Research On The Motivation And Mode Of The Gem Company Merger And Acquisition

On October 30, 2009, the gem officially became part of the capital market in China.With the first 28 companies listed, the gem of all kinds of hidden danger has surfaced: high p/e ratio, high price, high excess fundraising, frequent executives to resign now, delisting mechanism imperfect, post-market performance suddenly turn hostile, and so on, will it to the forefront. In the face of many growing pressure, the gem companies gradually from the endogenous growth to denotative expansion. Gem companies characteristics and plate system in the company with the main board market is different, our country enterprise mergers and acquisitions have different characteristics with the traditional western m&a motivation theory, in this paper from the perspective of the characteristics of the gem companies to study the escalating the influence factors of the mergers of the gem,respectively, we examine the factors affecting the gem companies mergers and acquisitions,choice the influence factors of m&a mode and the influence factors of m&a frequency.This article first acquisition motivation theory to comb, of several major western traditional theory of m&a motivation mainly has synergistic effect theory, transaction cost theory, overconfidence theory, principal-agent theory, and the theory of market power.Different from western developed capital market, our country enterprise has its unique influence factors of mergers and acquisitions, mainly comes from: solve the state-owned enterprise management difficulties; The push of market economy; A combination of enterprise, government, market and so on. Different countries different stage of development of capital market sector determines the different of the m&a. Based on the comprehensive motivation theory, on the basis of reviewing the existing m&a in the fourth chapter from the superior offering, a high valuation, growth pressure point of view of gem companies features three aspects to analyze the effect of m&a.Second, the empirical part three model is set up, test since October 31 2009 solstice the gem companies listed on December 31, 2014, the influence factors of 803 m&a events,chose the super fund rate, p/e ratio, price-to-book, main business growth rate of four independent variables, and whether the mergers and acquisitions, mergers and acquisitions mode, each year acquisition frequency three dependent variable, establishingthe model of three inspection skill raise, the high valuation and growing pressure on the gem companies mergers and acquisitions, mergers and acquisitions mode selection, the influence of the m&a frequencies. Descriptive statistics and regression results conclude that high raise and high valuation is a positive influence on mergers and acquisitions, but growth pressure does not force the gem companies mergers and acquisitions; Super offering more companies tend to choose mixed m&a mode, and the main business revenue growth lower growth pressure larger companies tend to choose vertical mergers and acquisitions mode; Super raise, the more the higher the value, growth, the more the more frequently the good company mergers and acquisitions.Finally, the empirical conclusion, enlightenment and the suggestion, the gem companies using advanced raise expand the company scale and strength, to produce synergies through frequent m&a. Super funds raised are not being effective and reasonable use of company to the main business, this need regulations and regulatory supervision to specification. High valuations for the gem companies mergers and acquisitions created favorable conditions. Growth increased with the increase in merger and acquisition frequency is in full accord, and, low growth companies tend to vertical mergers and acquisitions, is the enterprise to reduce the risk and cost, on the basis of viable way for businesses. In order to promote the standardization of the gem companies mergers and acquisitions, improve the efficiency of company operation, this paper puts forward some Suggestions that the government should improve the gem mergers and acquisitions law,system; The government needs to guide rational gem companies mergers and acquisitions refinancing; The government should strengthen supervision and improve the developed multi-level capital market; Gem companies to specification before merger and acquisition of the target assets value assessment; Mergers and acquisitions in the should pay more attention to the fit of the main business, should focus on follow-up after the merger integration, should also be in subsequent data deadline extension, the expansion of the m&a impact factors, factors affecting m&a to further explore the impact of m&a performance.