| In 2008,the financial crisis swept the whole world,and western companies were deeply affected by it.Many companies were about to go bankrupt due to their inability to pay high debts.In China,the financial crisis has had a smaller impact.China has deepened its strategy of "going out and bringing in",encouraging Chinese enterprises to step onto the international stage and introduce advanced foreign technologies to China.In 2016,the number and scale of cross-border M&A reached the peak,and the ways of M&A became more diversified.For the first time,debt-assumed M&A emerged on a large scale in the capital market.Debt-assumed M&A was born in the process of restructuring state-owned enterprises.In 2016,cross-border M&A,for the first time,more representative debt-assumed M&A cases emerged.For example,Wanda Group’s merger with AMC of the United States and ATC’s merger with Air International...Due to the wave of debt default in 2018,state-owned enterprises found the right time to buy shells in the A-share market,and the concentration of debt-assumed M&A occurred for the second time with a larger scale.All things are difficult at the beginning.After the current owner has successful experience in debt-assumed M&A,the latter will start to follow.There will be more enterprises involved in debt-assumed M&A.At present,there is a lack of literature on debt-assumed M&A.In order to avoid the blind imitation of the latter,this paper analyzes the debt-assumed M&A from the aspects of motivation,key points and performance based on the existing M&A theories.Considering the representativeness of cases and the availability of data,this paper chooses two cases of debt-assumed M&A in cross-border M&A--JSTI merger with TA and FZB merger with CCI.These two cases are relatively large in the debt-assumed M&A,and the M&A events take place at similar times.This paper makes a detailed analysis of two cases of debt-assumed M&A,and explores the characteristics,application and performance of debt-assumed M&A.Bystudying two types of debt-assumed M&A from the three parts of the motivation,key points and performance of M&A,to enrich the literature of debt-assumed M&A,helps enterprises understand debt-assumed M&A,and tries to give some references to enterprises involved in M&A.This paper mainly consists of three parts: the first part,chapters 1-3,which lays the foundation for this paper.First of all,the introduction points out the argument and overall direction from the research background,significance,content structure,method and innovation.Secondly,define the concepts mentioned in this paper,such as debt-assumed M&A.Again combing domestic and foreign debt-assumed M&A related literature.Due to the lack of existing literature on debt-assumed M&A,the research results on the motivation and performance of M&A are analyzed.Finally,based on the literature,this paper introduces and analyzes the theoretical basis.The second part,chapters 4-7,is the main body of this paper.The reason and general situation of the two cases are presented,and then the logic of theoretical analysis is extended,layer by layer.The reasons,key points and performance of M&A are analyzed one by one,and the results of the two cases are compared.The third part,chapter 8,draws the conclusion.This paper summarizes the conclusions in the second part of the analysis process,points out the shortcomings of this paper,puts forward suggestions for improvement,and looks forward to the future research direction of debt-assumed M&A.There are still the following deficiencies in this paper: first,the two selected cases occurred in 2016,which took about four months to complete.The time to reflect the post-merger performance is short,which cannot reflect the long-term performance and has limitations.Secondly,both the event study method and the financial index method use publicly available data,which cannot guarantee the accuracy of stock price and financial data.For the above deficiencies,it is necessary to track and study the performance of M&A for a longer time. |
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