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Empirical Research on the Impact of Foreign M&A on Corporate Financial Core Competence of Target Companies Listed in Chinese Shanghai or Shenzhen Stock Market

Author: ZhouLiYing
Tutor: GuoGuanFu
School: Zhejiang University of Technology
Course: International Trade
Keywords: Foreign investment Mergers and acquisitions Listed companies Financial core competence Empirical research
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 13
Quote: 0
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Abstract


Foreign M&A in China has developed more than20years. It is an important part of the basic national policy of opening up. Companies listed in Chinese Shanghai or Shenzhen stock market is a hot wave of foreign M&A. Can the Foreign M&A make any effect on corporate financial core competence of target companies? Whether this effect is significant? Whether this effect is deferent from each period? These are issues of common concern in academic, political and business circles, and these are the problems that I want to figure out in this paper.Until now, most researches related to foreign M&A focus on two aspects: the motive of M&A and the performance of M&A. There were no scholars to study the impact of foreign M&A of enterprises from the perspective of corporate finance core competence. With the continuous development of corporate finance core competence theory, I will attempt to apply this theory to the study of foreign M&A in order to reveal the impact of foreign M&A on corporate finance core competence of target companies. I picked up38Companies listed in Chinese Shanghai or Shenzhen stock market as samples. After summarizing and analyzingthe relative former research result, I designed evaluation index system of corporate finance core competence according to our country’s situation. Then, I did an empirical research to compare and analysis the change of corporate finance core competence before and after M&A by using the factor analysis and paired samples T test. Afterwards, I divided the samples into different sub-samples according to three classification factors (the government’s attitude: encourage or restrict, correlation of M&A, area difference between acquiring firms) respectively. On this basis, I did comparative studies on every couple of sub-sampies to observe whether the impact on the corporate finance core competence is obvious.The results showed that two years after foreign M&A and one year after foreign M&A had a trend of significant growth. The growth trend of two years after foreign M&A was biggest. But, three years after the foreign M&A declined. Growth and profitability improved significantly; operation ability also had a certain degree of growth; however, the repayment ability was weakened slightly. Encouraged M&A played more obvious positive impact on corporate finance core competence of target companles than restrictive M&A. Non-related M&A did not promote corporate finance core competence as effective as related M&A. The acquiring firms in Hong Kong area promoted corporate finance core competence more greatly than acquiring firms in other areas.

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