Research On The Motivation And The Value Of Listed Companies' M&A Of Internet Enterprises Based On The Valuation Perspective

In recent years,the events that listed companies as the main acquisitions participate in the M&A of Internet enterprises have occurred frequently.Because of its industry particularity,many Internet companies' assets are light,and there is no positive cash flow in early days,which causes that it is difficult to evaluate the Internet enterprises.Listed companies are based on what kind of motivation to merger Internet companies so frequently,and the value of M&A of Internet business is whether appropriate or not during the acquisition process are both worth to study.As the upsurge of mergers and acquisitions of Internet enterprises initiated by listed companies just occur in recent years,the study of the motivation of listed companies' M&A and the judgments of the value of M&A of Internet companies are relatively rare in both domestic and foreign areas,and this is just the focus and meaning of this study lying.This paper firstly analyzes the current situation of the overall M&A of the Internet industry and the status quo of listed companies' M&A of Internet enterprises,and leads to the concept of M&A development strategy of listed companies.Then based on the perspective of M&A strategy,the paper analyzes the motivations of mergers and acquisitions of In ternet companies and the composition of the value of mergers and acquisitions of Internet companies,especially the elements of their strategic value.Finally,two sets of empirical analysis are made to try to find out whether the motivation of M&A of list ed companies will affect the value of M&A of Internet companies and whether the difference between the final price and the book value or the valuation of the trading assets has the relationship with the stock price changes of listed companies during the process of mergers and acquisitions,and to analyze the degree of recognition on the current high value of the Internet companies in the capital market,and eventually both assumptions have been confirmed.This study can help people effectively analysis and master the motivation and the value of listed companies' M&A of Internet enterprises.