困境與出路-企業(yè)并購理論與實踐的歷史探索.pdf

1、復(fù)旦大學碩士學位論文困境與出路：企業(yè)并購理論與實踐的歷史探索姓名：馮俊申請學位級別：碩士專業(yè)：外國經(jīng)濟思想史指導(dǎo)教師：吳申元2001.5.15困境與出路：企業(yè)并購理論與實踐的歷史探索TheDilemmaandtheWayOut：AHistoricalExplorationoftheTheoriesandPracticeofEnterprisesM&AABSTRACTThethesisholdsthatcuttingdownontrans

2、actioncostsisthetheoreticalbasisofM&Aofenterprisesaswellastheprerequisiteconditiontotheexistenceofanenterprise，all“incomplete’’contract“Standardizingtheexclusivenessofthecapitalteamwork’’andothershaveprovidedadequateexcu

3、sesforM&ATheincompletenessoftheenterpriseIeadstothearrangementofenterpriseownershipThedistortedcommissionandproxyinevitablypushtheM&AofChinesestateenterprisesintoadilemmawhereinefficiencyprevails，andthesolutionistorenova

4、tethepresentsystemofenterpriseownershipThethesisconsistsofeightchaptersThefirstchapterinUoducastheactionsofChinaandoverseasbrieflyandanalysisthesocialbackgroundofM&AinorderthatwecancatchthesystempreconditionofM＆AThesecon

5、dchaDteristheintroductionwhichfirstexplainstheconce：ptofM&Aandthenpresentstheissuestobediscussedinthep印e卜—_whyshouldenterprisescarryoutM&ACanM&AhelpimproveboththeefficiencyandthewelfareofenterprisesHowcantheChineseenterp

6、risesgetreleasedfromthedilemmatheyareinThethirdchapterexploresthenatureofenterprisesandthetheoreticalbasisforM&AQuestionsinvolvedare：whydoenterprisescomeintobeirI釅WhyshouldenterprisesadopttheOHtsideextensivewayofdevelopm

7、entTheforthchapterIooksintothemotivationsofM&Afromdifferentangles，rangingfromthetraditionalmaximumprofitstoenterprisesownership，fromthetheoryofcommissionandproxytothatofcorporationadministrationThefifthchapterdiscusseswh

8、etherM&AcanlcadtotheimprovementofefficiencyM＆AisclassifiedintothreecategoriesHorizontalM&A，VerticalM&A與ConglomerateM&A，andtheyarerespectivelyillustratedBesidesthepreconditionstoM&AandthecausesforefficiencyarelookedjntoTh

9、esixthchapteranalyzestherelationshipbetweenM&Aandmonopolization，ComparingthethreewaysofmonopolizationinregardtotheirrespectivewelfareandefficiencyanddiscussingthepreconditionstotheirtransformationDHeattentionisalsopaidto

10、thenaturalmonopolictradewhichhasalwaysbeenthesourceofargumentTheseventhchaDteriIlustratesM&AandsocialwelfareBasedonsuchtheoriesmentionedabove，thispartanalyzesthecapitalstatesofthetwopartiesinvolvesinM&A，pointingoutthatM&

11、AmayresultintheimprovementofParetoEfficiencyHowevertherolethatthegovernmentplaysinM&AisdiscussedinthelightofjusticeandefficiencyTheeighthchapterstudiesthepresentconditionofChinesestateenterprisesThepreM&AinvolvedintheM&A

12、ofstateenterprisesinfirstlookedintoThenthedistortedcommissionandproxyandsomeinadequatereformationmethodsareanalyzedThethesisthengoesontoillustratethebarriersandlossesarisingintheM&Aofenterprises，anditispointedoutteattheb