Market Rule or Equal Opportunity Rule:An Empirical Analysis Based on Acquisitions of Chinese Listed Companies

This paper examines the data of A-share listed companies in China from 2002 to 2017,drawing on the theory of equal opportunity and market rules in M&A transactions.This paper investigates the correlation between changes in tender offer policy and M&A tendencies and performance.The findings suggest that following the policy shift and the adoption of market rules,companies that secure an exemption from the mandatory tender offer obligation not only exhibit stronger M&A tendencies but also improved long-term M&A performance.This indicates that market rules are more suitable for China and contribute to enhancing the efficiency of the M&A market.The paper also presents evidence of a moderating effect,demonstrating that exemptions from the mandatory tender offer obligation positively influence the relationship between policy change and M&A performance.Lastly,this paper finds that state-owned and large-scale firms tend to exhibit a higher degree of M&A tendencies.

Equal Opportunity

China makes the most of the Beijing Paralympic Games by fulfilling its goal to provide more assistance to the physically disabled

Increasing Equal Opportunities in Education in Transcarpathia.Talent Development Programmes of the“GENIUS”Charity Foundation

The essential condition of the economic evolution in Transcarpathia is the assistance of young researchers,finding the young talents,supporting their development as well as finding those young people with outstanding achievements and with appropriate knowledge.Searching for,identifying,and developing young people with outstanding abilities is a determining key factor of the competitiveness of a given region;in such a work,a prominent role is given to different educational institutions and talent agencies.Thus concerning this reason,“GENIUS”Charity Foundation has been established in 2011.It carries out a wide range of talent management,talent development and research among the schoolchildren,students,and young researchers.Our aim is to create an integrated system of the talent support programs,to assure equal access in promoting talents,and increase the talented youth’s social responsibility.The Foundation among many others,organizes the Conference of Young Researchers,as well as the Conference of Scientific Students,and operates the nine Talent Points where more than 2,000 children,more than 300 qualified teachers,and nearly 90 schools take part.

Equal Education Opportunities Call for Institutional Equality

The report to the 17th Communist Party of China （CPC） National Congress called for efforts to enable all people to have places to learn and put it in the first place of the five major issues concerning the livelihood of the people. To enable everyone to have places to learn is not only the goal of education but also the goal of promoting social equity and justice. It has endowed every member of the society with the opportunities and rights to receive education on an equal footing. It does not only enable all children to have equal opportunities to receive public education but also provide every citizen with the conditions for lifelong learning.

Time is Not Money!——It Is a Providence of Opportunities

The essay discusses the interrelations between Time and Money and the right ways for managing them.Additionally it discusses other aspects of life and time,such as:definition of time,smart use of time,use of time as distincting between men and animals,time,age and responsibility,time and the“meaning of life”,quality and quantity of lifetime,social aspects of time and science,technology and time.The author clearly expresses his opinion,that Time is a neutral abstract entity,exists in free democratic regimes and in less-liberatated autocracies.It is the explicit responsibility of every man and woman,anywhere,and everywhere,to prepare and train themselves for a smart use of the time awarded to them.On the other hand,Time is available for everyone and everything.The busy diligent hard-working person always seeks more challenging missions,while the less-energetic idle person,is always busy and tire of doing nothing.The author also claims that Time is an opportunity.It is available and inviting every active person,a thinker,a doer,and an entrepreneur to use and have it to achieve their goals.The author advises:Do not complain I have no time-dare to make the first step and“the other will come,tumbling after”.Active individuals have time for every challenging initiative;passive ones have no time for anything.

Basic Judgment and Policy Reflection of Current Hierarchical Solidification

Phenomena of“rich second generation”,“poor second generation”and“competition of family background”,heatedly discussed by the public,reflect the general concern about the solidification of social stratum.A statistical analysis of a large-scale social survey in this paper shows that not enough evidence has confirmed the solidification of current social stratum and social structure still remains a high degree of openness.However some cases indicate the tendency of the solidification of social class structure.Therefore,to correctly understand the problem of current social mobility,it is necessary to treat the phenomenon of“X second generation”objectively and rationally,take the safeguard of fairness and justice as the basic measure of value,observe the social selection mechanism of equal opportunity,and fully implement a series of policies and measures for comprehensively deepening the reform since the 18th National Congress of the CPC.

Development strategy,economic transformation and income distribution

Income inequality will affect China’s economic growth over the long term.It is also one of the important factors determining whether China can avoid the middle-income trap.Different from the‘equality of outcome’perspective,this paper analyses the causes of China’s income distribution from the perspective of equality of opportunity.The inequality of opportunity in China is mainly caused by distorted institutional arrangements in the financial markets,labour markets,and product markets,involving e.g.restrictions on interest rates,the household registration(hukou)system,price controls on industrial and agricultural products,and privileges of state-owned enterprises.All of these distorted institutional arrangements are attributed to the heavy-industry-oriented development strategy in the recent history.Although this strategy was gradually abandoned,it has generated some institutions which have long-run impacts on the income distribution in China.Transforming government functions through institutional reforms is necessary to improve equality of opportunity and income distribution.