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A Comparative Study of British and German Equity Acquisition Models Based on Exhibition Revenue

Author: ZhengLuYi
Tutor: ZhangAnMin
School: Shanghai Jiaotong University
Course: Business Administration
Keywords: Chinese exhibition industry Equity acquisition Two-sidedmarket
CLC: F713.83
Type: Master's thesis
Year: 2013
Downloads: 30
Quote: 0
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Abstract


MICE (Meetings, incentives, conferences, and exhibitions) activities arethe major channels for exhibitors to display their image and promoteinternational and regional trade and cooperation. With the upgrading of China’sinternational status, Chinese exhibition industry is also soaring. In the first tenyears of the21st century, world leading exhibition organizers, especially UK andGermany invested companies, made a lot of equity acquisition deals in Chineseexhibition industry. Equity acquisition become a more and more importantmean for foreign-invested exhibition companies to expand their business in theChinese market in particular, and Asian market in general.The core of exhibition equity acquisition activities is the valuation ofexhibition project or company while the essence of valuation lies in the revenueof that unity. The majority of exhibition revenue, from a common perspective, ismainly based on the participation fee from exhibitors while the sponsorship fee and entry ticket fee will be a supplement. A clear exhibition definition andsuperior exhibition quality will be decisive to its pricing and total revenue. Thisthesis will try to establish a prediction model for exhibition revenue based oninternal factors with all accessible data. This model will be taken as a referencefor the valuation of further equity acquisition activities.Meanwhile, the sample UK and German organizers have shown twodifferent types of equity acquisition activities with various features. This thesiswill collect and summarize related data, compare the key indicators in order toassist the industry personnel to have a basic understanding of the recent equityacquisition situation of Chinese exhibition industry.The thesis mainly consists of literature review, case studies andcomparative analysis. Literature and references are mainly collected by Wanfangdatabase and CNKI (China National Knowledge Infrastructure). Case studiesfocus mainly on the real equity acquisition cases occurred in China to lead to thefinal conclusions of the paper. And the comparative analysis is primarilyconcentrated on the comparison between UK and Germany organizers’ behaviorin equity acquisition deals. The paper will analyze the features of eachcorresponding party and then put forward the suitable equity acquisition modelsfor Chinese exhibition companies. For research methodology, the thesis ismainly based on the recent two-sided market theory of Rochet and Tirole (2003).Since the exhibition can be considered as a platform, we regard the platform iscreated by a dual-side network: the exhibitor (Seller) on the one side and the visitor (Buyer) the other.The thesis is organized as following: It first cites the development ofworldwide and Chinese exhibition industry as well as the related equityacquisition activities. Chapter3discusses the basic elements of exhibitionrevenue. A multi-factor regression will be done based on the existing exhibitiondata, including scale, average price, price distribution, exhibitor number andvisitor number. The irrelevant factors will be dropped via the backward orstepwise regression procedures and the best subset will then be obtained. InChapter4, the unique industry equity acquisition features and elements forvaluation are introduced. Also, explanations are given to the potential synergygenerated by equity acquisition. In Chapters5and6, the thesis describes thedifferent features of UK and German representative companies’ equityacquisition activities in Chinese exhibition market. This will lay a solid base forthe final comparison between the UK and German models. Also, a detailed caseas well as a summary sheet will be introduced to prove the points listed in theprevious chapters. Chapter7explains the recent situation of Chinese exhibitioncompanies in equity acquisition market. And the thesis will, based on the resultsof the previous chapters, give suggestions to Chinese exhibition companies.Chapter8is a summary of all the previous content. The final conclusion is thatthe Chinese stat-owned exhibition companies could learn from the Germanmodel while Chinese private-owned companies may take the UK model as areference. In summary, this thesis is a systematic investigation of the current domesticexhibition equity acquisition market as well as provides a prospect of futuredevelopment of exhibition equity acquisition market, by applying the conceptsof the economic and financial theories including the two-sided market theoryand free cash flow.

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