A Research on Private Enterprises’ Rent-seeking of Control in the M&A of State-owned Enterprises in the Process of Capital Building
|School||Jiangxi Normal University|
|Keywords||Mergers and acquisitions Control of rent-seeking State-owned Enterprises Private enterprises|
At present, China’s securities market is an emerging and transitional market. Onthe one hand, by enterprises through mergers and acquisitions, equity capitaloperation and other external expansive development way in the capital market system,private enterprises break the existing pattern of resource allocation to increase thecompetitive advantage of enterprises. On the other hand, because of the ownerabsence, nominal property rights and poor operating performance,state-owned shareswill gradually exit from the competitive spheres of listed companies, which willundoubtedly make a convenience for the batched building.So, in the course ofcorporation merger and acquisition of state-owned holding listed companies aresaturated with the shadow of the rent-seeking-in the process of equity transfer, byrent-seeking of control within the “rent-seeking space”, configurating and transferringrents and social resources in the securities market. This article is based on thisperspective, by using the theory of rent-seeking and rational economic manhypothesis to study the problem of the rent-seeking of control in the process ofmergers and acquisitions of state-owned enterprises by particular enterprises.The research content on the control in the process of mergers and acquisitions ofstate shareholding listed companies by private companies is different from previousresearch, and this paper systematically analyzes the problems of rent-seeking ofcontrol in the process of M&A. This article firstly introduces the basic theory ofrent-seeking of control in M&A, and analyzes the motivation which according to thefeasibility analysis of rent-seeking of control. Then it research the mechanism ofrent-seeking between both in the process of M&A, and probes the main form ofrealizing rents of control in M&A. Based on the research, it puts forward relevantcounter measures and suggestions, about how to reduce and restrain the rent-seekingbetween state-owned stakeholders and acquirers of private enterprises, to build asecurities market investment environment, accelerate the healthy development ofcapital market, put an end to waste social resource allocation and so on.