The main aim of this proposal is to propose a dissertation on the merger and acquisition (M&A) of Chinese listed companies. More specifically, it aims to study the motivations and consequences of M&A of Chinese listed companies. There will mainly five parts in this proposal. First of all, the research background, including the research needs will be introduced. On this basis, the aims and objectives of the dissertation will be summarized. Then, a brief literature review will be made. Following this, the methodology will be discussed. Finally, a conclusion will be drawn.
As there are more and more mergers and acquisitions (M&A) between companies, it has been a widely researched topic by scholars. Many researches have been conducted on the motivations of M&A and a series of theories have been developed to explain this phenomenon, such as synergy theory (Ansoff, 1965), undervaluation theory (Weston, 1998), the market for corporate control theory (Manne, 1965), and so on. However, these theories are based on the corporate activities in western countries. While they explain some of the activities of Chinese companies, the M&As of Chinese companies have their own characteristics. That is because of the special property rights and control of these companies.
Most of the Chinese companies are controlled by the Government, who is playing a very important role in the M&A decisions of these companies. However, the real owners of the Chinese companies are the Chinese people. Government is not the owner but the ultimate agent of Chinese people and it does not have the residual claims (Clarke, 2003). In the hierarchical management system of Chinese companies, there are complicated agency problems and distribution of power, which will make the M&A practices of Chinese companies differ from those of western companies. It is necessary to study the special M&A practices of Chinese companies. On the other hand, with the rapid development of Chinese economy,Chinaas well as Chinese companies is playing increasingly important roles in the international market. It is important to understand the practices of Chinese companies as well.
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