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On the transformation of the way of M & A enterprises within the territory of China

Author: QiaoMingBang HuangFuCong From: www.yourpaper.net Posted: 2010-06-06 14:35:06 Read:
[Keywords] asymmetry of market economy with   administration; market acquisition of transformation
[Abstract] from the perspective of historical development, the real meaning of the M & A has a history of 100 years in china.In this way on the M & a transitional review, this in-depth study of Chinese enterprise M & A activities and history of M & A enterprises within the territory of China has important significance.Great turning point based on the evolution of Chinese modern history and enterprise merger occurs, the Chinese enterprise merger history into asymmetric market economy period, the period of planned economy, three different stages during the transition period.
Chinese modern history is a history of the twists and turns and constant transformation.From the feudal society, capitalist society transition to a socialist society, even now, is still a transitional society.From nineteenth Century to twenty-first Century, China's economic activities have obvious characteristics of the stage.The enterprise merger and acquisition is the important content of the economic activity, when the enterprise merger and acquisition in China, has more obvious characteristics of the stage.According to the turning point in China's modern history, the China's M & A activities are divided into the following three stages: the first stage (before 1949), asymmetric market economy period of enterprise merger and acquisition; second stage (1950 to 1979), the period of planned economy to the enterprise merger and acquisition; third stage (since 1980), during the transformation of enterprise merger and acquisition.Enterprise merger is a merger or purchase collectively, is a way of merging the enterprise realize its expansion and growth, general with enterprise property rights as the trading object, and to obtain the control of the target company as an objective, in cash, securities or other forms of purchase by the merger of all or part of property or assets as realization way.After the implementation of enterprise merger and acquisition, corporate mergers and acquisitions may be deprived of the qualification of a legal person, or acquired the qualification of an enterprise legal person to retain, but the transfer of control to the acquiring party.
's acquisition of 1 asymmetric market economy enterprises
Since the eighteen forties, Chinese society has gradually become feudalism and capitalism coexist in the complex social complex.The complex has seriously hindered the development road of China, but it gives Chinese reflection and transition opportunity.The feudal mode of production in China gradually weakened, and the capitalist mode of production of late, slow development.This gave the opportunity to take advantage of a weak point of foreign capital, and foreign forces in the capital at the beginning with the strong appear.The author thinks, can put this stage is summarized as asymmetric market economy period, one is the economic operation of the market-oriented; two is the foreign control of the lifeline of China's economy, the local economy is weak.Therefore, this period of merger and acquisition activity known as asymmetric market economy period of enterprise merger and acquisition.
In the early emergence, development and machine building industry faster ship as an example, the foreign capital in the eighteen forties in the Shanghai set up more than a dozen small shipyard, the establishment of the first half of the eighteen sixties of Xiangsheng and yezon two British shipyard is relatively large, they started merger activity from the creation, lease and acquisition of a group in Shanghai, other British old shipyard, and the expansion of existing enterprises.At the same time, the national capital ships and machine building industry has also established a number of small factories in Shanghai, one of the earliest, the fastest growing is Fachang machinery factory.However, before and after due to foreign shipyard monopoly and exclusion, 1895, Fachang machinery plant rapidly declined, finally in 1900 was yezon shipyard to buy low-cost, become a workshop yezon shipyard.
In the cotton spinning industry, Chinese enterprises by foreign capital merger case is more outstanding.1901 - 1921 years, only Shanghai has 6 cotton mills by foreign enterprises merger, the formation of foreign cotton mill group enterprises involved in the merger activity in the Japanese Shanghai Corporation, and Cotton Corporation and British-owned Jardine mill etc..
Before 1949, Chinese society has been in turmoil, China's economy sustainable development but also in.And this stage for many enterprises of foreign capital merger Chinese-funded enterprises, merger means the forced merger way.At the time of the Chinese-funded enterprises and foreign-funded enterprises large gap, not on the same starting line, Chinese enterprise's survival condition is very poor.Is mainly reflected in the following aspects: first, the funds gap; second, larger technology gap; third, the gap between business strategy.These differences led to the Chinese-funded enterprises in the business strategy is very passive, constantly being acquisitions or mergers.Chinese enterprises in order to survive, also appeared some phenomenon of mergers and acquisitions.Eizong Kei, the Rong Desheng brothers in 1915 founded Shenxin cotton mill, they always adhere to the "foreign competition, not expansion can not be based on" business strategy.In 1932, Shenxin cotton mill has become an enterprise group national cotton textile industry in the largest capital.
In summary, this period of national industry in foreign mergers and acquisitions status, constitute a distinct characteristic of the.This is not only related with the Chinese backward mode of production, but also related with the political structure of China's unrest.
's acquisition of 2 during the period of planned economy enterprise
After the founding of new China, around the socialist transformation, began a large-scale mergers and acquisitions.In the city, mainly for the joint state-private ownership; in the country, collective and commune (can be seen as a mergers and acquisitions).These M & A activities not to market behavior as the basis, but in the planning, the military character of.
Beginning in 1950, China entered the period of socialist transformation, countries with transformation of a large number of private or foreign enterprises.Followed by experienced during the "great leap forward", the party and national industry, industrial enterprise quantity suddenly growth, by the end of 1959 reached 318000, of which 119000 enterprises owned by the whole people.Lenin pointed out: "only those who know not learning to trust the organizer cannot create or socialist one, it is called a communist.Because socialism is not a dream, but to have to seize power of the proletarian vanguard to hold and take trust creates things.Our political party of the proletariat, if the first flow experts don't go to the capitalism of the learning organization trust production ability, so the power cannot be obtained."In view of this, Lenin did not trust the monopoly capitalist form of business organization is limited to capitalism, but put it into the socialist society, and as an effective means of organization and management of large-scale socialized production, used to guide the production, management of the socialist.
The thought of Comrade Liu Shaoji according to Lenin, in 1949 June the conception of a new Chinese economic construction blueprint, put forward "according to each industry department set up a company or trust company of factories and mines."Organizational trust problem although earlier put forward clearly, but because of the national economy is at the time of adjustment, no specific deployment.In February 26, 1964, the Ministry of coal industry group submitted on the East China coal industry company leadership relations report to the State Economic Commission and the Secretariat of the central committee.According to the report: "Comrade Liu Shaoji about the organizational trust, using economic measures for the management of industrial instructions, we prepared the first pilot was established in Xuzhou in East China coal industry this year, the State Council has formally approved."In April 30th, the report of the approval of the CPC Central committee.So, first trust enterprises of our country to carry out formally established.
State Economic and Trade Commission approved the first batch of 12 pilot trust is different, unique.Tobacco companies and Medicines Co with the nature of the industry, centralized management of factory and factory all national; geological machinery equipment company limited to the management of central enterprises directly under the original; the remaining 6 national trust, in addition to the management of the enterprises directly under the central government, respectively received varying amounts of local enterprises.Such as salt company focused on the national large salt and salt sales agency; automobile company from 169 local national professional auto parts factory in the collection of 42, accounting for 39% in the national auto parts production; rubber industry after the founding of the company, from the national 205 place rubber enterprises gathered 103; tractors, internal combustion engine fittings company from the national 122 place tractor, internal combustion engine fittings factory in collection of 23.At the same time, some provinces and cities also offer some by the local management of the trust.Such as the Zhejiang sugar company, Shanghai light industry machinery company, standard parts and silk etc..
The administrative and constitute the main theme of this phase of the enterprise merger and acquisition.The pilot from several trust situation, they are formed, namely to reorganize production organization, management system reform, establish socialized production and specialization management, improve equipment utilization and raising the level of production technology.Although the run time is not long, but has received good economic effect.
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