An Analysis Of The Effect Of Gambling Agreement In The Transformation Of M&A Of Listed Companies

With the improvement of the speed of national economic transformation and the deepening of supply-side reform,the traditional industry adjusts its business model and seeks for enterprise transformation.M & A transformation has become an important means for listed companies to seek development.In this process,the gambling agreement is a kind of agreement between the acquirer for the future uncertainty,plays an important role in the merger.According to the relevant information of investment banks,gambling agreements are more and more widely used in our country,but more than 60% of them cause huge losses due to the failure of management performance,and even are forced to transfer shares and lose control.From the current research at home and abroad,most scholars are based on the legitimacy of gambling agreement and incentive effect on enterprises to explore,need to more through the use of gambling agreement motivation,content setting and application effect and other related issues case study,in-depth understanding of the internal mechanism of gambling agreement,find out the general characteristics and rules of gambling agreement in equity financing to enterprises in equity financing reasonable and efficient use of gambling agreement to provide reference.The article selects Changsha Kaiyuan Co.,Ltd.to acquire Shanghai Heng Enterprise Education and Training Co.,Ltd.and Zhongda Yingcai(Beijing)Network Education Technology Co.,Ltd.Kaiyuan shares in the two years after the merger and acquisition of education business quickly became the main business,the fourth year to peel off the original main manufacturing business,smooth transformation.Based on the existing theory of action mechanism of gambling agreement,case study and financial index analysis are used to consider the role and corresponding effect of gambling agreement in the transformation of merger and acquisition,and some enlightenment to gambling agreement is put forward: through reasonable choice of gambling party,scientific setting of gambling performance target and appropriate supplement to other guarantee clauses,incentive and restrain the management of the merged party,improve the risk of acquisition integration and business transformation in the transformation,control the valuation risk and increase the possibility of gambling success.The main contribution of this paper is: through the multi-angle research from the M & A parties,this paper discusses the role of gambling agreement in the transformation of M & A,and provides a reference for the traditional industry structure adjustment business transformation to use gambling agreement.