Research On Convertible Merger Of Exchange Ration

From the end of the 19 th century to now, the western developed country has experienced five large-scale wave of mergers and acquisitions, with this, enterprise mergers and acquisitions in our country also got rapid development, the merger between enterprises is increasingly frequently, the cash pressure comes from frequent m&a has made the way of payment got larger changes, from the beginning of the cash payment to mainly dominated by stock payment now, this way is called convertible merger or stock-for-stock merger. Convertible merger is stock-for-stock, this way can avoid the a lot of cash outflow under the cash payment, so favored by the company badly in need of expansion. In the convertible merger, enterprise value assessment, determination of share exchange ratio, the value effect evaluation and so on are more important, which the accuracy of the share exchange ratio determined is the key to the success of the convertible merger. The research on convertible merger, especially on the determination of share exchange ratio can provide reference and guiding for the healthy and stable development of China’s capital market, correctly guide the asset restructuring of listed company, convertible merger, and the effective utilization of resources, what more important is that this research can provide reference and guiding for the mergers and raising money of the listed companies.This paper is based on introduced of the exchange merger related basic theory and the determined method of exchange ratio, choose the case of salt lake potash fertilizer merger with salt lake group analysis, trial the determination method of stock exchange rate, analyst the applicability of these methods, and compare the actual exchange rate in case with the trial results. In conclusion: the exchange ratio model used in the case is relatively accurate, also puts forward my own views: when determining share proportion, can undertake the final weighted average to each method, concluded a comprehensive exchange rate determination method. Finally put forward the suggestions for determining the exchange ratio.Innovation of this paper lies in: First, so far, only a few scholars in-depth and meticulous research on m&a cases after the full circulation. This article selects the representative merger case after full circulation of the stock market, introduces the theory and method of m&a and exchange ratio, and in the article by actual test cases to determine the rationality of the share exchange ratio; Second, in this paper, the various variables and adjustment parameter in these models have certain innovation. Such as in the " the EPS of the beginning not be diluted" as the constraint condition model, when I analyze synergies in this article, I adopt the method in this article is analyst of the elasticity value of I; last, at the same time, at the end of case analysis, I put forward my own innovative ideas, when determind the share exchange ratio, we can weight average of each method finally, it is concluded that a new method for determining the proportion of share exchange.