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An Analysis on the Mergers and Acquisitions’ Performance of the Listed Companies in China

Author: LiDongSheng
Tutor: LiJianYuan
School: Dongbei University of Finance
Course: Finance
Keywords: mergers and acquisitions listed companies performance eventstudy methodology financial analysis
CLC: F271
Type: Master's thesis
Year: 2012
Downloads: 146
Quote: 0
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Abstract


The enterprise mergers and acquisitions, one of the main ways as invigorate and revitalize the corporate assets, have gone through many years at main Market economy countries of the world.Mergers and acquisitions of Chinese enterprises is also accompanied by the acceleration of the pace of reform and opening up, along with the establishment of modern enterprise system and the increasing popularity of open. In September1993, Shenzhen Baoan Group buy19.8%share of the Shanghai Yanzhong Industrial through the stock market, which became the first case of China’s capital market acquisitions.Under the conditions of market economy, the company’s integration to internal and external resources through mergers and acquisitions for expanding the scope and scale of the enterprise,has been an effective way for companiey’s grow and development. In recent years, more and more M&A activity have been occurred in China’s listed companies, especially the companies which own some experienced capital operation and well-funded enterprise, frequently operating mergers and acquisitions activity in the domestic and foreign. However, there is a misunderstanding in the mergers and acquisitions of listed companies in China which is in order to mergers and acquisitions and to mergers and acquisitions, and there is very little detailed analysis to the predicted results after mergers and acquisitions, which led to a doubt of creating value to mergers and acquisitions as theoretically speaking.Many scholars own different opinions to the thing that whether it can create value for our listed companies in mergers and acquisitions.So basing on the previous studies, this articles research the performance of the mergers and acquisitions of listed companies, which will owned an important practical significance.This particle’s research method to the listed companies is event study methodology, financial analysis and case studies by empirical research on the sample of listed companies.Then it analyses the short-term performance and long-term performance of listed companies after mergers and acquisitions event,and the results were analyzed,Finally,this particle put forward many policy recommendations for the problems in the mergers and acquisitions of listed companies in China. In order to provide guidance for our M&A activities. The paper is organized into six chapters:The first chapter introduces the research background firstly. Secondly, it put forward the purpose and significance of this study, pointing out the necessity for studying mergers and acquisitions in the context of industrial restructuring. There is a brief introduction and study limitations finally.The second chapter is the literature review, which introduce the domestic scholar’s research detailed on the performance of mergers and acquisitions, due to the historical background of the different scholars and different research methods and the range, there are different conclusions whether mergers and acquisitions can really improve the performance of the company significantly.The third part study the short-term performance of listed companies mergers and acquisitions using the empirical analysis.According to statistical analysis by the cumulative average abnormal returns to the sample stock, merger and reorganization announcement can significantly improve overall shareholder wealth of the M&A side in the short term, However, which has irrational speculation in the ingredients.The fourth part study the long-term performance of the listed companies in mergers and acquisitions with the financial analysis. According to statistical analysis to the four key financial indicators, there is a conclusion that mergers and acquisitions impact a continuation of the long-term performance of the M&A side obviously, and the performance reduce as time continues, which is not obvious to the the long-term performance.The Part V gave a case that Eastern Airlines merged Shanghai Airlines by absorption. According to statistical analysis to changes of the Eastern Airlines short-term cumulative abnormal income, as well as long-term financial indicators, there is a same conclusion with the third and fourth parts.The Part VI study the poor overall performance of our mergers and acquisitions, and put forward some policy recommendations.

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