Research On The Performance Of Equity Acquisition Of Listed Companies

The development of China’s capital market has liberated the function of resource allocation,and mutual acquisitions between listed companies have become more frequent.The large-scale stock ownership transactions involved in the process of equity acquisition,placard purchase and stock issuance,can easily lead to changes in the company’s shareholding structure,and the company’s performance will be affected.If the equity acquisition behavior is not handled properly,it will not only damage the operation of the listed company,but also harm the interests of the minority shareholders.Equity acquisitions are often accompanied by the use of highly leveraged funds,involving many stakeholders.If the supervision is careless,it is easy to breed a large number of financial bubbles and generate financial risks.Whether it is from company performance gains,governance structure or maintaining financial market stability,equity acquisitions between listed companies are worthy of our attention.Therefore,by analyzing the relationship between equity acquisition and performance,we can find the key points that are prone to problems in the equity acquisition process,and propose targeted improvement measures to promote the healthy growth of listed companies and prevent the occurrence of hostile takeovers.The stable development of China’s financial market.This paper takes Vanke’s equity acquisition as an example to analyze the impact of equity acquisition on its market performance and financial performance.This paper first elaborates on the concepts of corporate governance,control market,equity acquisition and anti-acquisition,and the concept of acquisition performance.Subsequently,the domestic and foreign scholars’ research on the acquisition and anti-acquisition,the change of the target company’s performance after the acquisition and the factors affecting the acquisition performance were reviewed,and the views of these scholars were summarized.Then,the third part of this paper divides the whole process of Vanke’s equity acquisition into three stages: explosion,intensification and closing,including the capital investment and funding sources of the participants,and the changes in the equity structure of Vanke at special time.Vanke responded to the counter-attack strategy of hostile takeovers and changes in the attitude of the regulatory authorities in the process.The fourth part of this paper divides the impact of equity acquisition on Vanke’s performance into two aspects: market performance and financial performance.The market performance study uses the event research method,using the cumulative abnormal income method(CAR)to analyze the short-term changes in Vanke’s performance 20 days before and after the time of the acquirer’s equity acquisition;using the purchased stock maturity long-term gain method(BHAR)selection A total of 43 months from June 2015 to December 2018 was used as an observation period to analyze the impact of equity acquisition on Vanke’s long-term market performance.In the financial performance,DuPont analysis,economic value added method and balanced scorecard method were used to study the impact of equity acquisition on Vanke’s performance.After this part of the study,it was found that the equity acquisition had a positive impact on Vanke’s performance,and only a few special events had a negative impact on Vanke’s performance.Finally,the problems found in the case were analyzed and summarized,and some inspirations were obtained.Specific countermeasures and suggestions were proposed to the acquirer,the regulatory body and minority shareholders.It is hoped that China’s capital market will gradually improve and promote the stable and healthy development of China’s financial market.