Analysis On The Influence Of Gambling Merger And Acquisition On The Performance Of Listed Companies

After the gambling method enters China,more and more are used in investment,mergers and acquisitions,and performance commitments from an innovative M&A contract form gradually become an important part of the listed company's M&A restructuring.On the one hand,it can reduce the risk of mergers and acquisitions of mergers and acquisitions by stimulating the management of the acquirer to achieve the effect of improving and guaranteeing performance.However,there are also reasons such as the unreasonable signing of the gambling agreement and the nontracking investigation after signing the agreement,which leads to the failure of the gambling.Therefore,based on this,this paper selects the case to study its experience and principle of gambling success.The overall framework of this article is:Firstly,the research results related to the gambling agreement at home and abroad are summarized,and the classification is based on the different viewpoints of the article,including the reasons for the gambling method,the factors to be considered in setting the terms of the gambling agreement,and the factors affecting the effect of the gambling method.aspect.Then introduce the basic concept of related gambling methods.Secondly,according to my own research ideas,the author formed his own basic theory from two aspects: the internal mechanism of the incentive mechanism of the bet type merger and acquisition,and the specific performance of the bet type merger and acquisition.On the one hand,from the strategic coordination,responsibility sharing,performance sharing these three perspectives,I think the merger of bets engages in motivational activities by performance results from the time point elongated to the time period,performance bearers are expanded from unilateral to bilateral,risk and performance sharing operation under the concept of sharing.On the other hand,I think the merger of bets is mainly manifested in adjusting valuation cost,connecting bet agreement with enterprise performance through incentive compensation,and alleviating moral hazard in daily supervision and management.Thirdly,combined with the basic theoretical basis mentioned above,the industry background of zhongji Xuchuang and the actual situation of the company,the case analysis is made.On the one hand,from the specific project performance evaluation,the use of financial and non-financial performance method,found that compared with non-financial indicators,the way of gambling on the impact of financial indicators is more obvious,and the impact of short-term indicators than long-term indicators are more obvious;On the other hand,through the evaluation of comprehensive performance indicators and the application of principal component analysis method,this paper selects the enterprises in the same industry from 2015 to 2017 as the research samples,and finds that the case company quickly becomes the industry leader after cross-industry mergers and acquisitions by means of bet mergers and acquisitions.Finally,the paper concludes that the reason for the success of the bet is: first,the bet goal has accessibility and sharing,does not deviate from the reality;Second,it can give the acquired a free management decision-making power and create incentive space for the management.But there are still some deficiencies need to be corrected:(1)his performance time is too short to reflect its long-term strategic;(2)it fails to consider the possibility of macro risks.It is too rigid and puts too much pressure on managers,which makes it impossible to reassure the management of the acquired party.(3)without a detailed list of rights and responsibilities,it is impossible to control the whole process,leading to low operability.Therefore,three Suggestions should be given to solve the above problems :(1)set up repeated betting structure;(2)establish relevant supplementary guarantee agreement;(3)identify risk points in links and strengthen responsibility supervision.On the whole,the contribution of this paper is to explain the internal incentive mechanism of the bet merger and acquisition.In view of the selected typical cases of the bet agreement of Zhongji Xuchuang,the paper summarizes the possible reasons and connotation principles for the success of the bet and verifies them.It provides a reference for the merger of similar enterprises,helps them to make better decisions,helps other enterprises to clarify the actual situation of their own development when making bet,improves the possibility of bet success,and helps to improve the overall enterprise's ability to control the risk of bet agreement.