Research On Financial Behavior And Risk Controlling System In M&A Of Listed Companies

At present, Enterprise's mergers and acquisitions is not only a significant way for the company to develop itself, but also a vital item to its capital-working under the conditions of market economy. It has become an important means for enterprises to enlarge scale, enhance strength and improve efficiency all over the world. In China, Reform of non-tradable shares begun in 2005 has come to the end. After the reform, the increasing investment value of Stock in domestic market will be more and more obvious. Many listed companies whose finance is stable, sales performance is prosperous could bring continuous return for shareholders, but its value is still not found well by the market, which will be the focus for investors. The listed companies' merges and acquisitions will be the vivid characteristic in the capital market. But at present, China's current main models of merging financing are indebted and endogenic, it leads to the increase of debt-to-asset ratio and financial leverage, and add the bad factor of immoderate liability structure, the financial risk increases worsely, finally it will deteriorate the financing ability of merging, and increase the risk probability.This thesis consists of six chapters. Chapter 1 introduces the order and meaning for choosing the theme, summarizes present domestic and overseas study, tells the main route and methods; Chapter 2 tells the financing structure theory, static and dynamic state risk-controlling system; Chapter 3 describes the current financing behavior in the west and analyzes the risk in each behavior; Chapter 4 analyses the Reform of non-tradable shares and the changes of Stock in domestic maket under the current Enterprise Law and the Securities Laws; Chapter 5 puts forward the measures of controlling financial risk according to China's present status and the trends; The last chapter elaborates the case of Delong' fast mergering process, analyzes the financing behavior and risk control points. The thesis studies the available financing behavior and the corresponding relation between each financial model's cost and risk when make financing decision, and then establish the controlling system of the financing risk. The studying object is Stock in domestic market, methods are criterion and demonstration. It uses Capital Structure Theory and Financial Risk Controlling Theory, takes comparative and factoral analytical methods to analyzes the risk and design the financing behavior and controlling system after the Reform of non-tradable shares and the corresponding series of laws issued.