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1、AbstractAbstractIntherecentyears,especially2002,Chinagovernmenthasissuedmanylawsandrulesaboutmergersandacquisitions,whichmostlyfocusonstate-ownedlistedcompanies,state-ownedshares,andstrategicforeigninvestment.Toagreatextent,itisamilestoneofbeginningofmergersandacquisitionsforstate-owneds
2、haresConsideringpastandcurrentmarketenvironment,thistrendisagreatprogressthatweshouldlikelykeepitinfuture.But,suddennessandweshouldpaymoreatentiontorationalityofgovernmentalregulationandcontrolandguidnessofpolicy,andweshouldthinkaboutsomeothercorrelativeproblemscarefully.Thewritersuppose
3、sthatweshouldlookbacktothestatusofChina'scapitalmarket.ThecharacteristicofChina'ssecuritiesmarketistheabsenceoflayersandthesimpleformoforganization.ThecharacteristicofChina'scapitalmarketstructurerootsintheplannedeconomy.Thereasonisthatthegovernmenthasputtoomuchtasksonthecapitalmarket.Th
4、ebasicfunctionsofcapitalmarketareasbelow:raisingfund,pricingsecurity,andallocatingresource.Furthermore,China'scapitalmarkethastoraisefundforstate-ownedenterprisesandkeepthecontrolinthehandofthestate.ItistheseadditionalfunctionsthatbafflethedevelopmentofChina'scapitalmarket,andthusmakesit
5、lackoflayersandcannotfunctionwellStockoferinghasbeenlongregardedastheimportantmeanstoeaseproblemsoflarge-scalestate-ownedenterprises.Underthisthought,state-ownedenterprisesconstitutethegreatmajorityofexistinglistedcompaniesinchinaaftermorethanten-yearaccumulation.Meanwhile,inordertoremai
6、nthedominationofpublicownershipinlistedcompaniesandpreventlarge-scalerunoffofstate-ownedassets,theinitialpolicy-makerclassifiedthesharesoflistedcompaniesintostate-ownedshare,juridical-person-ownedshareandpublicshareaccordingtoownershipandruledtheilliquidityofstate-ownedandjuridical-perso
7、n-ownedshares.Theabovefactorsmaketheshare-holdingoflistedcompaniesinChinatotallydiferentfromthatinothercountries,andthecharacteristicofitishighconcentration一一一一一一一一一一一一一一‘Ab:andilliquidityofstate-ownedsharerightandsmallproportionoftradablepublicsharesUnderthisspecialshare
