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1、www.paper-translation.com妙文翻译公司翻译样稿ThinkingonMechanismDesignofAnti-TakeoverofA-ShareListedCompaniesinChinaMarketeconomyoriginatesfromcommoditytrading,anddevelopsfrombarterattheverybeginningintocommodityexchangewithmoneyasamedium.Whenequityofenterprisesistradedasaspecialkindofcommodityandaspecialdeal
2、ingsubject,itusheredmarketeconomyintoabrand-newstage,whichmarkstheformalemergenceofassetsandequityexchangemarket.Equitytransactionsexceedingacertainpercentagegiverisetomergerandacquisition(M&A).InBritain,Americaandotherdevelopedwesterncountries,M&Aappearedmorethanonehundredyearsago.M&Ascomprisethegr
3、andM&Ahistoryinthesecountries,andalsorecordthegloriesintheirindustrydevelopmenthistory.Forjumbo-sizeenterprisessuchasGE,CocaCola,andDisney,andimportantindustriessuchasMediaandIron&SteelinAmerica,thedevelopmenthistoryofanenterpriseoranindustryisusuallyahistoryofM&A.NowonderthatAmericanlearnerGeorgeSt
4、igler,1989winneroftheNobelEconomicsPrize,afterdeep-goingresearchintoTop500Americancompanies,concludedthat:“alllargeAmericancompaniesgrowupthroughmerger,somehowandtocertainextent,andthereishardlyanylargecompanywhichgrowsupmainlythroughinternalexpansion.”Theemergenceofjoint-stockcompanygreatlyspeedsup
5、theprocessofcapitalconcentration.Concentrationofcapitalandestablishment&developmentofsocialcreditserveaspreconditionsfortheemergenceofjoint-stockcompanies,whilestock-jointcompaniesprovideanimportantchannelforcapitalconcentration.Astheseniorstageofstock-jointcompanies,listedcompaniescanrealizeoptimal
6、allocationofresourceswithinthewholesocietybyvirtueofcapitalmarket.Suchresourcesallocationcanbeembodiedbycapitalflowsandchangeincontrolrightsofcompanies.5.1-9,,services,andmakethecitymoreattractive,strengtheningpublictransportinvestment,establishedasthebackboneoftheurbanrailtransitmulti-level,multi-f
7、unctionalpublictransportsystem,thusprotectingtheregionalpositionandachievewww.acmetranslation.comwww.acmetranslation.com.cnwww.paper-translation.comChangesincontrolrightoflistedcompaniesconstitutestak
