Motivation,Strategy And Market Reaction Of Enterprise Anti-Merger

There are goodwill and hostility in mergers and reorganizations between different enterprises,and hostile mergers and acquisitions will lead to anti-mergers and acquisitions of merged companies.Anti-merger refers to the actions taken by the target company to prevent hostile mergers and acquisitions and to prevent the transfer of corporate control.With the changing environment of the securities market and the advancement of the reform of non-tradable shares in recent years,anti-mergers and acquisitions are more and more frequent with hostile mergers and acquisitions,and the corresponding anti-mergers and acquisitions strategies also show a diversified development trend.If hostile mergers and acquisitions occur in the market,there will be anti-mergers and acquisitions.Therefore,the renewal of M&A strategy will also bring about relative anti-M&A methods.Based on the theory of anti-M&A behavior,strategy and market reaction at home and abroad,this paper divides KangDaEr’s anti-M&A case into four parts.Firstly,it describes the general situation of KangDaEr Group and JingJi Group,and introduces the hostile merger and acquisition of JingJi to KangDaEr Group and the whole process of KangDaEr Group’s anti-merger and acquisition against KangDaEr Group.At the end of the first part,it introduces the final result of the case,that is,KangDaEr’s anti-merger and acquisition failure and JingJi’s entry into KangDaEr Group.Secondly,based on the anti-M&A motivation theory,this paper explains in detail why JingJi is hostile to the M&A of KangDaEr.Thirdly,the different anti-M&A strategies in the process of M&A are decomposed and analyzed.Fourthly,by analyzing the excess return rate of KangDaEr on the three event nodes during the anti-M&A period,we can judge whether KangDaEr’s anti-M&A strategy makes the market respond positively or negatively.The occurrence of KangDaEr Group’s anti-M&A case of JingJi has put forward higher requirements for the relevant government regulatory departments,and has brought many enlightenments to listed companies in corporate governance.The government needs to follow up institutional innovation and improve legal norms;enterprises need to strengthen anti-M&A awareness in the process of corporate governance,formulate anti-M&A system to prevent,and in the face of hostile M&A behavior,they need to take appropriate anti-M&A measures to effectively fight back;on the sail of the ship’s power,people’s power is in the heart,whether in the process of pre-prevention.In the process of hostile mergers and acquisitions after neutralization,management should pay attention to the rights and interests of all shareholders,especially the rights and interests of small and medium-sized shareholders,and protect the rights and interests of shareholders from infringement.The main innovations of this paper are as follows:First,there are few anti-M&A cases of non-listed companies to listed companies,but in reality,such cases are relatively frequent.Secondly,although there have been a few studies on this case before,there have been no relevant case studies since the complete failure of KangDaEr Group in September 2018.Therefore,the case in this paper has a certain degree of analyzability.Third,the event study method planned in this paper is also unique in the quantitative analysis of market response modeling.