Analysts Pay Attention To The Research On The Quality Of Mergers And Acquisitions Under The Tender Offer Method

In recent years,with the continuous progress and development of China's capital market,there are more and more M&A cases.Among them,tender offer has attracted more and more investors' attention because of its obvious advantages of fairness,justice and openness.However,the results are not always good,and the quality of mergers and acquisitions varies widely.As an important participant in the capital market,analysts provide more reference for investors in the market.The purpose of this paper is to discuss whether analysts' attention affects the quality of M&A and how analysts' attention affects the quality of M&A.In this paper,the case study method is adopted.This paper selects the case of zhejiang agricultural development co.,ltd.'s offer to purchase tianbang co.,ltd.to study the impact of analysts' attention on the quality of M&A under the mode of tender offer.The case analysis is mainly expounded from three angles of information transmission,external supervision and internal pressure.The study found that,first of all,in terms of information transmission,offer is offer to all shareholders,usually has the problem of high cost of acquisition,zhejiang agriculture development can be achieved by day the condition the analysts of state shares attention to promote the degree of information discovery,reduce the information asymmetry of both parties,and the reference analysts professional information interpretation and information feedback,to a reasonable valuation day state shares,to avoid excessive M&A premiums paid,which affects the quality of mergers and acquisitions.Secondly,in terms of external supervision,state shares to day tracking through brokers and analysts overall high reputation,the strength is stronger,attention degree is higher,and the analyst can high quality high levels of make up to day state shares in the market of the shortcomings of the external supervision,on the day the state shares on the effect,reduce the enterprise high tube,and the incidence of the misconduct,moderate enterprises agent contradiction,promote enterprise's intrinsic value,then the quality of the mergers and acquisitions.Finally,in terms of internal pressure,analysts research report of the stock rating,and the content of the profit forecast,can to enterprise reputation pressure and external pressure of profit,the track research have been carried out to day state shares in,is generally a positive investment rating and positive earnings forecasts,day state shares are under pressure must be reasonable allocation of resources,improve the efficiency of investment in order to achieve expected,thus improve the management ability and profitability of enterprises,provide the basis for the merger synergies production.To sum up,this paper makes a comprehensive analysis of the research problems from the perspectives of information transmission,external supervision and internal pressure,and based on the analysis results of this paper,puts forward relevant suggestions for analysts' concerns in the market and enterprises' M&A activities.There are few literatures on the influence of analysts' attention on M&A quality in previous researches.The analysis and research in this paper can enrich the related researches on analysts' attention and M&A quality.