Research On The Issue Of High Premium Valuation In The Merger And Reorganization Of Jianrui Woneng

In recent years,M&A has become the main path for listed companies to become bigger and stronger.Whether in traditional industries or emerging industries,more and more listed companies realize the necessity of making enterprises bigger and stronger through merger,acquisition and reorganization,and carrying out transformation and upgrading.Mergers and reorganizations of listed companies are generally characterized by high premium valuation,high performance commitment and high goodwill.If the listed company is to enhance its competitive advantage,for the sustainable and healthy development of the company,in order to bring satisfactory investment returns to the majority of investors,reasonable high premium valuation M&A is understandable.However,the study found that behind a considerable part of the high premium valuation there are listed company major shareholders(or actual controller)tunneling listed companies,interest transmission,high price reduction,drawer agreement and other violations of the interests of small and medium investors.It is of great practical significance to study the high premium valuation in M&A.This article through to the J&R Optimum Energy merger,acquisition and reorganization of listed companies in unreasonable high premium valuation problem,is analyzed and discussed the concept of the high premium valuation of merger,acquisition and reorganization,the definition of high premium valuation for merger,acquisition and reorganization of the unreasonable phenomenon of high premium valuation analysis,and unreasonable high premium valuation is studied how to produce,to China's capital market and small and medium-sized investors bring what harm,how to avoid such problems as the unreasonable high premium valuation.Unreasonable high premium valuation in M&A violates the law of value,leads to high performance commitment and brings high or even huge goodwill to listed companies.Once there is a problem,it will seriously infringe on the interests of the majority of small and medium-sized investors and endanger the healthy development of China's capital market.Aiming at the unreasonable high premium valuation in the merger and reorganization of the listed company,this paper puts forward some policy Suggestions to solve the problem of high premium valuation and protect small and medium-sized investors.The China Securities Regulatory Commission(CSRC)will carefully examine and approve the merger and reorganization of listed companies and strengthen the supervision of intermediaries involved in merger and reorganization.The national legislation on merger and acquisition and reorganization of listed companies;China securities investment service center involved in merger and reorganization,merger and reorganization related funds and equity by medium and small investors in China securities service center for custody,and by medium and small investors in China securities service center to choose evaluation agencies;Civil and criminal penalties shall be imposed on institutions and personnel related to merger,acquisition and reorganization at a high premium that harm the interests of small and medium-sized investors.