Government Action In Mergers And Acquisitions Research

Since the reform and opening up, M&A, as an inevitable product of market economy, moved steadily toward the economic stage of our country. It not only promoted our country's industrial upgrading, but also played an important role in optimization of capital structure. It provided an immense space for the further development and the reform of our country's enterprises. With the development and progress of the society, this is an irreversible fact that the government intervene in the economy. The intervention of the government in the M&A is an important aspect in the intervention that the government carried out in the social economic life. Because our country is at the period of economic reshuffling, the intervention of the government that as double identities in the M&A that is becoming an important feature. The double identities are the Owner of State-owned Assets and the Manager of Social Economy. Inevitably, the action of the government causes some problems in M&A. Also, the degree of the intervention of the government in M&A determined that some negative effects will be caused by government. So, to study the government action in M&A is necessary. It has theoretical significance and realistic significance.The whole paper is made up of five chapters.The first chapter is an introduction. It is mainly outlined the background of the item, the meaning of the item, reserach purpose, train of thoughts and structure of essay, the general review of studying, research method and the innovation of the chapter.The second chapter introduces two theories: the relations of government and enterprises; the relations of government and M&A. First, it outlines the relations of government and enterprises. According to the three relations, analyze the role of government and enterprises, their status in the market economy, their effects in M&A. Second, it defines the concept of M&A and government action and elaborates the theory of state intervention and government intervention. Last, to get help from the theory of government function, treatise the irreplaceable acts of government in the M&A.The third chapter expounded two points: the wave of M&A in China and in West; the features of government action in M&A. At the same time, it compares the government action between China and the West. Summarize the common grounds and differentiations. First, it introduces several waves of M&A in West and analyzes the features of different wave stages: to restrict and to help. Second, it introduces several waves of M&A in China and analyzes the features of different wave stages: Government-manage M&A—Government-lead M&A—Government-serve. It further analyzes the specific features of our government action. Last, it compares the government action between the China and the West. Use the experience of government action in West as a source of reference, perfect our government action.The forth chapter studies the government's effect and bias in M&A in our country. It analyzes the government action in M&A. Summarize the positive effect and negative influence that the government acts in M&A. The positive effect is: harmonious function of government; intermediary agent and substitute of government; the function that protect the interest of the interrelated; the government function that to standard and to plan in M&A; the government function that promote the stable society. The bias of government action: The governments bias of administrative purpose influence the efficiency of M&A; the government's blindness restricts M&A; the behavior of seeking that government in M&A. Furthermore, this part analyzes the cause that the unreasonable behavior of the government to bring about in M&A: The limitations that government intervenes in the economy cause to the government failure; the confusion of government function; the goal of government is multiple; administrative intervention is excessive.The last chapter: Through the summary of the preamble, regulate the government action in M&A; locate the role of the government; put forward the idea that to establish the new relations of government and enterprises. Thus, to elaborate the main contents and the main measures of the separating of government and enterprises; to perfect the new relations of government and enterprises. Combine the experience of government action in the West, our country will absorb the quintessence, regulate the government action.