A Case Study On The Payment Method Of New Jinggang's Merger And Acquisition Of Kuanpu Technology

Mergers and acquisitions are the first choice for companies to achieve rapid development and cross-border transformation,and they have always been favored.With the continuous increase in the number of mergers and acquisitions,a situation in which cash payments are the mainstay and stock payments and hybrid payments have been formed in the current market in my country.At the same time,there are also problems such as single payment method and insufficient payment structure.These problems have hindered the payment demand of enterprises and restricted the development of enterprise mergers and acquisitions.As the first step for enterprises to enter mergers and acquisitions,payment methods occupy an important position in the entire merger process.Choosing the correct and reasonable payment method will effectively promote the success of mergers and acquisitions.In order to solve the problems of current payment methods and enrich payment methods,the China Securities Regulatory Commission officially added directional convertible bonds to the ranks of M&A payment methods in 2018.As a company that applies directional convertible bonds to M&A payment methods and raises supporting funds,Xinjinggang conducts relevant research around its payment methods,which is representative.This thesis uses a combination of related theoretical analysis and case analysis to study and analyze the case of Xin Jinggang's acquisition of Kuanpu Technology 's payment method in detail.The theoretical level mainly affects mergers and acquisitions from both domestic and foreign aspects.Analysis of factors of payment methods,M&A performance and M&A risks caused by different payment methods,based on the summary of relevant domestic and foreign literature data,summarizes the main factors affecting M&A payment methods,M&A performance and M&A risks caused by different payment methods,The concepts and theories related to M&A payment methods are sorted out.The case analysis part first introduces the background of the M&A,the basic situation of the parties to the M&A,the payment time of the M&A transaction,payment tools and transaction consideration,etc.,and an in-depth understanding of M&A transaction payment solutions.Secondly,based on the actual situation of both parties to the merger and acquisition,starting with the motivation of the choice of payment method,the different terms involved in the payment plan of the merger and the possible merger risks arising from different payment methods are analyzed and the data indicators before and after the merger are compared and analyzed.The economic effect produced.Finally,through the overall analysis of this case,it can be found that the characteristics of "debt and stock" and flexible clause design of convertible bonds can effectively promote the game of mergers,protect the interests of both parties,reduce merger risks,and improve merger performance.The economic effect after the merger is significant.Through the analysis of the relevant terms,performance,and risks of the M&A payment method in this case,it is helpful to enrich the theoretical knowledge of the payment method,especially the relevant theoretical data of the directional convertible bond,and also help the government to monitor the policy gaps in the implementation of the new policy and improve Implementation and application of directional convertible bonds.It can be used as a reference for companies that have intentions of mergers or are planning mergers and acquisitions.It is hoped that these companies can combine their own characteristics when implementing mergers and acquisitions,formulate reasonable payment methods for mergers and acquisitions,realize the purpose of mergers and acquisitions,and succeed in mergers and acquisitions.