Research On The Performance Of Main Board Listed Companies' Mergers And Acquisitions Of New Third Board Companies Based On Market Value Management

Global stock exchange appeared after the reform of share division,all the shareholders have the same rights.At this time,the interests pursued by all shareholders tend to be the same,which is the maximization of shareholders' rights and interests.Combining with China's temporarily immature capital market,quoted companies will gradually enhance their awareness of market value management of enterprises and actively pursue the synergy between external market value and internal value of companies.Scientific,rational and efficient use of market value management means to improve the performance of enterprises can not only increase and synergize the internal value and external market value level of quoted companies.Moreover,it can maintain or even improve the economic benefits of all shareholders of the company.However,how to rationally,scientifically and effectively select and utilize market value management means has become the focus of attention of quoted companies.Mergers and acquisitions,as an important means of market value management of quoted companies,have been paid more and more attention by the majority of quoted companies.Especially in the traditional and relatively backward industries such as machine tool industry,it is almost impossible to meet the needs of the expansion of enterprise scale and new market by entirely relying on the endogenous self-development of enterprises.If you want to become a giant in the industry,you must rely on the extension growth brought by M&A and restructuring to change the strategic position of enterprises,so as to meet the needs of the times and the market.At the same time,with the gradual improvement of China's multi-level stock market construction,as well as the construction of over-the-counter capital market,especially the new third board market,is also developing rapidly.The number of mergers and acquisitions and the size of the transaction scale of the new third board companies,especially the mergers and acquisitions of quoted companies,showing a steady growth trend year by year.From 2012 to the end of 2017,more than 400 mergers and acquisitions have taken place between quoted companies on the main board and new third board enterprises,involving a total transaction amount of 95.5billion.Based on the multi-level capital market,which has made great progress in recent years,and the rapid development of the new normal construction of the new economy in China.On the basis of comprehensive research in this paper,it makes a detailed analysis of the impact of mergers and acquisitions of new third board enterprises on the market value management performance of quoted companies on the main board.Based on the study of M&A and reorganization,market value management theory and the comprehensive theory of market value management performance of quoted companies,this paper deeply analyses the impact of the acquisition of Yawei shares by Wuxi Chuangkeyuan on the market value management performance of quoed companies.This case makes a detailed analysis of the motivation of the M&A from the four aspects of national policy,industry situation,company strategy and the target of M&A.Then it makes a comprehensive analysis from the path of the M&A activities affecting market value management.It deeply analyses the impact of the M&A on the value creation ability of enterprises from the environment of M&A,the effectiveness of M&A activities and the motivation of M&A,which is the enterprise market.The impact of value management performance.Finally,it constructs a market value management performance evaluation system to analyze the impact of the M&A from three aspects of market value management performance in detail.According to study the case,M&A and reorganization can improve the ability of quoted companies in value creation,value management and value realization,and then promote the performance of market value management of quoted companies.At the same time,there are potential risks in the implementation of mergers and acquisitions.If the integration of enterprises is not good in the later stage of mergers and acquisitions,it will also have a negative impact on the performance of market value management.Therefore,when choosing the target company for mergers and acquisitions,enterprises should not only comply with the development needs of market economy,but also conform to their own development strategic positioning to select the best mergers and acquisitions Through the analysis of this case,I hope to provide some experience for other quoted companies which also plan to use M&A and restructuring to improve the performance of market value management.