Analysis Of Factors Influencing Performance Of Listed Companies Merging And Acquiring The "New Third Board" Enterprises

In recent years,the market of mergers and acquisitions in China is becoming increasingly active with the ongoing release of reform bonus and stimulation of relevant policies promoting mergers and acquisitions?Meanwhile,with the gradual improvements of the construction of multi-level securities market in China,the OTC market,especially the New OTC Market,enjoys a blowout development?The quantity and scale of mergers and acquisitions,especially those of New OTC Market enterprises by listed companies,both show a steady growth year by year?By comprehensively evaluating the market value management performance of listed companies,this paper analyzes and studies the impacts on value management performance of mergers and acquisitions of New OTC Market enterprises?At the theoretical level,this paper enriches the scope of analysis of the relationship between mergers and acquisitions and the performance of enterprises in the capital market?It expands to the combination of statistical and case analysis from the single event and financial indicator research method,establishes a standard quantitative market value management evaluation model,and eventually comprehensively and effectively evaluates the performance of mergers and acquisitions through this model?What is novel about this paper is that,instead of simply limiting itself to analyze the impacts of the changes of stock price performance or financial indicators on market value management,it focuses on new types of mergers and acquisitions transactions,expands its targets from previously both parties of mergers and acquisitions being listed companies to listed companies acquiring New OTC Market enterprises among non-listed companies,and effectively evaluates the performance of such new mergers and acquisitions through the standard quantitative market value management evaluation model?Through the whole sample case study,the following conclusions are drawn:the mergers and acquisitions of New OTC Market enterprises have significantly positive impacts on the market value management performance of listed companies?Among the relevant factors of mergers and acquisitions,such factors as non-related mergers and acquisition,cash payment and small relative scale have better positive impacts on the mergers and acquisitions of New OTC Market enterprises by listed companies?...