Research On Risk Identification And Prevention Of High Premium Merger And Acquisition Of Listed Companies

In recent years,with the promotion of the supply-side reform policy,China’s capital market has ushered in a period of rapid development.In this context,Chinese listed companies focus on mergers and acquisitions,hoping to promote the rapid development of the company.Unprecedented high merger and reorganization enthusiasm,set off a large-scale merger boom.Among them,high premium merger and acquisition behavior is more common,and various risks implied by high premium merger and acquisition also bring certain hidden dangers to the healthy development of enterprises.In addition,the relevant departments have also introduced a series of encouraging policies.In October 2014,China Securities Regulatory Commission officially issued the revised material assets reorganization management measures,which pointed out that listed companies should clarify their assets reorganization work and standardize their mergers and acquisitions.The CSRC also said listed companies should be encouraged to make acquisitions.At the 2015 Central Economic Work Conference,it was proposed that in order to actively and prudently resolve overcapacity,more mergers and reorganizations should be carried out and fewer bankruptcies and liquidations should be carried out.The main purpose was to add vitality to the development of enterprises by means of mergers and reorganizations.Many listed companies through mergers and rapid development.With frequent mergers and acquisitions,mergers and acquisitions market high premium on mergers and acquisitions emerge in endlessly.However,high-premium M&A not only brings short-term prosperity to the enterprise,but also exposes the enterprise to various risks,which also makes the enterprise often bear a heavy burden after the completion of the M&A process.High premium and high performance commitment often go hand in hand.However,the target enterprise is likely to fail to fulfill its performance commitment for various reasons.At this time,the acquirer will fall into bad risks such as difficult to recover funds and impairment of goodwill.According to the relevant data,the failed behaviors of high premium merger and acquisition increase year by year.The failure of merger and acquisition will bring adverse effects to both parties,so the importance of preventing and identifying the risks of high premium merger and acquisition goes without saying.Therefore,research ju network science and technology of 3 d communication reason of goodwill in mergers and acquisitions and risk prevention is of great significance.On the basis of reading a large number of related literature at home and abroad,based on the behavioral finance theory,principal-agent theory and overreaction theory,this paper carries out an analysis of the case of three-dimensional communication company’s merger of Ju net Technology.This paper firstly discusses the basic principle of high premium risk in depth,and then introduces the basic situation of both parties and merger events.It also points out that the main reason is the management’s overconfidence,blindly following the trend and other behavioral factors,which contributed to the occurrence of the high premium M&A behavior,and finally formed the high premium M&A risk.After identifying and analyzing various risks in the process of M&A,this paper analyzes the operating conditions of 3D communication after M&A,and concretize the risks,so as to judge the risks brought by high premium M&A behavior and hope to reasonably control the risks of such M&A,in the hope that the listing formula can maintain rationality and reasonably estimate the M&A premium when implementing M&A behavior.Hope this article analysis to the capital market of mergers and acquisitions,regulators and standards setters and small shareholders to prevent high risk premium m&a provide certain reference.