M&A Can Improve The Gem Companies?

Since 1898,was born in the world since the first m&a event,so far,more than one hundred years in the world caused a wave of mergers and acquisitions for many times,each time the wave of mergers and acquisitions have far-reaching influence on the global economy.Therefore,the research literature about listed company merger and acquisition events at home and abroad are very abundant.Mainly popular in the international is currently the main board market and the growth enterprise market,but because of the growth enterprise market later than the establishment of the main board market,especially in the growth enterprise market set up time is in October 2009,so scholars to study on the gem companies m&a events are very low.And since in recent years,the gem companies due to its high growth and high technological characteristics,combined with the limitations of its own development time and scale,but also frequently use mergers and acquisitions means to expand the development of the company,and the huge influence on the economic development of China.So for the gem companies m&a research is necessary.By studying the gem companies mergers and acquisitions,will be able to give the gem on the market company provide certain reference significance.Considering the domestic and foreign research literature about the company’s merger and acquisition event is applied the method of empirical analysis for the specific case of mergers and acquisitions research is rare,so this paper mainly adopts the method of case analysis,combines the specific case of melamine environmental protection to study m&a can improve the gem company performance problems.After carefully reading a large number of references,combined with synergistic effect of m&a theory,theory of market power and signal transmission theory puts forward four propositions that are companies through mergers and acquisitions can produce synergies,to improve the company’s performance;Companies through mergers and acquisitions to improve market share,and thus promote the company’s performance;Under the asymmetric information,the development of the enterprise merger and acquisition activity will make investors optimistic about the company,increase to buy shares in companies,so as to promote the company’s short-term results;M&a can improve the gem company performance.Then use non-financial indicators,financial indicators,EVA index and shares of the securities market related to the analysis of index,combining qualitative with quantitative analysis to verify the four hypothesis proposition.Through the verification,found that 3 get together the environmental protection in good absorbing the technology of the target company after the merger qualification,engineering design experience and talent,completed itself and the coordination of the target company.And because the target company is also the business of petroleum and chemical,for melamine on the direct environmental protection provides a certain market resources;And,on the indirect 3 get together the environmental protection target company completed the work package technology development,expand the energy to purify the market scope in the field of integrated services.While the short-term effects of melamine environmental m&a because under the influence of non-public stock,have not got any good short-term economic benefits.Then through the analysis of the company’s performance finally found that m&a can improve the gem companies 3 get together the performance of environmental protection,to prove that mergers and acquisitions problems proposed in this paper.At the same time at the end of the article puts forward several professional accounting enlightenment joint itself.