Research On Motivation And Synergy Of Merger And Reorganization Of Listed Companies From The Perspective Of Group Control

At present,China is in a crucial period of economic growth and industrial restructuring.As an important part of the market economy,all kinds of enterprises are also facing important choices of transformation and development in this stage of economic system reform.The development of traditional industries has gradually entered a bottleneck,with problems such as slowing growth and overcapacity becoming increasingly prominent.Strategic emerging industries are growing rapidly,and the demand for financing to support industrial development is further amplified.In this context,mergers and acquisitions as an important way to promote the re-integration of resource elements and achieve optimal allocation can effectively promote the adjustment of industrial structure,alleviate the contradictions such as overcapacity,and promote the accumulation of capital to key areas.In recent years,more and more mergers and acquisitions are used in the capital operation of enterprises,and the mergers and acquisitions market has also achieved rapid development.With the gradual improvement of the capital market and the implementation of the requirements for the development of modern enterprises,the participation of enterprise groups in mergers and acquisitions has gradually increased.The development strategy of enterprise groups and their role in transactions have an important impact on the motivation,business integration and the realization of synergies of mergers and acquisitions,thus determining the success of mergers and acquisitions.Therefore,the construction of the overall control system of enterprise groups is an important guarantee factor for mergers and acquisitions.On the basis of the existing literature,this paper analyzes the generation of listed companies' merger and reorganization motivation and the realization of synergy effect from the perspective of group control.On the basis of combing the research methods and theories,this paper describes the performance of the market scale,regional and industry distribution,audit policies and other aspects of mergers and acquisitions from the perspective of the development status of the listed companies' mergers and acquisitions market in our country,and analyzes the characteristics and related risks in the participation of enterprise groups,the selection of merger and acquisition targets,and the modes of merger and acquisition transactions.In order to further study the influence of group control in enterprise group's participation in mergers and acquisitions,this paper selects a representative case of Tongwei's dual main business mergers and acquisitions.On the basis of introducing the transaction background,transaction scheme and expected effect,it qualitatively analyzes the design of control ideas in mergers and acquisitions of Tongwei Group,the controlling shareholder of the enterprise group,and Tongwei Share,the capital operation platform of the enterprise group.From the perspective of group control,it studies the motivation of photovoltaic asset injection,the integration of agriculture,animal husbandry and photovoltaic business sectors and the realization of various synergistic effects in this transaction.Through case studies,this paper finds that mergers and acquisitions are an important way to realize the transformation and development of enterprise groups and enhance the value of the group.Accurate grasp of industry development trends is an external boost to the success of mergers and acquisitions,while the control of the entire merger and acquisition process by enterprise groups is an endogenous driving force for the success of mergers and acquisitions.The research direction of this paper is in line with the development trend of the M & A market at this stage,which can provide enlightenment and reference for similar enterprise groups to broaden their industrial layout ideas and improve the effect of industrial layout,thus helping the healthy development of China's market economy.