Research On The Efficiency Of Chinese Enterprises Mixed Merger And Acquisition

Enterprise merger,acquisition and reorganization as a capital market to one of the important means of reallocating resources,to a large extent affected the assessment of enterprise value,is also a hot issue in research of assets appraisal in recent years.M & A activity began in the late19 th century,in the 1980 s,a wave of mergers and acquisitions in western countries is emerging,especially since the 90 s,the enterprise m&a is intensifying,and the size,the length of time,the effect of widely is unprecedented.In today's market economy developed countries,enterprises pay more and more attention to use mergers and acquisitions the means to expand the business,realization of production and capital concentrated,achieve the goal of enterprise external growth.Due to the division of different industries,mergers and acquisitions activity involved in different ways.Mixed mergers and acquisitions,it refers to enterprise raw material supply,production,product sales are not directly relation between enterprises mergers and acquisitions,mixed mergers are often in order to expand the business scope or scale.Academia and practice of the existing research results at home and abroad show that mixed merger theory is the most popular synergistic effect,which is 2 + 2 > 4,however,we found a lot of mixed mergers enterprises exist purely financial benefits,on the basis of pure financial benefits,Form a number of controversial views,One Shasstri extensionanalysis model is the assumption that the two companies have different variance of cash flow,debt ratio and debt maturity,to explore the pure financial benefits of the existence of mixed mergers and acquisitions.Pure financial benefits from the perspective of financial risk value enhancement in essence emphasizes mixed m&a should not only focus on the financial enterprise scale,reduce the cost of financing such benefits,more should pay attention to mix the risk of merger and acquisition may bring to the company,or due to the change of the uncertainty caused by mixed m&a.But so far,the mix of mergers and acquisitions to produce pure financial benefits in the academia has not caused enough attention in our country,does not specifically for the benefit of mixed m&a in our country to analyze the specific practice test results.On this basis,this paper introduced the Shasstri extension analysis model,In capital market,different rights holders rights after m&a rise or fall as the focus,combined with the typical cases,thinking about the present situation of the mixed mergers and acquisitions of listed companies in our country,further enrich the enterprise mixed m&a theory,but also to promote a new round of mergers and acquisitions in China provide meaningful theoretical enlightenment value creation.