A Study On The Selection Of Legal Forms Of Acquisition Vehicle Of Company's Cross-border Merger And Acquisition Deals In China

Since 2016,China's leading cross-border M&A transactions have been very eye-catching internationally.Under the new wave of mergers and acquisitions,China has changed from the former one to the current one.Chinese enterprises are still in the learning stage in cross-border M&A transactions.The choice of the legal form of acquisition vehicle in cross-border M&A is particularly important.A suitable acquisition vehicle can balance the interests of all parties and promote the development of transactions.This paper takes the acquisition vehicle as the research object,the historical literature has tiny research on the acquisition vehicle and there is basically no choice of legal form.So,this paper attempts to study the choice of the legal form of the acquisition vehicle to make up for the vacancy in the study of legal form selection.This article is divided into six chapters.The first chapter introduces the research significance and innovation points.The second chapter introduces the corresponding theory,highlights the acquisition vehicle and the corresponding legal form,explains how to choose the corresponding legal form,and acquires according to the narrow sense.The vehicle and postclosing organization are two types,respectively,expounding the choice of the legal form of the acquisition vehicle under the specific target;the third chapter briefly describes the current situation of China's M&A and some problems in choosing the acquisition vehicle;the fourth chapter introduces the M&A related The general process of the party and the whole transaction;the fifth chapter analyzes the success case,reveals the role played by the acquisition vehicle in the actual transaction,and reverses the choice of its legal form from a practical point of view.Finally,the short-term,medium-term and economic value added(EVA)analysis of the company's post-merger performance is analyzed to analyze the impact of the acquisition vehicle selection on the company's M&A performance.Chapter 6 summarizes and draws conclusions and inspirations.Based on the research,we can conclude that:(1)The choice of the legal form of the acquisition vehicle,in addition to the role of law,taxation,accounting,etc.,can balance the interests of all parties,promote the development of the transaction,and defeat the potential competitors in practice;(2)In the short-term,the cumulative abnormal return rate has increased from negative to positive and the Sharpe ratio has increased,indicating that shareholder wealth has increased in the short term;(3)In the medium and long term,after a market downturn,a number of financial indicators have improved significantly.Mergers and acquisitions have brought new profit growth points;(4)Economic profits after considering capital costs have also increased.Therefore,through theoretical analysis and case combing,the choice of legal form of acquisition vehicle should:(1)the legal form of the acquisition vehicle can achieve the balance of interests of all parties;(2)the continued development of the acquired party as the basis for selecting the carrier of acquisition One will bring higher medium-and long-term returns;(3)the role of organizational structure after the transaction can better achieve synergy;(4)choose the intermediary who is familiar with the merger and acquisition to form a merger and acquisition team is more conducive to achieving the M&A target;...