摘要
"十六大"前后一系列法律文件的相继出台是与中央"抓大放小"的国有资产改革决策相配套的。随着中国政府对外资在华并购限制的完全解冻,会有越来越多的外资选择并购方式进入我国。本文通过一个模型的深入分析,指出我国放松外资在华并购的限制主要是基于提高我国福利水平的考虑。该模型还表明,外资在华并购的速度和时机对社会利益最大化有非常重要的影响,因此我国政府应尽快制定具有可操作性的外资在华并购的实施细则。此外,我们还证明了政府对外资并购的目标企业提前进行"包装"的合理性和可行性。
The successive issuance of a series of legislative document after the sixteenth Congress of Communist Party of China goes together with the reform policy of the central government on stateowned assets of 'putting emphasis on major issues,loosening control of minor ones'With the complete loosening of the Chinese policy on the limitation of foreign enterprises to have merger and acpuisition (M&A).In China,an increasing number of foreign enterprises will enter China by M&A.Through a deep analysis of a model ,paper points out that China loosens up the limitation on M&A by foreign enterprises in China is out of the consideration of the improvement of welfare in China.The model also shows that the speed and opportunity of foreign enterprises to have M&A in China have great influence on the maximization of social interests,so Chinese government should formulate practicable detailed rules and regulations for foreign enterprises to have M&A in China .In addition ,it also proves that the sensibility and feasibility for government to 'deck out 'beforehand the target enterprises of M&A by foreign enterprises
出处
《财经研究》
CSSCI
北大核心
2003年第8期34-40,共7页
Journal of Finance and Economics
