Study On The Influential Factors And Countermeasures Of "BT To VAT" In Insurance Industry

With the pace of economic globalization,the wave of mergers and acquisitions was also initiated one by one at different times,but it was not until the beginning of the 21 st century that China's accession to the WTO,China's corporate mergers and acquisitions and cross-border M&A activities gradually became more frequent.In the case of cross-border mergers and acquisitions in China,the ratio of successful acquisitions does not exceed 30%.Most of the cases of merger failures are due to the lack of attention to various financial risks in the M&A process.Analyzing and summarizing the financial risks in M&A activities is conducive to deepening the understanding and understanding of the financial risks of M&A activities,and has great theoretical and practical significance for improving the success rate of M&A activities.This paper first analyzes the background environment of Guangming Group's cross-border mergers and acquisitions,and summarizes the relevant research conclusions of domestic and foreign scholars.Then it introduces the relevant theories about cross-border mergers and acquisitions and financial risks,and elaborates on the causes and classification of cross-border mergers and acquisitions and financial risks,and lays a theoretical foundation for the later case analysis.In the case analysis part,this paper first analyzes the motivation of Guangming Group's cross-border merger and acquisition of Weetabix,and uses SWOT analysis to analyze the advantages,disadvantages,opportunities and threats faced by both parties.Then the merger process was introduced in detail.Based on the previous theoretical basis and the financial data in the audit reports of Guangming Group before and after the merger and acquisition,the various financial risks faced in each stage of the merger and acquisition were analyzed and combed in detail.Next,the Z-value model was used to quantitatively analyze the size and trend of the financial risks of Guangming Group before and after the merger.Analyze the control measures taken by Guangming Group to cope with the financial risks of each stage,and conclude that the merger as a whole is relatively successful.In this case,the full-leverage financing,club financing,bridge financing,the opportunity to issue US dollar debts,and the initiative to invite international credit ratings and other financing methods are worth learning.The use of financial instruments and innovation have greatly reduced the Guangming Group's The financing cost further promoted the successful landing of the merger.Finally,draw conclusions and summarize the inspirations and suggestions that are worth learning from other companies in this case,and contribute to the improvement of the success rate of Chinese enterprises in cross-border mergers and acquisitions.