China The Determination Of The Proportion Of Amalgamation And Related Issues

In recent years, the global M&A grows rapidly. As a useful way to allocate resources optimally, M&A becomes a eternal topic in the capital market. George J.Stigler, an American famous economist has ever said:"None of American large companies grows up through certain degree and form of annexation and purchasing. Nearly no such companies grow up by their internal expansion."The increasing transaction scale and amount of M & A caused the stock-for-stock merger obtain a widespread utilization in the western countries. There are 8 cases of stock-for-stock merger in the global top 10 merger incidents in 2003. As far as China is concerned, from the year 1998 to the present, there are only 18 successful cases in total. But a series of reforms which carried on from 2005, make the stock-for-stock merger has a new turning point of development in our country. In this background, it has a certain practical significance to use relevant theories and methods to study the problem, which is the determination of exchange ratio in China and other things.This thesis analyzes from the theories to actual use. Firstly, on the basis of explaining what the stock-for-stock merger is, the thesis analyzes the motivation and negative effect of the stock-for-stock merger. Secondly, the thesis studies the foundation of pricing in stock-for-stock merger. Thirdly, it studies the pricing of stock-for-stock merger, namely the determination of the exchange ratio, which is the key part of this thesis. Finally, according to the situation of stock-for-stock merger in our country, the thesis analyzes the application prospect of it.This thesis is divided into five chapters; the detail contents are as follows:Chapter 1 explains the meaning of the stock-for-stock merger, then in the position of the merger enterprise and the goal enterprise, analyzes...