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Research of M & A Performance and the Influencing Factors on Chinese Listed Companies

Author: FengMingJuan
Tutor: WangZuoHua
School: Dongbei University of Finance
Course: Financial Management
Keywords: M&A M&A Performance Factor Analysis Method
CLC: F271;F224
Type: Master's thesis
Year: 2011
Downloads: 359
Quote: 2
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Abstract


Mergers and Acquisitions are important ways for enterprises to expand production operation scale, to promote capital intensity and optimize the allocation of resources, and to reach the goal of external growth. Besides, it is also the best index to reflect the market efficiency and the most innovative part of the economy. Five waves of mergers and acquisitions have been undergone since over a hundred years ago in the western developed countries represented by the USA. Mergers and acquisitions have a very short history of only over twenty years in our country. With the development of our own economy and the strength of integration of world economy, mergers and acquisitions between listed companies in our country have been on the rise these days.The performance is the core issue in mergers and acquisitions which is the lasting topic in stock market. Listed companies which have implemented the merger could meet the expected? Whether the business performance can improve? And what factors have influenced the size of the performance? A lot of research has been done from different angles with different method home and abroad according to this topic. However, there are still many problems with it. The international competition environment will be more and more fierce, if the enterprises of China want to be an invincible position in this increasingly competitive international economy, they must overcome all the difficulties, seize the opportunities brought by the merger, optimize the allocation of resources through acquisitions, strengthen competitive advantage and then realize a long-term strategic development target. Consequently, studies on the performance of listed companies, especially on the factors which contribute to the performance and corresponding strategies to improve it, are of great theoretical and practical significance.In this paper, a research on the mergers and acquisitions of listed companies in Shanghai and Shenzhen in 2007 was done from 15 indexes chosen from the enterprise’s capability of gaining profits, paying debts, operation and development in the 123 sample companies chosen by particular standard. Factor Analysis Method is employed to get the overall score for each company. Based on the comparison of the overall scores in the four years before and after the merger and acquisition, a evaluation was given to the long-run performance of the enterprises in our country. Furthermore, multiple regression analysis was employed to the factors of mergers and acquisitions of enterprises, which lead to some suggestions to improve the performance of the listed companies’mergers in addition with Theoretical analysis and empirical research. The paper has six sections:The first section is introduction which provides the background, the significance, as well as the content and the method used in this paper. Also, some innovation and inadequacy is given.The second section is about the recent research progress which introduces the main findings about the M&A performance and the factors of listed companies by scholars home and abroad and gives a brief comment on it.The third section is about the theoretical foundation and evaluation methods about the performance of the mergers and acquisitions of listed companies. Firstly, this section describes the meaning of mergers and its performance, as well as the classification of mergers among listed companies. Then, it gives the theory of merger driver, including theories of value creation and transfer. Finally, it provides two traditional evaluation methods----Event Study and Financial Index Analysis, which establish the theoretical foundation for the future analysis.The fourth section is one of the core parts of this paper. It gives the Empirical analyses on the performance of mergers and acquisitions for the listed companies. To begin with, it briefly gives the source of data and the standard of sample choosing; then the paper provides the principles for the choosing of financial indexes; afterwards, Factor Analysis was applied to get the overall scores for the performances of the sample companies in 2006,2007,2008, and 2009; finally based on the overall score model, it gives in-depth analysis about the long-run performance of the listed companies in our country. The fifth section is another very important part of this paper. It analyzed the factors to the performance of listed companies. This section firstly made hypothesis about the relation between different kinds of the features of transaction and performance of mergers; Then it introduced the method to build the model and defined each variable in the model; Finally, Regression Analysis was employed with the overall score of the sample companies as Dependent variables and all the factors as variables to reach our conclusion.The last section is some suggestions to improve the performance of mergers and acquisitions of the listed companies in our country.On the research methods, this paper applied Normative Research combined with Empirical analyses, utilized both quantitative and qualitative research, and also employed comparative analysis and comprehensive generalization.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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