Abstract:

¡°The management method of merging listed companies¡± ( abbreviating as MMOMLC below) and the related ¡°The management method of information exposure of the alteration of shareholding of listed companies¡± (abbreviated as MMOIE below) became effective formally on December 1st .the two "management methods" made the detailed regulation on the matters involving the process and information exposure of the merging of listed companies. The implementing of the two "management methods" is a milestone of the basic establishment of the law frame which aims to spur the listed companies' merging and to protect the investors' rights and interests. Plus the innovation on practical regulation, the two " management methods " is triggering an innovation of the merging of companies. It will have long term influences to the heightening of the quality of the companies, the full exertion of the resources distribution function of the securities markets, and even the strategically adjustment of the whole national economy. The legislation of listed companies merging is a crossing subject of the economics and law, which is very difficult and full of disputable questions. The two "management methods" are based on the experiences of the practical merging and recombination of the companies in China during the recent decades. The establishment also wildly accepted the suggestions from a lot of domestic and overseas organizations, experts on this field and every aspect of the market. The process of establishing these two "management methods" is full of hard work and careful design. The "management method", with reference to law in relation with merger in other countries, has its unique and distinct Chinese characteristics. As the "management method" is currently in operation, I would like to present my personal view on its value and operational process, I wish this would help the reader to use the "management method" more effectively.

Key Words: Value Referrence, M&A, Open Information