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The Research about Affecting Factors on Merger and Acquisition Synergy of Chinese Lisited Company

Author: ChenChen
Tutor: ChenZhiJun
School: Shandong University
Course: Business management
Keywords: Merger & Acquisition Synergy Chinese Listed Company
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 307
Quote: 3
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Abstract

Basing on the number and scale of listed enterprises in China, we find that they are both rising, at the same time the companies come into more and more areas and take various measures, meanwhile, not only the theory but also practice has been developing from different sides, the changes of performance during the process is one of the main topic in the value creation, but we have to put more emphasis on the behavior and effects of merger and acquisition (M&A). At present, the experts in China usually analyze whether the M&A behavior can produce synergy and seldom pay attention to the influencing factors, so professors have not put forward relative framework up till now.This paper has following five parts:Chapter one introduces the background, significance of this research and generally explains the research method. Chapter two reviewed the theory analysis and summarized the M&A activities in listed companies, then we reviewed the definition and relative research of synergy to provide the foundation for further discussion. Both Chapter three and four are the core department of this paper due to give the demonstration research to the synergy of M&A, we choose the sample data of listed companies from 2006 to 2009 which has M&A activities. According to the data we have collected, firstly, we put several index to factor analysis in order to acquire the integrated scores and compare the scores to make them be the basis of synergy; secondly, we make research on both the M&A theory and activities of listed companies then choose some easily measurable factors including equity structure, correlation of acquisition, method of payment, the environment of macro-economy, otherwise, the industry of target-company, asset scale and the pre-performance of acquisition company, we hope to study the influencing factors from every respect, meanwhile, we compare the difference of synergy on different acquisition activities by T-test, then using partial correlation and multiple linear regression to find the impact of every influencing factors on synergy. Chapter five designed to bring forward the limitation of our research and talk about the future of topic concerning acquisition activities.According to the data of security market in China, We use factors analysis, T-test and multi-regression methods in order to systematically discuss the changes of multi-performance after merger and acquisition and the relationship between some factors and these changes. The main result as follows:The ownership proportion of inside shareholder and equity concentration have negative correlation with acquisition synergy. At the early stage, the synergy which relative acquisition has produced is superior than that the two companies which is in the different industry, but with time passing, the significance of this difference is less and less remarkable. No matter one company paid for in cash or with other method, the difference of synergy is nearly the same at the beginning, but over the long period of time, pay in cash could obtain more synergy; the relative scale has positive correlation with synergy; the buyer may get better synergy if it has good pre-performance; the difference of synergy is not significant whether the industry category is in rising or traditional industry; the degree of macro-economy is positive with synergy. Many factors is closely concerning about synergy, we should not only pay attention to the inside integration process but also could not ignore the effect of rules and institution to the synergy.We hope this research will be helpful to promote the analysis and lead the research to further and deeper factor analysis.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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