The Financial Risk Research Of The Internet Listed Companies' M&A In China

M&a is the enterprise important means of resource allocation,and fight for market share.Since the 21 st century,China's Internet industry is the key to expanding period,m&a has become China's Internet industry to occupy market share,one of the important means to enhance their competitiveness,the listed company due to their own development needs more actively and actively to market,merger and acquisition targets.However,the valuation,financing,payment,such as integration of financial risk is also cannot be ignored,if not effectively controlled,is bound to hinder the long-term development of listed companies on the Internet in our country.Current studies of Internet mergers and acquisitions of listed companies in China financial risk,and the vast majority is a case study,difficult to meet the needs of the current Internet companies m&a.For this reason,this article is based on domestic and foreign scholars on the study theory of the financial risk of other industry mergers and acquisitions,exist in 2014-2015 m&a behavior of listed companies as samples,19 Internet to collect the two years before and after the mergers and acquisitions and mergers and acquisitions of financial data as sample data,using the F-score model combining with the relevant financial indicators on China's Internet mergers and acquisitions of listed companies financial risk quantitative assessment.But because of the limitation of this empirical quantitative analysis,considering the value link and integrate link involves negotiation ability,information symmetry,financial system and personnel integration issues,etc.,it is difficult to find the appropriate indicators to quantify,therefore,this paper carries on the quantitative analysis of financing risk and payment risk,combined with the relevant financial indexes of integrated risk auxiliary analysis,using SPSS statistical analysis software is analyzed and concluded that,in turn,put forward the corresponding countermeasures,aiming at Internet reduce mergers and acquisitions of listed companies in our country finance risk to provide more reliable basis.This article first corporate mergers and acquisitions at home and abroad are summarized the related research literature of financial risk carding and evaluation,and then defined in this article to study financial risks of mergers and acquisitions and other related concepts,and then to estimate that exist in the mergers and acquisitions,financing,payment and integration of financial risk analysis,on the basis of this puts forward the four hypothesis,using the F-score model,combined with the relevant financial indicators on China's Internet carries on the quantitative analysis the financial risk of the listed company merger and acquisition,according to the research hypothesis is divided into four research group,deal with the sample data,using SPSS statistical analysis tool observation summary data change trend of general and individual,validate assumptions come to the conclusion.By the SPSS statistical analysis found that the Internet the financial risk of listed companies since the merger was increased year by year;China's Internet when choosing m&a financing way of listed companies,only consider,in the form of issued shares by way of financing is too single;Compared with pure cash payment and stock payment,found that mixed pay actually is more advantageous to reduce the m&a financial risk;M&a behavior caused a decline in Internet solvency of listed companies after the merger,but the profit ability is improved.On the basis of the results of empirical study,this paper in order to prevent the Internet two countermeasures: mergers and acquisitions of listed companies financial risk in our country the Internet should be combined with their own enterprise's capital structure of listed companies,debt paying ability,such as cash flow ability of obtaining comprehensive considering multiple financing methods,such as preferred shares or bonds;When choosing a payment method,if the target does not exist insufficient funds or acquisition of shares of the market is undervalued,under the premise of the mixed payment is the best choice.