| This thesis takes case analysis as the core, has chosen and merged state-owned stock and 40 listed companies which the foreign capitals participated in by shares from 2002 to the 30th of April, 2003. altogether, we can draw some conculusions that the focus trade which the foreign capitals merge is mainly manufacturing industry at present, this is the reason that the world manufacturing industry have heavy dependence at present on China; secondly It is the main way that the foreign capitals merge the listed company to purchase the stock right of the targeted company with the cash, the high hair area where the foreign capitals merge is the southeast coastal area, this is closely related with local economic development degree. Because the stock right of the listed company of our country is scattered, concentration degree is not high, the foreign capitals purchase and speak to regarding controlling interest as object mainly, not only purchase circulating stock must pay too high price , but also there are very difficulties to achieve the goal of controlling interest at secondary market, so it becomes main channels that the foreign capitals purchase the agreement state-owned stock and promoter' s stock of the listed company. Merge stock right trade price of case is it watch to come , most stock right price that foreign capitals buy are higher than listed company in that year by net assets value that audited from 40, the premium rate purchased is relatively high.At last I pass two cases (whether Tsingtao beer to AB group directional to issue convertible bond and Kodak purchase Lekai 20% country have corporate share) , by some analysis, we know how can the foreign capitals merge the implementation method of state-owned stock of listed company and implementation step.Although in those years, many foreign capitals are entering into Chinese market, but there are still many drawbacks that stop the step of foreign capitals, it is very important for our government to build up the detail polity for the foreign capitals merger. |
