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Empirical Study on Performance and Influencing Factors of Resource Obtaining Overseas M&A

Author: XiangDan
Tutor: DuQunYang
School: Zhejiang University of Technology
Course: International Trade
Keywords: Overseas M&A Resource Obtaining Performance Efficiency Influencing Factors
CLC: F279.2
Type: Master's thesis
Year: 2013
Downloads: 23
Quote: 0
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Abstract


The overseas M&A launched by Chinese enterprises has been more and more active, especially the resource obtaining M&A which has become one of the hot points in overseas M&A in recent years. However, we cannot obtain systematic research on the performance of resources M&A in the literature both home and abroad. This paper, based on the data of listed companies both in Shanghai Stock Exchange and Shenzhen Stock Exchange from2001to2012, establishes the binary relative evaluation model of resource obtaining overseas M&A through Factor Analysis and Data Envelopment Analysis. This paper creatively examines the performance and efficiency of the enterprise both before and after the M&A, and then analyzes and inspects the factors affecting the resource obtaining overseas M&A by multi linear regression method.The results indicate that resource obtaining overseas M&A can reduce the operation performance of an enterprise but improve the operation efficiency, from which we can see the totally opposite trend of the two sides. The influencing factors on the performance of M&A including the scale of M&A, the cost of supervision, the reformation of exchange-rate system, state-owned enterprises (SOE), growth rate of GDP, the percentage of creditor’s rights, the number of inside director and the percentage of M&A. The influencing factors on the efficiency of M&A including the cost of supervision, the percentage of creditor’s rights, growth rate of GDP, the reformation of exchange-rate system, chairman and general manager all in one and the experience of M&A. Thereinto, the percentage of creditor’s rights, growth rate of GDP, the reformation of exchange-rate system, the cost of supervision all exert influence on the performance and efficiency of resource obtaining overseas M&A. The paper will provide research conclusion with realistic significance for the performance of Chinese enterprises’ resource obtaining overseas M&A.

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CLC: > Economic > Economic planning and management > Enterprise economy > Companies around the world economy > China
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