Merger and Acquisition Study

Merger and Acquisition(M&A) is a kind of economical behavior of resources allocation, which is accompanied with judicial activities and great judicial risks. The judicial problems involved can be classified into two categories: those arising during enterprise’s negotiations, contracting and transactions and after the transaction; those arising when trying to integrate the old and new enterprises and out of the conflict between the old and new enterprises. Both categories of judicial problems are continuous and related.
The M&A of public company is typical of all M&As, with the best judicial regulations. Owing to the facts that China’ capital market has a short history and the M&As of public companies are intensifying and that the judicial system should be improved, so more researches on the judicial problems of M&A of public company are of practical value, such as research on information disclosure, and M&A offers.
The M&A of private company happens in the transitional period. Asymmetry of information, falsehood of information, violation of rules have caused many problems, and the judicial problems thus produced are universal and social in nature. So researches on the judicial problems in M&A of private company have great importance.
Foreign M&As are phenomenal in China’s transitional period. And they have involved with judicial problems of trust and anti-trust, price of transfer, branding, and the national economic security. So research on the judicial problems in foreign M&As to prevent monopolist M&A and predatory M&A is of great importance.
Non-Performing Assets (NPA) are the price to pay for China’ s economic transition, and are the wealth of the whole nation. The efficiency of social resources allocation should be improved, so should be the rate or recovery of NPA to reduce the social cost. The M&A of NPA is peculiar to China, and the disposal of it entails the interests of many parties and is causing many judicial problems. So, the researches on judicial problems of NPA, on the disposal of NPA in the transitional period and the improvement of judicial system are very practical.