Research On The Impact Of Exchange Inquiry Letters On Leveraged Mergers And Acquisitions Under The Background Of Strengthened Supervision Of M&A Information Disclosure

There are common problems in M & A information disclosure of listed companies in China.Leveraged M & A,as a way of M & A,is more strict in terms of information disclosure requirements and dependence.In this case,in order to strengthen the control of information disclosure,The requirement of information disclosure is strengthened,and the exchange inquiry letter has become a new way to strengthen the supervision.Based on the above background,it is of certain significance to study the impact of the exchange inquiry letter on leveraged mergers and acquisitions.On the one hand,from the practical significance,we can verify the effectiveness of the current M & A information disclosure supervision,warning enterprises to strengthen the M & A process of information disclosure;On the other hand,the theoretical research can enrich the related research of exchange inquiry letter and leveraged merger and acquisition.This paper first combs and summarizes the previous research on leveraged mergers and acquisitions,information disclosure and exchange inquiry letters through the method of literature research.Secondly,a case study of Longwei Media's highly leveraged M & A culture in 2016 starts with the problems existing in Longwei Media M & A information disclosure,and analyzes the influence of the exchange inquiry letter and reply letter on the leveraged M & A transaction.And the subsequent impact of M & A failure.Through the case analysis,it is concluded that when the quality of M & A information disclosure is not good and the information disclosure content is not true and incomplete,it will lead to the inquiry letter of the exchange,and the content of the reply letter will become a part of the M & A information disclosure.The supervision of the inquiry letter of the exchange confirms the problems of the information disclosed by the enterprise,increases the doubts of the financial institutions on the repayment ability of the borrowing enterprises,and affects the credit evaluation of the borrowing enterprises by the financial institutions,which will have an impact on the leveraged M & A financing.The success or failure of left and right leveraged mergers and acquisitions.At the same time,it should be proved that with the continuous strengthening of M & A information disclosure supervision,the exchange inquiry letter system is effective and reduces the risk of M & A to a certain extent.In order to reduce the risk of M & A information disclosure and the impact of exchange inquiry letters on leveraged M & A,first of all,enterprises should strengthen their own information disclosure and improve the quality of information disclosure in order to improve the credit ability of enterprises.Reduce the risk of financing and promote the smooth completion of leveraged mergers and acquisitions.In addition,the relevant government departments should continue to strengthen the external regulatory system.Constantly strengthen the supervision of M & A information disclosure and improve the standard of information disclosure;Strengthen the construction of information disclosure platform,make the information disclosed by the company more transparent,reduce the degree of information asymmetry of all parties,promote the smooth and effective completion of leveraged mergers and acquisitions,and jointly promote the good development of the capital market.