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Empirical Study on M&A Performance of Chinese Manufacturing Listed Company

Author: ShiRui
Tutor: HuangXu
School: Southwestern University of Finance and Economics
Course: Business management
Keywords: Chinese Listed Companies Manufacturing Industry the Performance of M&A Factor Analysis
CLC: F276.6;F224
Type: Master's thesis
Year: 2008
Downloads: 365
Quote: 2
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Abstract

Because of the global M&A influence, M&A of listed companies have always been focused. In china, the history of corporation M&A is more than ten years, so is listed companies. Especially, manufacturing industry is symbol of national competitive ability. So the thesis stresses to inspect the performance of manufacturing listed company.As for the study method, on the basis of finance management and with the ideal logy of management and economics, the paper contains synthetically method, which is mixed with normal and empirical study, inductive and deductive method. Particularly, using accounting, case, factors analysis and compared method.There are 6 chapters in the thesis:Chapter1: Briefly elaborates the research objective, purpose, research method and logic frame.Chapter2: Review on relevant summarize about M&A. We take a retrospective look at relevant researches both in home and abroad. There are different schools of thoughts and comments them including concept, types and reasons.Chapter3: Review on M&A Performance of Chinese Listed Company, introducing research methods of Listed Company.Chapter4: Empirical Study on M&A Performance of Chinese Manufacturing Listed Company. It takes manufacturing listed companies as the samples that have experienced M&A in 2000—2002,selects 7 financial indexes and sets up integrated-point-function model by analyzing factors. It exams the performance of M&A by using model. Though comparing integrated performance score, it inspects some phenomenon. In the end, we give 3 hypotheses. H1: after M&A, the total performance rising; H2: the performance of related M&A is better than non-related M&A; H3: there are obvious difference by different means. The results show that the hypothesis 1 is not according with empirical data.Chapter5: Case study on TSINGTAO brewery. It takes TSINGTAO brewery as the samples that have experienced M&A in 2000, using the method that financial indexes are combined with non-financial indexes.Chapter6: The research results shows that most company improve the performance after M&A totally, but not significant. The performance of the relevant M&A is superior to the irrelevant M&A. There are obvious differences by different M&A methods and it exist“Chinese feature”about Chinese manufacturing listed company. Finally, on the basis of these results, we give some suggestions.The main contributions of this paper are as follows: from the basis of empirical theory angle, this paper use factor analysis, financial index analysis, case analysis and relative analysis; from the research design angle, we attempt to combine financial index analysis with non-financial index analysis; from the research purpose angle, according to the past summarize, there is a little to especial industry. So this paper mainly talks about performance of manufacturing listed company and if it exists Chinese feature theory.

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