Real Financial Innovation Or Transfer Of Benefits? Taking The Case Study On The Acquisition Of Wan Ji Energy By Jiaozuo Wanfang

Enterprise acquisition is an inevitable phenomenon under the market economy system,and it is also a kind of t ransfer of ownership between enterprises.Enterprises can quickly grow their com prehensive strength through the acquisition of behavior in a short tim e.However,because the purchase behavior of the transaction object is not ordinary goods shelves,but extremely complex enterprise,which also determines the acquisition behavior is a huge and com plex project.But for vari ous reasons many companies in mergers and acquisitions didn't r ealize the size of shareholders "f inancial innovation",on the contrary,the phenomenon of “tunneling” has become increasingly serious and gradually become a tool for larg e shareholders to expropriate small shareholders wealth.Therefore,the study of the interests of listed companies and financial innovation behavior is related to the vital interests of shareholders,but also related to the steady development of the national economy and national interests.This paper a ttempts to study the existence of financial innovation and the interests of the transfer behavior of mergers and acquisitions,and draw inspiration for reference.In this paper,a case study is conducted to investigate the controversial case of Jiaozuo Wanfang acquisition of Wanji energy.In summ ary based on previous studies and research achievements on the theory,combined wi th the inf ormation asymmetry theory,resource-based theory and through the relevant financial analysis,prior to the acquisition occurred and after the two tim e periods as the research or ientation,and through to the Jiaozuo Wanfang acquisition funds,Target Corp,Wanji energy com pany information,Jiaozuo Wanfang performance commitment and future incom e guarantee,oil and gas measurement audit,the interna l management of the company,shareholders and investors change change change,after the acquisition of the m ain business,stakeholders and financial data changes in the ten aspects of analysis.The author com bines the financial knowledge of the author with the case study,combining the econom ic theory with the financial data,in order to get more convincing conclusions.This study shows that: Jiaozuo Wanfang acquisition of Wanji energy existed the transfer of benefits.Perform ance as follows:(1)this acquisition did not bring to enhance the profitability of Jiaozuo wanfang.(2)be fore the acquisition,Jiaozuo Wanfang did not do the basic selection and acquisition of Target Corp,the capital of Jiaozuo W anfang are missing,the acquisition project and in part through the acquisition of the form of liability.(3)after the acquisition of the project,the management of the company,the shareholding structure of shareholders,small investors have changed.(4)the acquirer does not match the acquisition of funds to match the quality of resources,the acquisition of the performance of the commitment to the future and there is a small possibility of revenue guarantees.(5)the biggest beneficiary of this acquisition is China aluminum,fund companies and corporate executives,and the company's performance and didn't play a good role in prom oting.Thus it is difficult to exclude the existence of the interests of the transfer of suspects.