A Comparative Study on Government Intervention in Enterprise M&A

For the existence of market failures and other issues,enterprise MA is not only a simple corporate behavior,but also an important means of government to achieve its economic,social and management functions.Based on summary of Sino-foreign enterprises MA history and government intervention characteristics,this paper analyzes the motives of government intervention,elaborates the substance of Chinese government intervention from the perspective of principal-agent,and proposes corresponding policy recommends about the defects of direct government intervention and principal-agent problems of state-owned enterprises.