중국 국유기업에 대한 다국적 M&A제도 연구

Although China has accelerated the transition to market economic system since 1978, state-owned enterprises(SOEs) are given a great deal of weight on the Chinese economy. Since the Chinese government sees M&A activity as a key driver of restructuring and privatization process of SOEs, M&A opportunities in China have expanded rapidly. However, because of institutional inertia and China's political M&A control, multinational corporations are facing with problems and challenges M&As targeting SOEs are under control of the State Assets Supervision and Administration Commission(SASAC), and M&A regulations apply differently to different type of SOEs. Shares in listed companies are also divided into tradeable and non-tradeable shares. To understand M&A regime with Chinese characteristic, this article proceeds as follows: ChapterⅡ introduces the status quo and the restructuring policy of SOEs; ChapterⅢ presents M&A types with cases; ChapterⅣ addresses issues on M&A activities. Chinese government has fed the optimism by trying to make a sound M&A environment. And multinational corporations try to take advantage of SOEs, M&A activities in China will be increased.