Research On The Problems Of Financial Risk Of Mergers And Acquisitions Of China Growth Enterprise Market Companies

Since the reform and opening up,China's economy has been on a straight path to become the world's second largest economy.In recent years,China's economy is seeking transformation,and China's development direction is changing from traditional manufacturing industry to high-tech industry.The gem market is the gathering place of high-tech enterprises,and the gem listed companies are the backbone of China's economic transformation and future development.Gem listed companies in their own business development,at the same time,also continue to carry out mergers and acquisitions and restructuring,through mergers and acquisitions to expand the size of enterprises,achieve strategic goals.Since 2013,the gem of merger,acquisition and reorganization of listed companies in China shows a tendency of rapid growth in quantity and amount for,slightly cool until 2016,in the process of the acquisition of high premium phenomenon such as the frequent,lead to the late goodwill impairment risk is greatly increased,the market investors,listed companies and related regulatory authorities began to gradually attaches great importance to the m&a financial risk's defensive problems.This paper combines theory with case study.Firstly,it narrates the financial risks and related theories of risk management of enterprise mergers and acquisitions,sorts out the existing theoretical basis,and then expounds the status quo of mergers and acquisitions and financial risks of China's gem listed companies.Then,taking the case of the lion roar merger of fast game technology,this paper expounds the background of the lion roar merger of fast game technology,analyzes in detail the valuation risk,financing risk,payment risk and integration risk faced by the lion roar merger of fast game technology,and summarizes the measures taken by fast game technology in the face of risks.Finally,the author puts forward some countermeasures and suggestions to prevent the financial risks of mergers and acquisitions of Chinese gem listed companies.For the valuation risk,the enterprise may use the performance reward way to reduce the risk.In terms of financing risks,m&a enterprises should broaden financing channels,obtain merger and acquisition funds by means of convertible bonds,and relax the issuing conditions of convertible bonds in terms of policies.For the risk of payment,the gem market can reduce the risk of equity dilution caused by the share-for-shares merger by opening the dual-class share structure.For integration risks,attention should be paid to the integration of financial organizations,human resources and core technology and business.