| Take a wide view the development of the international community stock market, and merger and acquasiton is the hot point that an eternity is constantly. In generally, the western and mature market has already fored five times merger waves, among them history last biggest bought the wave tide (1992-2000) to just end also. These merger wave tide also in accordance with the west the economic development period of the flourishing nation basically, the merger wave tides to all express also each time with at that time the merger method that economic technique development mutually adapt, with at that time of economy, the finance, politics and cultural etc. impact of the outside factor contain very big relation. Accoundingly, the west merger theories also is around and realistic condition and effects of the merger wave tide, lay particular emphasis on in explain it.Then, the motivation concerning the merger in the merger theories of the western classic don't have the full conviction to the merger of Chinese listed companies.Precious resources appear on market in the Chinese capital market, special system background and the business enterprise issue, make"hull"resources value be is in an important position in merger reorganize."Hull"resources theory implies that most basic purpose for the one who procure launches to aim at the target listed company is to be for acquiring the hull resources value coming from original shareholders.And the one who procure obtained the decisive position, then they would lays hands on the benefits to transfer to the oneself from other in the small shareholder in various way.Therefore, taking"hull"resources in the merger process the realization and benefits of the value transfer as the main line, this paper investigate the direction and the grain of the Chinese stock market in listed company merger behavior. This paper trial explains the mechanism of the Chinese listed company merger propulsion, explore the reason for abnormal benefits transfers the deep reason of the phenomenon back, and this is to tear off"black box"of the listed company merger most direct and the most viable angle of view.Around the listed company merger but the hull resources that exhibition come is worth the realization and benefitses to transfer to mainly include following three kinds of methodses:(1) inner part trade,including related party transaction, Mortgage the guarantee etc.;(2) follow-up issues,and controlling shareholder will enhance the performance of listed company by property reorganization, related party transaction, and attain the margin standard for raising capital,and take a great deal of funds. (3)The inside trade and the second class... |
