The Impact Of Listed Companies' Mergers And Acquisitions Of New OTC Market Enterprises On Corporate Performance

As an important part of China's multi-level capital market,New OTC Market is slowly highlighting its important market position.However,the rapid expansion of scale has not fundamentally solved the problems of poor market liquidity,financing difficulties and unfair pricing.After 2015,the IPO channel has gradually narrowed.In order to achieve rapid cash withdrawal or rapid disguised IPO,most NEEQ companies tend to be merged by listed companies.The New OTC Market has gradually become a natural �target pool� for listed companies to choose M&A targets.At present,the research on mergers and acquisitions at home and abroad mainly focuses on the overall perspective.However,from the specific case,the paper cuts into the unique New OTC Market background in China,and explores the literature on the impact of listed companies on the performance of the NEEQ enterprises.Therefore,in order to make up for The shortcomings of the existing literature research,this paper selects the specific cases of listed companies to acquire NEEQ enterprises to study these problems,which has practical significance and application value.This paper expounds the related concepts and theoretical foundations of listed companies'acquisition of NEEQ enterprises,and sorts out the market size,reasons,methods,general processes and timetables and existing problems of Chinese listed companies'acquisition of NEEQ enterprises.By selecting the case of the listed CANMAX M&A NEEQ enterprise Yeso-med in 2015,we learned the motives,specific processes,plans and problems in the process of mergers and acquisitions.In addition,the problems that are concentrated in the M&A process are summarized:the resistance of cross-board M&A is large,the number of shareholders of the New Third Board enterprises and whether the target company delists and judges the valuation rationality.And use the event research method to measure the short-term market reaction of listed companies and comprehensively compare the changes of long-term financial indicators,in order to explore the impact of mergers and acquisitions of NEEQ enterprises on the performance of listed companies.Finally,the relevant research conclusions were drawn:the acquisition of the NEEQ enterprise Yeso-med did not have a significant positive impact on the listed company CANMAX ultra-net performance in the short term;it even had a negative impact in the long run.The merger and acquisition incident damaged the listed companyCANMAX Super Net minority shareholders'equity in the short term.The merger and acquisition incident has brought an absolutely positive impact to the shareholders of the NEEQ company Yeso-med in the short term.This led to the corresponding recommendations-improve the new three board market mergers and acquisitions system,strengthen information disclosure;encourage mergers and acquisitions of payment methods to diversify,extend the lock-up period;strengthen cross-board mergers and acquisitions supervision,protect the interests of minority shareholders;focus on cross-board mergers and acquisitions,Improve integration efficiency.