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Merger and Acquisition Performance Analysis of Listed Companies with Different Motivations

Author: WeiLu
Tutor: ZhangHeJin
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Listed companies Merger&Acquisition Performance Principalcomponent analysis Motivation
CLC: F271
Type: Master's thesis
Year: 2013
Downloads: 203
Quote: 0
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Abstract


With development of China’s capital market, M&A has become an important means for the expansion of enterprises. More and more research has been conducted on M&A performance. Whether the takeover can create value for listed companies by improving their performance has become the concern of scholars and managers. This article focuses on the difference of operating performance of listed companies with different motivations before and after M&A and tries to determine whether M&A is worth implementing for the development of companies.The structure of this paper is organized as follows. Firstly, the course of M&A development on domestic and international capital markets is reviewed, in which various problems are reflected. One of these problems is how the M&A performance changes with M&A motivations, which is the subject of the paper. Then hypothesizes of the paper are proposed. In this paper, I try to work out this issue with principal component analysis. I selected155listed companies from those which have been reported to implement M&A in2008according to some criteria. Then I build the M&A performance evaluating model based on7critical financial indicators, with which I can determine whether the business and administration has got better or not after M&A. All these work is done to figure out the M&A mode that fits companies best.The results of this study show that:the horizontal M&A can improve the performance of enterprises, whose business performance begins to go up in one year after M&A completed. The vertical M&A of enterprises has improved business performance significantly and rapidly right after it is completed. For those implementing the mixed M&A the business performance will getting worse in the long run. The conclusions above tell managers of enterprises that they should make decisions about M&A with great cautions. Otherwise, companies and shareholders would pay for the short-sighted merger and acquisition.

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