多國籍企業의 M&A問題點과 中國 國有企業의 對應方案에 관한 硏究

Abstract

After China's entry into WTO, Foreign direct investment (FDI) has been flooding to China on a large scale with marketization and legalization improved further, and the cross-border merges & acquisitions (M&As) has been taken action and launched quietly. According to the government's deregulating, the reforming of the capital, financial market and SOEs which go deeply, M&A's tide to the state-owned enterprises (SOEs) will be launched by multinational corporations (MNCs). It is necessary to evaluate the influence of this impact on our national economics, SOEs and cope with the questions at present. After analyzing the problems of the M&As of SOEs by MNCs, this thesis discusses the causes, influence, obstacle factors and other relevant problems of the processing of M&As, and puts forward some win-win countermeasures from the perspective of SOE's.

There are two goals in my thesis. One is to analysis the pattern of the M&As of SOEs by MNCs, and the questions faced by MNCs in the processing of its M&A. The contents above can offer solutions on both sides of M&As and help to drive the development of domestic takeovers.

The other purpose of this thesis is to put forward some measures from the perspective of enterprises management. In the opinions of the author, the M&As of SOEs by MNCs is inevitable, so we should treat and analyze dialectically of this problem and the effect caused, and then we can get its benefits and avoid its disadvantages. On one side, the government should build a favorable investment environment for the M&As, which means improving the competence of regulating, perfecting relevant laws and regulations, setting up and developing various kinds of agencies including investment banks to reduce the cost of trade

On the other hand, SOEs should not only analyze the influence on our national economy caused by the M&As, but also form and implement win-win countermeasures according to their own situations. SOEs should make clear strategic position, make use of inside and outside resources, exert their own advantages, and improve the competence of participating into M&As in order to get a better bargaining position.

There are five parts in this thesis. The first and second parts carry through the prologue and environmental analysis respectively and elucidate the reason of the cross-border M&A. The third part analyzes motivations and patterns of the M&A of SOEs by MNCs. Then, the description of the problems existing in M&As of MNCs to SOEs follows. In the fourth part, the countermeasures of SOEs to the cross-border M&As are discussed. At the end of the thesis, it gives a brief conclusion and the summary of further researches.