Acquisition Of Listed Companies In Sichuan And Regulatory Measures

Starting from a discussion of the rules and theories about Mergers & Acquisitions (M & As), this thesis intend to explore the problems arise from M & As of Chinese listed companies (especially Sichuan's listed companies) and probe into the background of their emergence by an empirical analysis of historical M & A cases occurred in Sichuan, and finally bring forward pragmatic approaches to tackle the problems and establish an effective regulatory model.M & As is closely associated with the emergence and development of capital markets; it is one of the most important market systems and also a critical stimulus to the market and economy as a whole. Though China's capital markets have been developing since its establishment in 1991, compared with its counterparts in western countries, however, it's still in a preliminary stage, lacking mature market systems. Inevitably, many problems arise from M & As in China's capital markets.After China's entry into WTO, the capital markets will gradually open to foreigners and more M & As are anticipated. Therefore, a proper regulation of M & A activities is important to the robust growth of China's capital markets.With years'experience of capital market regulation, the author of this thesis is trying to tackle those problems by explore the historical cases, identify the problems, and offer tentative solutions to those problems. And eventually, it is expected that this thesis could bring some useful ideas to future M & A regulation.This article comprised of four chapters. The first chapter is mainly about the basic theories on M & As, with a special discussion of the western theories on M & As and China's characteristic and theoretic innovations on M & As. Also, the chapter briefly reviews the history of M & A activities and the regulation systems both in China and overseas.The second chapter explores those problems such as listed company hollow-out, insider trading, and market manipulation through empirical investigation of historical cases in Sichuan and probes into the economic and social background of their emergence.Based on the analysis of the previous two chapters and the author's working experiences in capital market regulation, the third chapter provides detailed pragmatic solutions to the problems facing the M & A regulation, and brings helpful ideas to tomorrow's M & A regulation model.The final chapter looks forward to the future, and discusses the change and new characteristics of the M & As and the M & A regulation after the reform of non-tradable shares.