| Over the past decade, the pace of development of Chinese stock market is for all to see. For the historic reasons, on Chinese stock market, Related-party M&A in listed companies are widespread now. The impact of Related-party M&A is wide, so, Related-party M&A has become the focus of attention. Companies hope to achieve a variety of synergy by Related-party M&A, improve operational performance, but a large of studies have proved the high failure rate of M&A. Neglecting the existence of financial risks and can not effectively control the implementation of Related-party M&A are the key factors causing failure. So, it is a very emergent practical problem to clear the impact factors and control the financial risk. At recent years, the research on the theory and practical corporate Related-party M&A become more much than before. But empirical research on the relation between some financial risk factors related like payment, relative size of target enterprise, leverage and Related-party M&A failure or distress is less to be viewed in China, which is something tended to do by this paper.This paper mainly researches the Related-party M&A financial risk of bidder. Based on the former research, both empirical and normal research methods are used in this article. First of all defining the Related-party M&A and the financial risk of it, analyzing the causes, clarify the neglecting of financial risk is the reason of unable to meet this expect. And then, based on the advancing of mechanism of financial risk, analysis the impact factors of Related-party M&A financial risk, at last make hypothesis test of related factors of financial risk by using logistic regression and get the early warning model of Related-party M&A financial distress. Basted on the conclusion of the study, this paper gets some advice that controlling the financial risk of Related-party M&A in order to provide reference, at the same time promote the implementation and exert the maximal synergy of the Related-party M&A. |
