| After entering the 21 st century,China began to implement the equity split reform program,which also made China's capital market began to enter the era of full circulation,which brought the norms and systems for the entire market economic system.Due to the further in-depth marketization,the innovativeness and dynamism of various restructuring businesses have also been improved.Listing is a very effective financing method for companies to expand their development.The overall listing is a common and direct method in today's society.In this way,it is possible to align its development plan with the company's strategic goals and improve the company's operating efficiency.Through the development of Chinese agricultural and pastoral enterprises for many years,it can be seen that if the agricultural and pastoral enterprises want to further expand and develop,they still have to raise funds through listing,and promote their development and increase the efficiency of their operations through the vast capital market.Wens achieved overall listing through the way of share swap absorption and merger.It is the first company in agriculture and animal husbandry to use this method to achieve the listing.From this point,it can be seen that in the future,the agricultural and animal husbandry enterprises will gradually move toward the capital market.According to the merger and acquisition plan,the ratio of this share conversion is 1:0.8070.Wens has absorbed and merged according to nearly 60% of Da Huanong's market value.After the share swap absorption and merger was successful,Wens also became the first company on the GEM to achieve overall listing through this method,and quickly became the “giant” of the GEM,which became a new birth for the entire A-share market.This article is divided into three parts.The first part includes the first three chapters of this article.The introductory part of the first chapter is to elaborate the research background and significance of this paper,and put forward its own research methods and general technical roadmap.Finally,it lists the innovation points of this paper.The second and third chapters summarize the related research theories and research status at home and abroad,so as to better do the basic work for the case.The second part is the fourth chapter of the case part of this article.The analysis of Wen's share swap absorption and merger with Da Huanong's case was firstly an introduction to the entire merger process,followed by an analysis of the performance of Wen's shares through the three methods of event research method,financial indicatoranalysis method,and comparative analysis method.Shortly after the overall listing,shareholder wealth grew rapidly and the market responded positively to the overall listing.However,in the long run,the benefits of the overall listing are not very significant.With regard to the decline in various indicators,combined with the comparable company law,the valuation analysis of Wen's shares reveals that there are indeed valuations on the day of listing of Wen's shares.High phenomenon.The third part is Chapter 5 and Chapter 6.The fifth chapter is mainly to study and analyze the case of Wen's share swap absorption and merger of Da Huanong,and put forward countermeasures and inspirations for the problems found in it.The sixth chapter is a summary of the essays and an explanation of the deficiencies in the writing process. |
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