ABSTRACT
With the split share structure problem, the Chinese Government and competent authorities at all levels is committed to efforts to solve this problem has never stopped. From the stock market in 1992 ,soon after the establishment of state-owned shares in circulation on the initial exploration, in 1999 and 2001 twice to solve the pilot state-owned shares, and finally by the end of April 2005 to the split share structure reform pilot that the notice issued in full swing. With the split share structure reform of the end, China's capital market into the era of full circulation. Capital market reform would give rise to a series of knock-on effect. This article on the impact of hostile takeover under entire circulation process
for discussion.
This article first has carried on the simple introduction to the malicious merger and acquisition's concept and the agent, then has made the concise elaboration on the stockholder's rights mounted cylinder reform and the entire circulation, the change which after the contrast research technique afterward has compared entire circulation the market produces specifically, in is clear about the change above the foundation to analyze it the influence which produces to the malicious merger and acquisition, then the Silvertie Holding attacks the E Wu Shang case to carry on the analysis, “in the change foundation has the influence” intuitively to the preceding text in specifically. We find that it is positive for the impact of hostile takeover under entire circulation process through the study, entire circulation will lead to the occurrence of acts of hostile takeover. Finally, how to deal with the entire hostile takeover under the entire circulation process related to countermeasures and suggestions.
