Chinese Listed Enterprise Merger, Acquisition And Reorganization Value Research Based On Scott Mixed Merger Model

Enterprise merger and acquisition is a universal, lasting corporatebehavior and market behavior in competitive market. The development ofleading market economy countries is in a certain sense a history ofenterprise merger, acquisition and reorganization. As a powerful lever inrapid capital centralization and corporate scale expansion, the implementof enterprise merger, acquisition and reorganization promotes thedevelopment of market economy. Therefore, research on China listedcompanies’ merger and acquisition value creation, promotion in thesustainable and healthy development of our capital market andimprovement on the M&Avalue creation has very realistic significance.There were many domestic research literature of enterprise merger,acquisition and reorganization value, but the existing research mainlyfocused on two aspects: on the one hand, from the Angle of M&Amotivation factors to explain the value creation or damage; On the otherhand from a management point of view. In perfect capital markets abroad,one of the most popular theory in mixed merger is synergies:1+1﹥2,however, a lot of mixed merger theory do not need synergies, but basedon pure financial effect, put forward the theory of mixed merger and purefinancial (levy,1971). In China there were few literature researches inmerger, acquisition and reorganization value creation or damaged based on pure financial effect and as a result, enterprise merger, acquisition andreorganization research in our country had not yet formed a specialresearch systems. Therefore, pure financial effect about enterprise merger,acquisition and reorganization is more worthy of our attention.Based on this understanding, we introduce the Scott mixed mergermodel. On the basis of market survey in merger, acquisition andreorganization behavior of China’s capital market, through the typicalcase of research methods, respectively from the aspect of multiple drivers&results, combining with our country’s special institutional background,economic environment, economic structure and enterprise characteristics,focus on pure financial effect of mergers and acquisitions, through thein-depth investigation for complex process of enterprise merger andacquisition of value creation and diversified influence factors, analyze thestatus quo of merger, acquisition and reorganization of listed enterprisesin our country, think and research our country’s enterprise merger andacquisition, expand the theory of merger, acquisition and reorganization,and provide meaningful practical implications to promote China’s newround of enterprise merger, acquisition and reorganization value creation.