| Under the background of new business forms and new consumption patterns actively encouraged by the Chinese government,e-commerce methods such as online shopping,online services and live broadcasting have become the key direction of residents’ consumption development.Promoting the integration of online and offline consumption is the endogenous driving force to activate emerging residents’ consumption.However,many traditional enterprises have the problems of low efficiency and rising cost of sales channels.They urgently need to realize online development through transformation and improve their product structure.M ＆ A can help traditional enterprises to achieve rapid transformation,but in order to ensure the smooth completion of M ＆ A,enterprises often choose high premium M ＆ A,which brings great risks to the development of enterprises.The choice of M ＆ A mode is an important factor to determine whether an enterprise can succeed in M ＆ A.How to innovate the M ＆ A mode and reduce the financial risk in high premium M ＆ A has become a hot issue in M ＆ A.This paper takes the high premium M ＆ A event of Dehua Tb New Decoration Material Co.,Ltd.（hereinafter referred to as "Tubao"）as an example,and takes the M ＆A mode innovation and financial risk control measures as the starting point to explore the impact of M ＆ A mode and risk control measures on its M ＆ A results.On the basis of previous studies,combined with relevant theories,this paper first combs the Tubao’s M ＆ A event,and analyzes the main M ＆ A modes of Chinese enterprises and the characteristics of different M ＆ A modes.Secondly,it explores how Tubao carries out M ＆ A model innovation and financial risk control according to its own situation.In this paper,Tubao uses the "bridge" way of major shareholders to acquire the Duoying network,solves the problem of insufficient funds and avoids the financial risk caused by high premium M ＆ A.At the same time,gambling agreements were signed during M ＆A,and reasonable settings were made in terms of due diligence,performance commitment,compensation terms and reward mechanism to reduce the financial risk of high premium M ＆ A.Finally,the results of Tubao’s high premium M ＆ A are analyzed from the stock price fluctuation caused by the M ＆ A event and the changes of financial indicators after the M ＆ A,and compared with the industry average.The analysis shows that the capital market has a positive attitude towards Tubao’s M ＆ A,and the company’s share price,market value,financial indicators and the comparison before M＆ A have increased significantly.This paper combines theory with cases,focuses on the analysis of enterprise high premium M ＆ A mode selection,and establishes a connection with financial risk control.Provide some suggestions for other enterprises in the industry on the selection of high premium M ＆ A mode and the control of financial risks. |
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