The Research On The Motivation And Market Value Effect Analysis About The First Merger By A Share Swap Case On The New Tertiary Board

Compared to mature foreign capital market,the development of Chinese capital market is lagging behind.But the main capital market is running faster and faster,the new tertiary board is being more and more important as the main body of the OTC market.Merger by a share swap in common in foreign markets,but it is still not mature in Chinese market.In recent years,this kind of merger is becoming a booming style of merging in China especially on the main capital market.Now,the fist merger by a share swap on the new tertiary board appeared last year in China,while it will be an example in the long run.In recent years,under the guidance of macroeconomic policies,in order to accelerate the adjustment of industrial structure,and optimize the call for industrial processes,mergers and acquisitions took place in different area of China industry.Trying to figure out the motivation behind them,curving listed,in other words,borrowing other's qualification on the capital market is common in most cases.The first merger by a share swap on new tertiary board,Shanghai Junshi biosciences Co.Ltd acquisition case,is unique,which attracted the market's attention.In this paper,I'm trying to have a deep research on this merger case caused by Shanghai Junshi biosciences Co.Ltd.I'll take the qualitative and quantitative measures to complete the research on the motivation and the market value effects analysis about this case.And in this way,we can provide solid practical experience to the corporate on the new tertiary board,at the same time,making suggestions for the related market regulators and investors.