On The Development Of The Creativity Of Postgraduates

With the improvement of China’s capital market and the completion of the share-trading reform,the degree of openness of the securities market has increased year by year,and the B-share market has gradually lost its value.In the 21 st century,the development of the B-share market has entered a state of stagnation.In the past two decades,no new shares have been listed,and the market size has been decreasing.The financing function has been lost and has almost been marginalized.B-share companies are facing a turnaround.The problem of the board needs to be solved urgently.At present,there are nearly 100 listed companies in my country’s B-share market,of which 80 are listed on both the A-share market and the B-share market.Therefore,merging companies listed on both the A-share market and the B-share market through the use of share swaps is the best way to deal with it.The case of Midea’s merger Little Swan selected in this article is the first classic restructuring project in China’s capital market where an A-share listed company absorbs and merges companies listed on both A-shares and B-shares through a cross-sector share swap.This merger is innovative and representative,and cross-sector mergers and acquisitions are relatively For single-sector mergers and acquisitions,the research on the exchange criteria and cash options will be more complicated,so its analysis has more practical significance.This article first analyzes the motivations for the merger.As we all know,Midea Group has over 50% of Little Swan Holdings in 2014,and it has absolute control in both legal and controlling entities.However,Midea Group did not hesitate to do so in2018.Losing the rare "shell resource" of Little Swan,this kind of merger of its listed companies and their cancellation is very rare.Even the Shenzhen Stock Exchange sent a letter of inquiry;secondly,it analyzed the rationality of the exchange price.Relatively reasonable;later use the net assets per share method,the per-share price method,the LG model method,and the earnings per share method to get a reasonable conversion ratio range,and the actual conversion ratio of the merger is within this range.Relatively reasonable;in addition,the use of comparable transaction method to analyze the rationality of the cash option,because the cash option given to Little Swan B-share shareholders is relatively low,it infringes their rights to a certain extent;finally,the event research method and the financial indicator analysis method are used.And economic value-added method to study the integrated performance after the merger,and judge the actual effect after the merger.Through the case study,we can know that the development cycle of the home appliance industry and the special macro environment have created a suitable merger opportunity,and at the same time improved the corporate performance and comprehensive strength of Midea Group.For listed companies,the price per stock market is used as the share exchange ratio.The basis for determination is the most appropriate,but the cash option granted is not conducive to Little Swan B-share shareholders,and to some extent violates the rights and interests of small and medium shareholders.Based on the research results,this article gives the following suggestions: The application of share swap and absorption merger in my country is relatively short,and there is still a long way to go.Mergers and acquisitions companies should make reasonable judgments based on their own circumstances,and choose a suitable method of merger and acquisition;in the process of merger,they should reasonably determine the conversion price and Share exchange ratio;improve the cash option pricing mechanism to protect the legitimate rights and interests of shareholders of both parties;at the same time,improve the laws and regulations of my country’s share exchange merger to make the development environment of the capital market more and more sound.