Risk Study On Tomson Becker'S High-Premium M&A LSG

In recent years,with China's economic and social development,corporate structural adjustment and transformation and upgrading are imminent,and mergers and acquisitions have become an important way for enterprises to develop rapidly.At the policy level,the state encourages local companies to “go global”.Through cross-border mergers and acquisitions,they have rapidly improved their market competitiveness,and overseas mergers and acquisitions have developed rapidly.Under the combined effect of rising social demand,intensified industry competition,and national policy guidelines,enterprises have set off a wave of high-premium mergers and acquisitions in the process of mergers and acquisitions.How to form a high premium in the process of mergers and acquisitions,and what kind of risks the higher premium will bring to the future operation of the enterprise are all hot topics of social concern and discussion,and are also worth studying in depth.Based on theories such as synergy effects,this paper attempts to take the typical case of Tomson Baker's M&A in Australia as a research object,analyze the reasons for the occurrence of high-premium mergers and acquisitions and the risks associated with high-premium mergers,and draw certain conclusions and enlightenments.The research idea of ??this article is to first elaborate and analyze the relevant theories of high-premium mergers and acquisitions,and then introduce the basic situation and merger and acquisition process of both sides of the merger and acquisition.The main factors for the formation of high premium;secondly,this article explores the hidden risks from three aspects of finance,goodwill impairment,and corporate value.By comparing the changes of financial indicators before and after mergers and acquisitions,it is found that high premium mergers and acquisitions lead to Tomson times health Increased debt pressure,decreased profitability and operating capacity,and increased financial risks;in terms of goodwill impairment,asymmetry in corporate valuation financial data,decline in sales of purchasing and pharmacy channels,and excessive suppliers Factors such as concentration and uncontrollable product quality are threats that lead to impairment of Tomson's goodwill.In terms of corporate value risk,premium mergers and acquisitions have driven stocks to rise,but management has experienced a “reduction tide”,and the impairment of goodwill brought about by premium mergers and acquisitions has caused abnormal fluctuations in the company's stock prices,which has negatively affected small and mediumshareholders.Wealth effect,the short-term market response is poor.Through the analysis of high-premium M&A cases,this article draws the following enlightenment from risk prevention measures: First,M&A companies should do a good job of target selection and evaluation before M&A,comprehensively consider the hard and soft power of target companies,and a reasonable valuation is Avoid the source measures of high premium;secondly,in the face of premium mergers and acquisitions,companies can take corresponding risk control measures,such as targeted additional issuance,attract the merged management team to accelerate business integration,or promote performance by signing a performance-to-gambling agreement To achieve the agreed performance level,etc.;after the merger and acquisition,an effective integration plan should be designed to improve the efficiency of integration and give full play to the positive effects brought by the premium.