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Research of Financial Performance and Its Influencing Factor on Merger and Acquisition in China

Author: YanYan
Tutor: YanShi
School: Dongbei University of Finance
Course: Financial Engineering
Keywords: Listed companies Merger&Acquisition Financial performance Factoranalysis
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 11
Quote: 0
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Abstract


Merger&Acquisition is a common phenomenon in stock market. Since reform of the shareholder structure of listed companies in2005, Merger&Acquisition in China’s stock market become more and more normalized and Market-oriented. Merger&Acquisition in China come into a new period. At this background, I select75acquisition samples which take place in2010to find out whether financial performances of the75acquisition samples improve after acquisition.This paper is divided into five sections. In the first section, the paper reviews home and abroad research results on financial performances of mergers and acquisitions of listed companies. The author believes that China’s capital market is not mature enough, and abroad research results can not be applied in China directly. In the two approaches to research Merger&Acquisition financial performance, although there are some flaws in financial indicators approach, but it is more suitable for studying Merger&Acquisition financial performance compared to the event study approach. In the second section, the paper introduces basic principles on Merger&Acquisition, and highlights the motivations of company’s Merger&Acquisition, which include efficiency theory, agency and management theory, information hypothesis and signaling theory, market power hypothesis, financial synergies as well as mergers and acquisitions of other motives such as the government’s active promotion. In the third section, the paper reviews the history of mergers and acquisitions at home and abroad, including five mergers and acquisitions waves in Western countries and the four Merger&Acquisition waves of Chinese enterprises. The author also notes the background of the occurrence of successive waves of mergers and acquisitions and the effects the successive waves of mergers and acquisitions make on securities market and industrial structure. In the fourth section, the paper selects75Merger&Acquisition samples of listed companies which have been completed in2010. The paper selects the year2010as the base period t, and collects two years before and after2010as t-2, t-1, t, t+1, t+2periods. By comparing the acquiring company’s financial performance before and after2010, we find out the empirical result that most of mergers and acquisitions in China turn out to be successful, and the financial performances of acquiring companies have been significantly improved. The paper continues to find out the factors that influence financial performances of acquiring listed companies from three perspectives, merger type, related party transaction and the nature of equity. From the perspective of merger type, horizontal mergers and acquisitions of listed companies is not successful, vertical mergers have little effect on financial performance, and mixed merger is successful. From the perspective of related party transactions, mergers and acquisitions of listed companies with related transaction are successful, though mergers and acquisition without related party transaction are not successful. From the nature of equity perspective, mergers and acquisitions of listed state-owned enterprises are not successful, though listed private mergers and acquisitions are successful. In the fifth section, the paper points out the basic research findings and deficiencies. First, the financial performances of75selected listed acquiring companies are still relatively short in time span. Second, the selected financial indicators may not fully reflect the financial performances of75selected listed acquiring companies.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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