The Case Analysis Of Merger And Acquisition Based On The Case Of Nan Yang Shares And Topsec

In recent years,China's market economy has developed rapidly,and high-tech companies have emerged one after another.In order to meet the objective needs of China's economic development,since October 2013,China's SME share transfer system(New Third Board)has gradually expanded to the entire country.With the advancement of the reform of the New Third Board,and the catalysis of institutional dividends,government support,and social capital,the number of companies in the New Third Board market,the amount of non-public issuance financing,and mergers and acquisitions and restructuring events have all exhibited explosive growth.This has emerged many high-quality companies with good financial performance and strong innovation capabilities.The New Third Board has gradually become an important "target pool" for mergers and acquisitions of listed companies.At present,most of the listed companies are located in the traditional manufacturing industry.In addition to the current economic slowdown and structural adjustment,the decline in operating profits and the limited space for growth are increasingly evident.Mergers and acquisitions,as one of the strategic decisions commonly adopted by enterprises in economic and social development,has brought about many positive effects in improving corporate management efficiency and optimizing the allocation of social resources.This paper selects the case of mergers and acquisitions of listed companies three new board for the study.This article mainly adopts the combination of literature research and case study methods to analyze the case of Nanyang shares M&A Topsec.In literature research,from the aspect of mergers and acquisitions motives,performance,and processes,the paper summarize relevant domestic literature and abroad.In the case study section,this article firstly introduced the basic situation of mergers and acquisitions,the process and results of mergers and acquisitions.Then,combining the merger and acquisition report and annual report data of both companies,this article analyzed the rationality of the valuation of the underlying company of the merger and acquisition,followed by the the effect of the acquisition on Nanyang Corporation and the impact after this merger.Finally,based on the research conclusions,this paper puts forward some feasible suggestions on the merger and acquisition toward companies.Through case analysis,this paper has studied some results.Firstly,before the merger and acquisition,the company selects the company to be merged and acquired according to the concept of strategic cooperation and development.Secondly,it is necessary that to design a reasonable program of mergers and acquisitions including transaction considerations and optimal merger and acquisition payment methods.Thirdly,focus on the integration of management and operations after mergers and acquisitions.Based on the above analysis,some advice for companies who are desired in Merger and Acquisition to purchase the new three boards is proposed.