Study On Convertible M & A In Enterprises' Asset Restructuring

Convertible Mergers and Acquisitions is a common way on the international acquisition. Because of historical reasons, China's capital market distortions, so many M & A mode confined to government-led "match-type M & A" and "financial-based mergers and acquisitions". In the unsound legal environment, the purpose of "for money" and "for listing qualifications" is popular, but the "strategic" mergers and acquisitions rarely. Compared with mature markets, operating procedures in domestic mergers and acquisitions of listed companies are complex, the reorganization model is single, finance means and methods of payment is limited, so large-scale mergers and acquisitions by the funds industry bottleneck constraints.With the finishing of the split share structure reform, the full circulation time arrival, and the growing convergence of the interests of shareholders, major shareholders of listed companies will enhance the power of substantive reorganization. So the number of listed companies will be large, and convertible means of payment will also be substantial used. Based on the analysis of Convertible M & A under China's premise of practice, the paper considers the type, the benefits, the incentives and financial risk of M & A convertible, and considers how to determine the proportion of the two sides so that the value of mergers and acquisitions become more reasonable. All above are very important for the theory and practice of Convertible M & A.On the basic of the research on Convertible M & A, combined with our country's full circulation environment, the article researches how to evaluate enterprises' value and the determination of the ratio of Convertible M & A. For the future of Convertible M & A, through recent analysis of Convertible M & A cases, we give the answers to the questions that should be noted during the process of Convertible M & A.