The Effect Of China Capital Market Upon Overseas M&A Of The New Third Board Enterprises

In recent years,with the implementation of "going out" strategy,overseas mergers and acquisitions of Chinese enterprises expands unceasingly.In the year of 2016,the New three board enterprise overseas mergers and acquisitions are very active.Whether trading scale or number of transactions have hit record highs.On the one hand,it is because of the national policy constantly suppoets the New three board enterprises to go abroad and expand overseas market;another important reason is that the enterprise's own strategic plan.In the context of globalization,the allocation of assets,absorbing overseas advanced technology and management experience,accelerating industrial optimization and upgranding is the key to achieve the leap-forward and globalization.The new three board enterprise in China are facing three major financing problems:single financing channel,high financing cost,and low success rate.Therefore,China is actively broadening the financing channels,and actively building a rational and multi-level capital market structure,so as to support and encourage SEMs to finance directly.The National Equities Exchange and Quotations(NEEQ)in china stick to the idea of providing financing platform for high-grown and high-tech enterprises which can not meet the listing stands of main board market and GEM.The new third market not only provides a directional financing platform for the new three board enterprises,but also promotes diverse financing ways for listing enterprises implicitly,which is the key power to solve difficult problems of SMEs financing in China?This article adopt the pattern of the theoretical foundation and the case research.First,we analyze the current situation of the new three board enterprise market and the overseas acquisition and financing of overseas enterprises,including the liquidity of the new three board market,the directional rights issue and the pledge of equity.This paper analyzes the present situation of overseas m&a,the motive of the overseas acquisition and the problems and cause analysis of the overseas m&a financing of the new three board enterprises.Second,analyzed promotion of the new three board market in the capital markets overseas m&a,the mechanism of how capital market influence,at the same time the new three board enterprise overseas m&a and capital markets for the promotion of the new three board enterprise acquisitions overseas.Again,we analyze the new three board overseas m&a classic case-HuaQingFeiYang m&a COWON SYSTEMS,introduces the basic situation of the target enterprise,and the motives of mergers and acquisitions,the background of acquisition and merger and acquisition process is analyzed;Then analyzed the financial indicators and share price changes of enterprise,and makes the overall strength of enterprise through mergers and acquisitions.The above analysis is demonstrated in a typical case.Finally,we related conclusions:the first one,the capital market can help the new three board enterprises overseas M&A,through M&A can promote the overall strength of enterprises and complete enterprise upgrade;The second one,the new three board enterprises overseas m&a activities have optimized the resources of the market and improved the multi-tiered capital market system in our country and injected new vitality into it.