The Research Of The Share Exchange Merger In Domestic Companies

With the deepening of opening-up, domestic corporations will be confronted with intensified competition from more and more very powerful famous overseas MNC. It is worrying that domestic corporation will be obviously disadvantaged in this competition for the small-scale. Accordingly, competitive domestic MNC can be built up through large-scale recombination of many small corporations. By share exchange M&A, domestic corporations lacking in capital will rapidly grow into bigger competitive corporation through securities business. Certainly, this act will have direct effect on our country's international competition. Furthermore, among quite a few companies and leading corporations born in the planned economy era, there exist many problems, for example, repeated investment, improper industry composition and structure, which restrict these superior companies to expand. Thus, it is the only way to realize industry upgrade and improve competitiveness that playing the capital market's roll of resource collocation and carrying out the principle of natural selection in the same business.We conclude the general characteristic of share exchange M & A by analyzing the M & A cases actually operated among companies of the stockmarket, from which we deeply study the two key point, how to calculate the share exchange rate and how to choose the fiscal method, then we bring forward our opinion to offer domestic companies some reference in practice.In this special topic, two creative viewpoints, calculating the share exchange rate base on relevant value both sides and applying the share exchange M & A in company's leaving stock market, are significative to domestic companies. In practical research, there exist effect on final research result, such as half-baked and inaccurate data. But it has no essential influence on the study's reference price in practical operation.