Research On Influencing Factors Of Real Estate Enterprises M&A Risk

In recent years,with the implementation of macroeconomic regulation and control of the real estate industry,the real estate market competition is becoming increasingly fierce,real estate enterprises,especially small and medium-sized real estate enterprises are faced with extremely difficult survival and development environment.This provides favorable conditions for the country to actively promote the merger and reorganization of real estate enterprises to effectively solve the domestic real estate enterprises,as the real estate market concentration is low,the regional development is not balanced,product structure is unreasonable and a series of issues to speed up the realization of China's real estate industry to upgrade and healthy development,but also for a large number of small and medium-sized real estate enterprises to get rid of their own survival and development difficulties provide an opportunity.However,due to the large amount of investment in the real estate industry,the high corporate debt ratio,the long construction period and the uncertain factors,the real estate enterprises M&A are complicated,the number of participants is large and the amount of funds required is large,and the relevant laws and regulations is not sound,the property market is not standardized,therefore,in the current domestic market and institutional environment for the implementation of real estate enterprise M&A have greater risk.This paper analyzes the characteristics of the real estate industry,the main purpose and the way of real estate enterprises M&A,and studies the four main risks in the process of real estate enterprises M&A,including legal risk,financial risk,integration Risk and project risk.On the basis of the above,the author analyzes the factors of real estate enterprises M&A risk from the external environment,the internal situation of the target enterprise and the transaction and integration of the real estate enterprises M&A,summarizes 22 influencing factors of real estate enterprises M&A risk.The impact of the risk factors on the real estate enterprises M&A effect was investigated by the relevant practitioners.The 14 key influencing factors were identified by TOPSIS method.In view of the key influencing factors of real estate enterprises M&A risk,the author puts forward the countermeasures to control the influence of asymmetric factors,control the influence of uncertain external factors,pay attention to the design of M&A transactions and pay attention to integration of the real estate enterprises M&A.Commissioned professional intermediaries to assist the investigation,focusing on the objectives of the enterprise to review the contingent,to grasp the target enterprise project development status,develop a perfect M&A agreement;make M&A decision before the project area of the market environment,familiar with the real estate control policy;according to the financial position of the mergers and the financing capacity of real estate enterprises,development the mixed payment structure,design different financing methods portfolio;before the merger to consider the difficulty of integration,the development of a reasonable integration plan,standardize the management of the target enterprise,to take the form of the management of the target enterprise,appropriate personnel integration measures.The research of this paper provides a theoretical basis for real estate enterprise M&A risk management.