Research On The Factors Affecting The M&A Premium Of Enterprises

In recent years,the development of Listed Companies in some of the traditional industries in China has entered a difficult position.In order to break the deadlock,the listed companies are developing the diversification strategy.Because of its small size and high technology,NEEQ companies are favored by the listed companies.2016 listed companies and the emergence of a lot of mergers and acquisitions between NEEQ of the case,and send some mergers and acquisitions have shown a high premium features.This paper studies the case of Chutian speed 4.8 times the premium and capital market mergers and acquisitions Miki intelligence,the reaction shows that indeed reasonable premium.Through the case study,the author hopes to explore the influencing factors of M &A;a premium,and then to discuss the valuation and pricing of the high premium.Analysis from the following five aspects: 1.intangible assets of Target Corp;growth option 2.Target Corp;3.mergers and acquisitions produce synergistic effect;4.the Target Corp stock transfer ratio;risk control,the acquisition premium.5.M &a premium risk control.In this paper,the conclusion is drawn that the above five factors all play an important role in promoting the premium.Capital market through the identification of factors that produce a premium,given a positive response,that the premium is reasonable.But the current accounting system and the M &a market premium chaos there are still some problems worthy of attention: 1.intangible assets without confirmation;2.high premium acquisitions forced termination.In order to solve the above problems,this paper puts forward some suggestions: 1.Strengthen the research on the accounting confirmation of intangible assets;2.the M &A should make a comprehensive understanding of the Target Corp,and give a reasonable pricing.