Study On The Stock Convertible Merger And Performance Of Greatwall Technology Group

In recent years the world economy is still in the depth adjustment and recovery,the world's major economies have different performance,stabilization in the national economy running slow,good stability,supply side to reform the initial results,the reform of state-owned enterprises also accelerated the pace,coupled with the rapid development of capital market,stock circulation is becoming more and more freedom,with a share swap m&a has become a popular way of mergers and acquisitions on the domestic market.Since the merger is not affected by the enterprise scale and financing ability,it avoids the outflow of a large amount of cash,saves the objective transaction cost,and can reasonably avoid tax in the financial aspect,providing a new idea for the listed companies to expand at a low cost.Therefore,stock exchange merger and acquisition will become the main way of merger and acquisition in the securities market after the settlement of the problem.Great Wall computer share swap absorption merger case information,has strong market demonstration effect,is an important event in China's capital market development process,is the state-owned listed companies become bigger and stronger the beneficial exploration,this paper first introduces the research background and research significance,reviewed the related literature at home and abroad,defines the share swap absorption merger related concepts,and stock exchange merger patterns,m&a motivation,theory were summarized,such as performance evaluation method for the following case study to lay a theoretical basis.Secondly,in the case introduction section,the background of both sides of the merger and acquisition is explained,the merger and acquisition plan is described in detail,and the motivation of the merger and acquisition is briefly described.Again,in case analysis part,focuses on analyzing the process of merger and the combined influence on enterprise performance,from the perspective of both mergers and acquisitions,analyzes the reason of choose convertible merger share proportion design and strategy,the cash option,and through the market reaction,financial indicators,and EVA comprehensive performance analysis to study the effects of mergers and acquisitions and changes in many aspects.Finally,through the analysis of the Great Wall computer stock exchange absorption merger process and the merger after the completion of the performance changes summed up the corresponding conclusions and recommendations.In this paper,by adopting the combination of theoretical research and case study methods,fully understand the ins and outs of the case company with a share swap absorption merger,through the analysis of the share swap absorption merger process and the impact on the performance,summarized the merger,in this paper,the following conclusions,first,to choose the right means of merger and acquisition is the key of the merger is completed;Secondly,the stock exchange ratio is determined as the most important link in the merger,which directly affects the success or failure of the merger.Third,share exchange,absorption and merger have increased profitability and improved short-term performance.On this basis,some Suggestions on adopting stock exchange merger and acquisition are summarized.First,pay attention to the integration of resources after merger and improve the performance of merger and acquisition.Secondly,multiple methods should be integrated to avoid the disadvantages of a single method.Thirdly,market expectation should be taken into account in m&a valuation and market value management should be strengthened.