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The Empirical Study on the Performance of Diversification M&A of Listed Companies in China

Author: SunJie
Tutor: WangZuoHua
School: Dongbei University of Finance
Course: Financial Management
Keywords: diversified M&A correlative M&A M&A performance factor analysis financial index
CLC: F271
Type: Master's thesis
Year: 2012
Downloads: 42
Quote: 0
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Abstract


Diversification plays an important role in economic development in many countries. But it is the arguable topic about whether diversification M&A could acquire performance for the corporation. Foreign scholar apply kinds of research method makes negative conclusion, that is diversification M&A fails to improve the performance of the corporation. Along with opening grade increased about Chinese market, diversification M&A become the primary way about asset acquisition of the corporation. Whether diversification M&A can bring back performance for the corporation become focus that people pay attention to.Based on summarizing the study conclusions at home and abroad,1021isted companies were taken as the samples that have experienced M&A during2006to2009, with the acquisition as the research objects. This paper observes the relationship between diversification strategy and enterprise performance form the perspective of M&A. First of all, in order to compare analysis, the sample which this thesis will study is divided into correlative M&A sample, diversification M&A sample and total sample. By using the factor analysis method, the changes were investigated in three samples before and after M&A performance. Results show that, the diversified M&A performance differs with the correlative M&A on the whole. Performance of the acquisition of diversified M&A Company is better and better. The performance of the diversified merger has decline trend on the merger year, but in the first years after the merger, the performance began to rise, and in second years the company’s operating performance continues to rise, and better than before the merger, but the performance of correlative M&A dropped in the second years after the merger. It proves that the performance of the correlative M&A acquisition company was caused some damage.Finally, according to the conclusions, this thesis put forward the related proposal for the hoping that our companies can treat the diversified M&A correctly and can improve enterprise performance. The thesis is divided into six parts, the roughly content of each part as follows:Firstly, the portion has accounted the topic background, the research significance. And it gives the framework of this research and this study logic.Secondly, it concluded the diversified merger theory. In this part, it gives a simply and clearly description of the concept of diversification, mergers and acquisitions, etc. It also collated and summarized the company diversified merger motivation theory. At last, the diversified merger effect from positive and negative two respects undertake an analysis.Thirdly, is the literature reviews. Domestic and foreign scholars on the M&A performance analysis, often using methods mainly has two kinds:one is based on the stock price in the event study method, the other is based on the financial data on the basis of accounting index method. This part summarized the domestic and foreign application of the two research methods of empirical analysis, the two methods applied to evaluation, study the suitable method of M&A performance study.Fourthly, it gives sample selection and descriptions. This part gives the data sources and selection criteria of the study. And the data was grouping descriptions according to the types of M&A and main business industry.The fifth part is empirical study. By using factor analysis method, the thesis gives a comprehensive study of M&A companies before and after M&A performance, compared with the acquisition, merger and acquisition a plurality of the total sample performance differences. And it also gives a research on the diversified merger performance factors with regression analysis statistical research methods.The last part is the conclusion and suggestion. In this part, the whole research results were summarized, and relevant suggestions were put forward. Finally it points out the insufficiency in the thesis.

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