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《Peking University Law Journal》 2019-05
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Is China's Modification of the Mandatory Bid Rule Truly Inappropriate:A Legal and Economic Analysis

Xue Renwei;  
This study uses empirical evidence to give a relatively convincing answer to the heated debate as to whether China's modified Mandatory Bid Rule(MBR)really undermines minority shareholders'economic interests.After transplanting the MBR from the UK in the early 1990 s,China amended this rule and grants exceptions on the basis of a much broader scope of grounds,and most acquirers who triggered the mandatory bid obligation could obtain the CSRC's dispensation.While there is a large body of literature discussing whether this modification undermines minority shareholders'economic benefits,however,none of them provides convincing empirical evidence,so the lack of empirical evidence makes either the advocators'or objectors'claims unpersuasive.This article seeks to address the current deficiency in research on empirical evidence.By using quantitative evidence,this study finds that China's modified MBR can significantly facilitate better performance by listed companies,so minority shareholders'economic benefits were not undermined even though there were no material mandatory offers.This article also uses China's empirical evidence to contribute to the debatebetween the static-model theory and dynamic-model theory in the western world.
【CateGory Index】: D922.291.91
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