Research On The Merger And Acquisitions Of Small And Medium Sized Enterprises In The New Three Board Market

The new three board market as an emerging market,regardless of the scale of mergers and acquisitions or mergers and acquisitions quality,access to more and more attention and favor of investors.In recent years,with the degree of concern rised,the scale of financing on the rise,there are statistics that in 2015 the scale of financing more than the GEM board,in the long run,the economy continues to improve,the new three board has become an important part of Chinese capital market,and has become the main battlefield of the merger and reorganization of enterprises in China.Most of the new three Board companies are innovative enterprises,mergers and acquisitions for the survival of the existence and development of the enterprise has injected new vitality.This paper from the development trend of mergers and acquisitions,the scale of the new third market in China with the analysis of the importance of mergers and acquisitions exist,and will be the new three board market mergers and acquisitions are divided into two types,namely,active and passive acquisition of mergers and acquisitions,and the corresponding typical case analyses.In the active merger type,the choice of Jiuding group's acquisition of Zhongjiang real estate case analysis,a comprehensive analysis of the merger and acquisition process technique,found a series of problems,such as walking,mergers and acquisitions operation prospects of the company Zhongjiang real estate subject uncertainty,single payment caused tremendous financial pressure;analysis passive merger type is the acquisition of shares in the Xintai skyline material case,from the amount of mergers and acquisitions and other aspects of the results found the industry sustainable profit uncertainty and management ability of the enterprise after the merger of doubt,unable to meet the capacity and improve the technology lag problems in the process of mergers and acquisitions.Through case analysis,policy implications of a comprehensive and systematic study on the new third market mergers and acquisitions,put forward the improvement of the new board system of mergers and acquisitions standards,establish a complete system of valuation of mergers and acquisitions,improve the comprehensive competitiveness of small and medium-sized enterprises,the rich three new board mergers and acquisitions payment instruments and so on,To provide reference for the healthy and sustainable development of the new three board market.