关于国内A股上市公司反收购机制设计的思考中英对照

妙文翻译公司翻译样稿

Thinking on Mechanism Design of Anti-Takeover of A-Share

Listed Companies in China

Market economy originates from commodity trading, and develops from barter at the very beginning into commodity exchange with money as a medium. When equity of enterprises is traded as a special kind of commodity and a special dealing subject, it ushered market economy into a brand-new stage, which marks the formal emergence of assets and equity exchange market.

Equity transactions exceeding a certain percentage give rise to merger and

acquisition (M&A). In Britain, America and other developed western countries, M&A appeared more than one hundred years ago. M&As comprise the grand M&A history in these countries, and also record the glories in their industry development history. For jumbo-size enterprises such as GE, Coca Cola, and Disney, and important

industries such as Media and Iron & Steel in America, the development history of an enterprise or an industry is usually a history of M&A. No wonder that American

learner George Stigler, 1989 winner of the Nobel Economics Prize, after deep-going research into Top 500 American companies, concluded that: “all large American companies grow up through merger, somehow and to certain extent, and there is hardly any large company which grows up mainly through internal expansion.”

The emergence of joint-stock company greatly speeds up the process of capital concentration. Concentration of capital and establishment & development of social credit serve as preconditions for the emergence of joint-stock companies, while stock-joint companies provide an important channel for capital concentration.

As the senior stage of stock-joint companies, listed companies can realize

optimal allocation of resources within the whole society by virtue of capital market.