A Research On The Listed Company Merger And Acquisition Under The Asymmetric Information Environment

Acquisition is the important embodiment in optimizing the allocation of resources, is torealize industry upgrading and technology innovation in an effective way. As equity divisionreform of basic finished, capital market in resource allocation function further to improveunder all the circulation system, listed merger and acquisition in the overall population isincreasing, trading scale expanding, mode innovation is rich. In this background, this paperthrough studying influence of the asymmetric information to be listed merger and acquisition,the hope for success future acquisition providing some useful suggestion.Existence of information asymmetry make the acquirer increase difficulties and cost ofM&A in choosing target companies, dealing with the target company, so that M&A activitiestend to fail, so in order to raise the possibility of listed company successful merger, it mustdeal with the problem of asymmetric information effectively. The first chapter of my researchexpounds background and significance, reviews the research results and the status. Thesecond chapter of the papers defines listed company concept, and reviewed the asymmetricinformation theory. In chapter three, according to the asymmetric information theory, thispaper analyses form and cause of asymmetric information in listed merger and acquisition,and separately from the three aspects in the acquirers choosing target companies, dealing withtargeting company reverse merger, acquisition integration, this paper analyzes influence ofasymmetric information in listed merger and acquisition. Chapter four of paper based on threeaspects effect, introduces three typical cases, and analyzes asymmetric informationperformance and acquirers coping strategy in M&A process respectively. In chapter five,according to the results of heading analysis, makes countermeasures and suggestions forinformation asymmetry problem in listed merger and acquisition.