Study On The Control And Control Of M&A Risk In The Design Of The Share Payment Scheme For The Precision M&A Of Star Emblem

In recent years,China's economic strength has been greatly improved,and the enterprise merger and acquisition trading activities have increased significantly.With the gradual completion of the relevant acquisition capital market system,the payment schemes adopted by enterprises in the process of merger and acquisition have also shown extensive.The arrangement of the merger and acquisition payment plan should not only be in line with the actual situation of the enterprise,but also play a favorable influence to achieve the role of risk prevention and control.However,the research on merger and acquisition payment schemes in China is relatively single,and the research results in mixed payment are relatively few.Therefore,this research can enrich the literature on merger and acquisition payment in China,provide reference for enterprises that use mixed payment methods for merger and acquisition activities,and can improve relevant laws and policies.In order to deeply explore the role of the payment scheme design in the merger and acquisition activities on the prevention and control of merger risks,the paper uses the literature investigation method and the case analysis method for multi-angle analysis.Firstly,this paper expounds the merger and acquisition payment scheme,and introduces the signal transmission theory,control dilution theory and cash flow limited theory.Second,select star emblem precision merger and acquisition payment scheme design as the specific object of the shares of case study,through the basic situation,merger and acquisition background,merger and acquisitions and acquisition payment scheme of payment tools,payment consideration,payment arrangement,to further explore star hui precision merger and acquisition payment scheme prevention and control risk.Then,this paper identifies the risk of the merger and acquisition preparation stage,the transaction stage and the integration stage based on the HHM modeling method,and excavates the correlation between the merger and acquisition risk and the payment scheme.Finally,based on the above research results,the corresponding conclusions and enlightenment are presented.First of the paper,the hybrid payment method of cash + shares is used in the payment tools to prevent and control the regulatory risk,equity dilution risk and financial risk,and the financial management risk and human resource integration risk in the integration stage.Second,in terms of consideration payment,the two-way performance compensation agreement can prevent the valuation risk in the transaction stage and the integration stage;the asset impairment compensation clause can prevent and control the target selection risk in the merger preparation stage and the valuation risk in the transaction stage to a certain extent.Third,in terms of payment arrangement,the payment method is selected in installments,which arrangement can well prevent and control the financial risks in the transaction stage and the human resource integration risks in the integration stage.Through case analysis,first,should reasonably use payment method and choose the target enterprise according to the strategic objectives;second,pay attention to preparation before merger and encourage mixed payment to reduce acquisition risk in merger and acquisition;third,reasonably determine the payment price to scientifically arrange payment time;fourth,the setting of performance compensation clause is important to prevent and control acquisition risk;and fifth,setting performance compensation clause is necessary.