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The Current Situation of Financial Synergy Effect and Influencing Factors Study on Mergers and Acquisitions of Listed Companies in China

Author: YangHongWei
Tutor: WuChangZuo
School: Liaoning University
Course: Accounting
Keywords: Listed companies in China The synergy effect Economic Mergers and Acquisitions
CLC: F224
Type: Master's thesis
Year: 2012
Downloads: 473
Quote: 0
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Abstract


As the development of the world economy and capital market, mergers andacquisitions become an important way for the listed company of our country to exploreand optimize the allocation of resources.Under the influence of the wave of mergers andacquisitions, Many listed companies in our country implement M&A in the domesticand foreign frequently by virtue of its stable position and solid financial strength, and asa kind of effective way of rapid growth. the financial synergy effect is that M&A bringlisted companies effect in finance, a key component to the synergy effect. The pursuit offinancial synergy in merger and acquisition become one of main motive for ChineseListed Companies, is also a key factor to judge the result of the cases is successful ornot. So the study of the financial synergy effect for listed companies is helpful topromote our country enterprise merger and acquisition strategy and enhance thecompetitiveness of enterprises.This paper adopts methods of theoretical research and empirical research combinedtogether, mainly in the light of the financial synergy effect in the progress of China’sListed Companies in recent years and the analysis of influence factors to the financialsynergy effect. There are five parts in this paper.The first part, mainly introduced thebackground and significance of topics, related literature review at home and abroad, andthe research content, research methods and main innovation; the second part mainlyintroduces the concept of mergers and acquisitions, the concept of financial synergyeffect, the performance of the financial synergy effect, and the theory related to financialsynergy effects, as the theoretical foundation to the empirical analysis; the third part,mainly introduced the current situation of the financial synergy effect listed companies inChina, and the analysis of influence factors to the financial synergy effect. On the basisof forming hypotheses; the fourth part, mainly adopts factor analysis and multipleregression analysis, there are two parts, on the one hand the financial synergy effect isproduced or not after the M&A, on the other hand analysis of influencing factors to thefinancial synergy effect; the fifth part, conclusion and suggestion.Through the above study, the following conclusions are drawn: firstly, from a general point of view, in recent years M&A of China ’s listed company can achieve thefinancial synergy effect in the short-term, but in the long run the financial synergy effectis difficult to achieve; secondly, the profitability of the company before the M&A andtypes of mergers and acquisitions is significant to the financial synergy effect, showingpositive correlation; thirdly, the merger is belong to the jurisdiction or not, the firstmajor shareholders, the choice of terms of payment, merger and acquisition scale, theyare related parties or not is not significant to the financial synergy effect of the M&A.

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