Research On The Premium Rate Of Listed Companies' M&A And Its Influencing Factors

The essence of any M & A is a transaction,the key to determine whether the success of the transaction is price,M & a premium is the core issue.In this paper,in western scholars about the merger premium theory and Research on the basis of summing up,and Chinese scholars about the merger premium research results,using control usufruct theory and tunneling support theory and foreign scholars research results,through the listing placement of the assets of the company and set out in two ways,each way from the proportion of transfer of shares in the target company and the target company is the transfer of a controlling interest,trade relations between the two sides(whether related party),payment transactions,involved in five aspects of party property and effect of China's listed companies Acquisition Premium factors.In 2008-2014 8 years,the selection of the 2880 cases of mergers and acquisitions in line with the use of Eviews multiple regression analysis,the following conclusions are drawn:First,process of assets into listing Corporation,the factors influence on merger premium rate than listing Corporation to set out the process of rapid response.Second,merger and acquisition premium increases with the transfer ratio increased,but not significantly.Third,the transfer of control over the acquisition premium is greater than the control of mergers and acquisitions,especially in the process of asset placement of listing Corporation.Fourth,placement of the assets in the process,related party transactions of listed company M & a premium higher than with independent party transactions Acquisition Premium;assets set out in the process,related party transactions of listed companies acquisition premium is lower than that of non related party transactions Acquisition Premium.Fifth,usually one party to a transaction involves state-owned property acquisition premium rates are much lower than the other properties of the M & a premium,but regardless of the buying and selling of state-owned assets will increase the value of state-owned assets.The six,the stock payment premium rate is far lower than the cash payment,cash payment and stock in the mixed payment of the highest premium rate.Through descriptive statistics and empirical analysis,we can see that the control usufruct theory and tunneling theory support for on the national conditions of our country,and between the related parties through the tunnel of the secret of tunneling and propping of listed companies,through the proposed some suggestions hope China's M & a premium and rationalization,mergers and acquisitions in China to towards the direction of healthy development.