Analysis Of The Economic Value Of Stock Convertible Merger

At present,with the China's sustainable development of the market economy,the increasingly fierce market competition both at home and abroad and expanding the capital markets,so that the listed companies need to constantly expand the scale of the company.Share swap absorption merger as a new type of mergers and acquisitions under economic development way,the demands for cash transactions under the premise of relatively low,is limited by the financing amount of influence is relatively small,transformed through equity,can reach to the larger scale of the enterprise or is the goal of optimal asset allocation,so especially suitable for China's enterprises are in urgent need to expand but at the same time,the current situation of the shortage of cash flow,and to convert the equity will also in promoting the listed enterprises play a positive role in the process.At the beginning of the 21 st century,the reform of non-tradable shares,which makes our country's capital market entered a period of full circulation,at the same time it also gives enterprise merger integration can pay the tools and is easy to pricing standard,it also makes the exchange merger activity has more technical innovation and enthusiasm.At the same time on the way to in the development of the merger,the shareholder rights and interests of unity as the convertible merger also cleared the obstacle,equity pricing along with our country legal norms about the convertible merger also continues to improve,it also reflects the country and the government stock exchange merger great encouragement and support,the material assets reorganization in merger peremptory has become the main way of assets reorganization merger.At present,the reform of state-owned enterprises in China are comprehensively deepen,constantly seeking progress and gradually improve the industrial structure and governance structure,capital markets are increasingly strong,prompting many large state-owned enterprises mergers and acquisitions of listed companies are more frequent.Domestic mergers and acquisitions abroad mark the beginning of a new wave of consolidation under the "One Belt And One Road" strategy.This article is based on north and south China car merger case to explore the analysis of the merging process of listed companies,as the giants of rail transportation equipment manufacturing industry,lead the integration of the reform of enterprises reorganization,is the pathfinder on the way to deepen the reform,state-owned enterprises for the reform of state-owned enterprises to provide the beneficial reference,also accord with our country "area" strategy and optimize the industrial layout,to high-end equipment manufacturing industry policy of constant development,constantly improve the competitiveness of our country's state-owned enterprises in the international market.At the same time,the merger of the north and south Korean cars is also being concentrated on antitrust scrutiny by operators of the ministry of commerce's antitrust bureau.In this paper,the paper discusses the development history of the merger,expounds the relative concept of the exchange,and analyzes the present situation,motive and risk of the merger.At the same time in the process of merging in the determination of shares or proportion,effect of enterprise value assessment methods,and in the risk of mergers and acquisitions,etc.Series theory question has carried on the detailed introduction,to make full preparation for the following case analysis.Based on CSR in China's a share swap absorption merger CNR as a case study analysis,analysis of the cases in the cause of the merger,the proportion of stock exchange,share price rationality analysis confirmed the parameters such as,at the same time,the value of the stock exchange combined effect to forecast,and stock exchange after the reaction of the market analysis,sums up the advantages and disadvantages of case,take the essence to the dregs,summed up the practical experience worthy of learning.Along the road to China,the Chinese model for our country to explore the reform of state-owned enterprises,and integration of state-owned enterprises set up the benchmark,at the same time for our country ships,food,communication,etc.The combination of the large state-owned enterprises to provide reference experience.