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An Empirical Study of M&A Performance of Listed Companies of Different Growth

Author: XuXiaoLong
Tutor: ChenSu
School: Southwestern University of Finance and Economics
Course: Credit Management
Keywords: Listed Companies Acquisition Performance the Financial IndicatorsLaw Growth Type
CLC: F271
Type: Master's thesis
Year: 2013
Downloads: 52
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Abstract


With economic development, the gradual deepening of reform and opening up as well as the opening up of the domestic and international markets, listed companies in China every year continued through mergers and acquisitions to the growing strength of its own. In the context of mergers and acquisitions sweeping the global wave of mergers and acquisitions of Chinese companies is also a wave after wave. In academia and industry, mergers and acquisitions can improve corporate performance differences and large, did not form a unified conclusion. Very serious agency problems of institutional issues of our securities markets and listed companies, China’s M&A activity can create performance doubtful, therefore M&A performance of listed companies in China has a very important significance. This article from the point of view of financial indicators, innovation listed companies.will be divided into different growth types, and to examine overall M&A performance of listed companies as well as M&A performance of listed companies of different type of growth on this basis.This paper first introduces the performance and the company’s M&A performance evaluation methods, followed by detailed research discusses empirical research company M&A performance at home and abroad using the event study methodology and financial indicators law; then introduced the theory of mergers and acquisitions;Next comes the empirical research design, including the selection of sample selection and data sources of financial indicators and indicators consistent processing industry sentiment index, the classification of the company’s growth as well as mergers and acquisitions mode classification; analysis of different acquisitions mode as well as mergers and acquisitions type M&A performance study direction, there is a greater difference in these M&A performance for China’s A-share listed company M&A performance The evaluation of certain reference significance for listed formula mergers and acquisitions in the future to make some suggestions. In this paper, the factor analysis, selection of M&A transactions in2009, M&A events, by screening selected35listed companies in merger cases, and then select from CSMAR database analysis of Chinese listed companies’ financial indicators database2008-201212years35listed companies with a representative indicator analysis, adjusted industry sentiment index for each indicator. In this article in accordance with the different ways different, including mergers and acquisitions mode (horizontal merger, vertical mergers, mixed M&A), different types of M&A growth (growing, mature, declining) M&A under the premise of each growth type were different acquisition model M&A performance investigation, its own proposals for what the M&A mode for each company. Finally, according to the conclusions,the author gives some suggestions. These include:The innovation of this paper is that:this article to exclude the existence of the limitations of the traditional event study methodology recognized higher degree of financial indicators law, listed companies, a different type of growth is divided, and then put forward their own proposals.The inadequacies of this article:First, select the listed company M&A sample of only35companies selected representative sample than smaller, also select only the events of the M&A-share listed companies in2009, the results will cause some deviation. While the data are statistical database from CSMAR download from, so there is some lack of raw data, after a certain method of repair. Study also contains a lot of assumptions, the findings may lead to differences, and at the same time due to the limited research level, the impact of factors to consider in the course of the study is not very comprehensive, and selected financial indicators only selected representative twelve, there will be some differences in the selected time span of only five years, a relatively narrow range for the result of the judgment will be a corresponding impact.

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