A Study On The Mode Of Dual-listed Companies' Stock-for-Stock Based On The Case Of CSR Merger And Acquisition Of China CNR

The concept of Stock-for-Stock refers to a certain percentage of stock swaps between the target company and the main company,which is terminated after the target company's qualification is merged,or the target company eventually becomes the merger of the main company and the company.In order to optimize the related processes of the dual-listed companies in the exchange and merger,and provide new ideas for the dual-listed companies to convert shares,this article first sorts out the relevant theories,then examines the current situation of the Chinese company's share swaps and introduces the impact on the Chinese companies.The influencing factors of the payment methods used in mergers and acquisitions are integrated,and the analysis shows that when the company's cash flow is relatively tight,it is suitable to use stock payment.Afterwards,this paper combines the case of China Southern Locomotive and China North Car Corporation,and discusses the problems encountered in the merger plan,the motivation for merger,and the problems encountered in the process of merger.Finally,this article gives some optimization countermeasures for dual-listed companies in terms of convertible mergers:1.Exploring the most appropriate method for determining the exchange ratio of the company's own situation;2.Reducing government intervention;3.Choosing the most suitable method for its own situation.The exchange of mergers and acquisitions can significantly reduce the occupation of cash flow from the traditional mergers and acquisitions.The dual-listed companies can use exchanges and mergers and acquisitions to resolve the competition in the same industry and expand their market share,which deserves further study.