| Since the 21 st century,the Internet industry has continued to develop rapidly in China.This development is not only reflected in the continuous replacement of the social model.The upgrading of more and more companies' operating models is the greatest wealth that the Internet brings to us.From the traditional manufacturing to the service industry,many companies want to catch up with this "Internet Express",so they have turned their attention to the capital market and want to upgrade their own operating models and expand their strategic layout by acquiring Internet companies.Internet companies,also need to rely on the resources of large enterprises to develop themselves,due to their short establishment time and small scale.So there is a market for the two-party.In 2015,Internet companies has entered a peak period of M&A.But Internet companies are different from traditional manufacturing companies,and their returns may far exceed the total assets of the themselves,and the proportion of intangible assets is relatively high.This is "asset light".It is also the reason why that the Internet companies,whether as mergers or acquisitions,will generate high premiums when they are in mergers and acquisitions.Internet finance,as an important branch of the Internet industry,has received more and more attention from consumers in recent years.Similarly,as "asset-light" companies,they often have a higher premium when they are acquired,and this premium will pose risks.In this context,it is of great practical significance to analyze the new industry formats and obtain a more fair value evaluation model by studying the case of high-premium mergers and acquisitions by Internet financial companies.So what are the reasons for the high premiums when domestic Internet-related companies are acquired? What risks does such a merger bring? What impact will high-cost mergers and acquisitions have on the company's future development? These are the issues that this article will study.First of all,this article conducts an in-depth analysis of M&A cases,and summarizes the reasons for the high premium formed by the merger from four aspects: synergy,target off-balance sheet assets,asset evaluation method selection,and industry dividends.Secondly,this article analyzes the risks that the premium merger may bring to the enterprise,and examines the changes in the company's own performance after the high premium merger.Finally,it draws corresponding conclusions,and puts forward corresponding prevention and improvement suggestions from the perspectives of the government,enterprises and investors in view of the problems in the case.This article hopes to achieve the following purposes through this case study: 1.To provide case basis for listed companies' M&A integration and expansion.In the context of the enthusiasm of mergers and acquisitions of mergers,acquisitions,integration and restructuring of listed companies in China,the level of merger and acquisition premiums has shown a rapid increase,but the uncertainty of high-merge mergers and acquisitions and the potential for economic losses may lead to a decline in stock prices once the market is aware of them.Through the study of specific cases,it is found that the problems exposed in premium mergers and acquisitions can provide reference and inspiration for the new round of high premium mergers and expansions of Chinese enterprises.2.Provide ideas for related departments in the supervision of high-premise acquisitions.At present,many cases of mergers and acquisitions tell us that high premiums are sometimes a tool for large shareholders to snatch company interests.In order to protect the interests of small and medium investors,regulators must strictly supervise premium mergers and acquisitions.This article can also provides useful idea for the gulators when they manage some similar premium mergers and acquisitions and provides suggestions for Internet-related companies to improve their asset pricing methods.. |
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