,theenhancementofindustrialsafetyexaminationsystemandinstitution,theestablishmentofdisagreementandprivatelawsuitsystemonforeigncapitalM&Amonopoly,andthereinforcementofanti-monopolyrulesaswellasthecountermeasuresoftargetlistingcompaniesafterinternationalM&A.KEYWORDS:SplitshareStrucutureReform,Fullcirculation,InternationalM&A,Monopoly200612120061212006121MBA11.1GDP11-11-11-21-1GDPGDP(%)200420052006E10.19.910.23.11.82.34.23.53.42.32.63.01.11.01.82.01.42.00.90.11.23.13.43.21.71.12.62.41.32.32.32.02.3Bloomberg1:(GDP)MBA21-1FIGURE1-1Chineseindustries’prosperity1-2FIGURE1-2ForeigninvestmentgrowthinChina233%ABH1-32=/GDPMBA3CEIC1-3FIGURE1-3ComparisonofGDPandsecurities’ProportionWTO33WORLDTRADEORGANIZATIONWTOMBA41.2GDP5,MBA51.314FIGURE1-4ThesisstructureSEBMBA61.4200520062006BLOOBERGWINDMBA720061.5MBA82.1,WTO200552.1.1701010MBA9414731532.1.256456,.2005(6)70-71.MBA1072.1.3719501951n“”Tucker1950“”MBA11Warrant2006930106211916212%2.22.2.1(Merger)(Acquisition)2.2.2MBA128(EfficiencyTheory)1+12(Agency)1976(MarketPower)(TransactionCost)20708199644-47MBA132.3A9920060524MBA1410112008122005620015-200562005617200861620096172006201011A10112006617122006224MBA151320061AAG14AQFIIAAAAA152006820068,1,1320062241420061715A20061MBA16,,,MBA173.13.1.13-13-1GDPFIGURE3-1ComparisonofChina’sGDPwithStockMarketMBA183.1.2IPO163.1.33.1.43.1.517162006617172006617MBA193.1.620051020063.1.7MBA203.23.2.1GDP2005GDP18232136468106302005GDP20%GDP5.83%200630%10%3-23-2GDPFIGURE3-2China’sGDPandStockMarketSizeGDP118101895GDP0.7516GDP15%20055.8%GDPGDP1.33GDP70%200520%MBA210500010000150002000025000300003500040000450005000005/0505/0705/0905/1106/0106/0306/0506/07010002000300040005000600070008000900010000()()()()WIND3-3FIGURE3-3ComparisonofChina’sStockmarketvalueandstocks