| Summary: | 碩士 === 中原大學 === 財經法律研究所 === 93 === Six chapters are mentioned in this thesis. ChapterⅠis the introduction. ChapterⅡ describes the concept of the Agency Theory and the Economics Analysis of law. Chapter Ⅲ introduces the rhyme of the State-owned Enterprises in China. In Chapter Ⅳ, I expound the questions of the State-owned Enterprises and discuss the solutions. Chapter Ⅴ studies the reform of the State-owned Enterprises through merger and acquisition, and finally I make a conclusion in Chapter Ⅵ.
The details of each chapter will be standard as follows:
ChapterⅠ illustrates the motives, methods, limitations and scope of this paper. “Historical Approach,” “Legal Analysis Approach” and “Economic Analysis of Law” are used as the main study approaches.
In ChapterⅡ, I start with the concept of the “Agency Theory,” and especially focus on the restructuring policy of State-owned Enterprises in China. In the part of Agency Theory, I explain the sources and risks of the principle agency relationship, the causes of agency problem and the concept of the agency cost. After introducing the related concepts of the Agency, I suggest the economic analysis of law to resolve the Agency Problems in modern enterprises.
Chapter Ⅲ states State-owned Enterprises in China in terms of the definition, characters , background and development , and reexamines the long-existing malpractice and the results of the reforms. In addition, I analyze the impact on State-owned Enterprises after China became a member of WTO and address practical measures to enhance their international competitive ability in the global economy.
In Chapter Ⅳ, I confer the correlation between the agency theory and State-owned Enterprises. At first, I point out the agency issues that large scale State-owned Enterprises have long been faced with. Then I discuss the potential problems of corporate management in these enterprises, and at last I represent possible solutions to the matter.
ChapterⅤ describes the concept of merger and acquisition and analyzes the motives of M&A from the angle of the Economic Analysis of Law. Furthermore, I argue M&A is an alternative to reform the State-owned Enterprises in China.
Chapter Ⅵ is the conclusion of this thesis. In this chapter, I provide six suggestions to the reform of State-owned Enterprises in China and submit an overall conclusion that merger and acquisition is one of the ways to achieve the final goal of privatization of State-owned Enterprises.
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