Analysis Of The Impact Of Gambling Merger And Acquisition On Corporate Performance

The company can expand the market and extend the industrial chain through mergers and acquisitions,but the acquiree may conceal information in order to increase the valuation during the merger,resulting in a decrease in the success rate of mergers and acquisitions,or the lack of operational motivation after successful mergers and acquisitions,resulting in a decline in merger performance.The VAM M&A can alleviate the problems caused by the information asymmetry between the two parties,reduce the cost of M&A,and improve the efficiency of M&A.Therefore,after the VAM agreement was introduced into my country from abroad,it has been widely used in the M&A market and has become the company’s most important factor in M&A.important agreement.Based on this,in order to better understand and apply VAM mergers and acquisitions,this paper discusses the difference in the impact of VAM mergers and acquisitions on companies compared with ordinary mergers and acquisitions(M&A without VAM)from the perspective of company performance and the internal reasons.First of all,summarize the research results of scholars,and explain the difference between gambling-style mergers and acquisitions and ordinary mergers and acquisitions based on theoretical basis.According to the theoretical analysis,the case of Asia-Pacific Pharmaceutical’s gambling mergers and acquisitions is introduced to discuss,and the impact of gambling mergers and acquisitions on the company’s performance is observed in detail.),the company’s comprehensive financial performance(factor analysis combined with financial data)to analyze the impact of bet-style mergers and acquisitions on the company’s performance in the short term,during the betting period and after the end of the betting;through the synthetic control method and the use of comparable cases for comparison The analysis further illustrates the specific differences between VAM M&A and ordinary M&A.Through empirical analysis,we further study the impact of VAM mergers and acquisitions and ordinary mergers and acquisitions on the company’s performance during and after the VAM period,and through the heterogeneity test to discuss the effect of VAM mergers and acquisitions by companies with different characteristics.The study found that the same result was obtained through three angles of study in the case analysis: during the betting period,the M&A performance of Asia-Pacific pharmaceutical companies showed a positive effect,but after the performance betting ended,the company’s performance was withdrawn.In particular,the company’s performance dropped significantly a year after the bet ended.Comparing with the companies that did not conduct betting mergers and acquisitions,it was found that whether the mergers and acquisitions adopted performance betting had obvious differences on the company’s performance.Empirical research tests the conclusions of the case analysis,and finds that companies with large company assets,low company growth,and low shareholding ratios of controlling shareholders can better improve their performance through betting mergers and acquisitions.Based on the research findings,it is suggested that the acquirer should carefully consider the adoption and design of the VAM agreement,and the regulator should also strengthen the supervision of the authenticity of the performance of the acquiree.