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Research on M&A Performance of Listed Companies in China’s Real Estate Industry

Author: GaoXia
Tutor: WuYanLong
School: Tianjin University of Finance and Economics
Course: Accounting
Keywords: Real estate industry Listed company M&A performance
CLC: F271
Type: Master's thesis
Year: 2013
Downloads: 20
Quote: 0
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Abstract


Facing the current Chinese market growing competition in the market, enterprises have to constantly explore the path of the survival and development under the new situation, and M&A of listed companies in our country becomes the preferred external growth strategy. M&A can effectively promote the optimized allocation of market resources, realize the scale effect, and enhance enterprise competition power in the industry. Industries in our country since the20th century caused a new round of mergers and acquisitions boom, especially since2005, the state has introduced the land and credit policy to strengthen macro-control of real estate industry, real estate industrial structure adjusts, emerge a batch of seeking the development of the real estate listed companies in M&A. Whether M&A can improve enterprise performance, scholars at home and abroad research a lot of M&A performance, but most is the study of the overall situation in all companies. Researches specifically for a certain industry M&A performance are very few. Because every business has different characteristics, impact is different M&A on business performance.This article is based on the status quo of China’s listed companies, based on the theoretical exploration of scholars both at home and abroad, the concept of M&A, motivation and M&A performance measure has carried on analysis. The status quo of China’s real estate industry M&A has been explored. In the empirical part, this paper uses the accounting method, choosing real estate listed companies in which M&A activity occurred from2007to2009in as samples. Financial statements data has been obtained within time window (t-1, t+2). The long-term performance of M&A research was carried out on using the method of factor analysis and multiple linear regressions.The empirical results show that in the sample company M&A that year performance increased, but in the first year after the merger performance decline, in the second year performance continued to fall but leveled off. Performance on the whole presents a drop after the first rising. But M&A didn’t bring the positive effect of mergers and acquisitions of real estate enterprises in our country. The empirical results of mergers and acquisitions performance influence factors show that whether the related party transactions for M&A performance and M&A scale have no effect; Tradable shares the first big shareholder’s shareholding proportion had a negative correlation relationship with the M&A performance; Nature of the first big shareholders was positively correlated with M&A performance.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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