A Study On The Related Party M&A Of Yueyun Transportation Under The Control Of The Controlling Shareholder

The Related Party M&A(RPMA)is the merger between the listed company and its controlling shareholders and directors,or the merger and acquisition behavior of other related parties controlled by the major shareholders.According to the state of CSMAR from 2009 to 2013,the database statistics,the listed company has implemented a total of 4,659 cases of successful mergers and acquisitions,of which 1,894 cases of related party transactions,mergers and acquisitions accounted for about 41%,while the 1,894 merger events in 615 cases and the controlling shareholder or actual controller related.Existing research shows that the connection transaction listed companies exist in the sample support behavior of listed companies accounted for 33.46%,the amount of support is up to 20.34% of the market value of listed company,therefore,as the opposite of "tunneling",support is also a major shareholder behavior of a very important aspect.Objectively speaking,RPMA is a special form of related transactions,thus this form is not proper or improper,In practice,however,the related acquisitions are mostly carried out in non market conditions,the current research is less concerned with the positive effect,China's capital market is not mature,investors sequacious "sheep-flock effect" those with "propping" associated with the real purpose of the merger is likely to be ignored.For a listed company,the controlling shareholder has absolute control,if it is out of "propping" purpose is to help more listed companies from financial distress,or the internal and external resources integration,in order to achieve the optimization of the industrial structure,and ultimately improve business efficiency,then the evaluation on the "propping" to from after the merger the short and long term performance is reflected.Based on the 2012 Yueyun transport in the province of the controlling shareholder group under the auspices of Guangdong Transportation Group RPMA Guangdong provincial Automotive Group as an example,by analyzing the real motivation is dominated by the controlling shareholder of m&a events are of "propping" the indemnification and motivated by "optimization of industrial structure" motivation of resources integration,and later using event study method and shares of descriptive analysis method to evaluate the short-term performance,with long-term financial index method to measure the performance,and summarizes the successful experience of Yueyun traffic acquisition,finally,the author puts forward some suggestions for the future development of Guangdong transport.Hope this can be for the guangdong traffic better advantage of the resources integration of m&a effect,achieve the sustainable development of the enterprise to increase power.