Analysis Of Premium Influencing Factors In M&A And Reorganization Of TMT Industry In China

Since 2013,with the development of China's capital market,mergers and acquisitions have ushered in a development boom.As a general term for communication,media and technology,the TMT industry is of great significance to China's economic transformation and future industrial development.In recent years,the number of M&A transactions in the TMT industry has hit record highs,and there is a high premium phenomenon in the industry mergers and acquisitions.What causes this phenomenon to be worthy of our discussion.In general,the final pricing is negotiated based on the conclusions of the asset assessment.Therefore,from the perspective of asset evaluation,this paper studies the factors affecting the TMT industry M&A premium through theoretical and empirical analysis methods.Through the research of previous scholars,it is found that the premium factor of traditional industry can not fully explain the premium phenomenon of TMT industry objectively.The analysis of TMT industry premium should be combined with the characteristics and development law of the industry for comprehensive research and analysis.Therefore,based on the analysis and research of the factors affecting the premium by predecessors,this paper selects the financial characteristics of the target company(return on net assets,asset-liability ratio and intangible assets),transaction characteristics(payment method,evaluation method,Whether to obtain control),and three control variables(asset size,related party transactions and performance commitments)as independent variables,taking 126 cases of listed company M&A transactions in the Chinese main board market as samples,conducting empirical analysis,and the final result shows the premium rate It is significantly related to the six factors of ROE,asset-liability ratio,control,evaluation method,performance commitment,and related party transactions.The conclusion of the study explains the formation of the premium in M&A transactions in the TMT industry,and the main party is in mergers and acquisitions.Provide a reference for rational transactions and improve the quality of mergers and acquisitions.