Research On The Share Proportion And Value Effects Of The Mergers For The Listed Companied

Mergers and acquisitions is a common behavior in the modern economy,it has become the company to dwell on the scale,accommodate the technicalformation,advance the management of one of the main means and ways.As a market economy under the conditions of an innovative way of mergers and acquisitions,in mergers and acquisitions due to avoid large amounts of cash flow in the short term,for low-cost expansion of listed company provides a new way of thinking.In recent years,the rapid development of China's capital market and m&a deals also with the development of capital market is becoming more and more frequently,starting in 2010,China's m&a market trading net is becoming more and more big,complete merger cases 1700 cases,the amounts involved up to more than $80.With the sustained and healthy development of the Chinese economy,with a share swap merger is facing the unprecedented opportunity,convertible merger because of its unique advantages will lead field of merger,acquisition and reorganization.In this context,to determine the share proportion of the merger of exchange and evaluation of the effect of value has important practical significance.Share swap absorption merger salt lake potash salt lake group case is the a-share market under the condition of full circulation share swap absorption merger between two listed companies and one of the typical case of absorption under the same control enterprise merger and integration is the controlling shareholder's industrial resources,eliminate competition,make the results of the public platform,therefore,this case study has stronger market demonstration effect,is A beneficial exploration for the listed company bigger and stronger.This paper introduces the exchange merger related basic theory and exchange merger share exchange ratio to determine the method and value effect evaluation method,on the basis of selecting the convertible merger salt lake potash salt lake group,case analysis,using the method of net assets per share,earnings per share,market price per share and l-g model of stock exchange ratio to determine the trial,and the actual case in proportion compared with the trial result;In the evaluation of the value effect when using financial indicators analysis,economic added value method,market value increment method the value of the stock exchange after the merger surviving company effect were studied.Finally,the research conclusions and Suggestions are put forward.In this paper,the final conclusion is: althoughcases determine the share proportion of fair,but the share swap absorption merger did not improve survival of salt lake potash financial indicators,also did not bring positive effect to the enterprise value,the main reason for this merger is to address the issue of the listed company's competition.