Dissertation > Excellent graduate degree dissertation topics show

Does Market-oriented Merger and Acquisition Create More Shareholder’s Value?

Author: WuJing
Tutor: ZengQingSheng
School: Shanghai Jiaotong University
Course: Accounting
Keywords: M \u0026 A market Shareholder Value Event Study Results of Operations
CLC: F832.51
Type: Master's thesis
Year: 2008
Downloads: 67
Quote: 0
Read: Download Dissertation

Abstract


Mergers and acquisitions, from a macro point of view, is for industrial restructuring , the rational allocation of resources means ; From the microscopic point of view , is a market economy under the conditions of the enterprise survival and development inevitable way. At present, China fully open with the economic trends and the globalization era , are emerging a lot of M \u0026 A activity undoubtedly rapidly expanding size of the enterprise , group co-founder 1264 million private placement to acquire Beijing Union Silver Pass Technology Co., Ltd. 100% equity interest in a matter , which is the first time in the Chinese capital of a listed company on the market to non- associated shareholders directed issue of shares to non-associated shareholders of the acquisition of the assets of M \u0026 A cases , such as mergers and acquisitions market-oriented mode is really increase enterprise efficiency and value , which can create more income for shareholders do ? I use a large shareholder of Qingdao Haier placement merger cases for comparison, were analyzed . Empirical analysis found that, from M \u0026 A events of the short window market response , market-oriented mergers and acquisitions resulting non-cumulative shareholder return of more normal placement to major shareholder merger ; window from a long term, market-oriented M \u0026 A shareholder returns compared to large shareholders M \u0026 A placement rendered more stable growth trend in the bear market of 2008 , the market mergers and acquisitions firm 's market performance was significantly better in the private placement to major shareholder acquired company . In addition, the comparison of two listed companies in mergers and acquisitions before and after changes in operating results , select the ROE , cash flows from operating activities per share , operating income growth rate three indicators combined analysis, found in one to two years after the merger , market-oriented M \u0026 M Company's larger shareholders of the private placement of the profitability of the company has to develop a stronger , faster growth level to improve the future financial risks faced by smaller , and other areas . In conclusion, the results show that market-oriented mergers and acquisitions can create more value for shareholders . M \u0026 A market-oriented model is based on China's capital market innovation in one fell swoop , and success in one fell swoop , so I summed up the advantages of this acquisition mode and explain its capital markets and mergers and acquisitions inspire other businesses .

Related Dissertations

  1. The Study on Exchange Rate Exposure of Chinese Listed Company of Textile and Garment Industries,F832.6
  2. Research on the Information Transfer Effect of Disadvantageous Announcements,F832.51;F224
  3. The Empirical Study of the Stock Dividend Policy and Excess Investment Return,F224
  4. Equity refinancing Empirical Research Bulletin,F224
  5. China's banking mergers and acquisitions on shareholder value Empirical Study,F832.51
  6. The Empirical Study on Chinese Listed Banks Refinancing Announcement Effects,F224
  7. Empirical Study on Impacts of Private Offerings on Corporate Performance After the Split Share Reform,F832.51
  8. China 's private listed company equity refinancing Performance Study,F832.51
  9. An Empirical Study of the impact of the financial crisis affect the operating results of listed companies,F224
  10. Study on the Relation between Capital Structure and Equity Financial Performance of Private Listed Companies,F275
  11. An Empirical Study on M & A Performance of Chinese Listed Pharmaceutical Enterprises-based on Event Study,F272;F224
  12. Outdoor sports club Empirical Study of Performance Evaluation,G80-05
  13. China’s Listed Companies Effect Analysis of High Send-Rotater,F224
  14. The Research on the Effect of Chinese Monetary Policy to Stock Price,F822.0;F832.51
  15. An Empirical Study on Private Placement and Asset Injection in Terms of Tunneling and Propping,F832.51
  16. The Empirical Research on Overconfidence of Investors and Securities Price Fluctuations in China,F832.51
  17. Research Onannouncement Effect of Private Placements in China,F832.51
  18. A Study on Convertible Bond Financing of China,F830.91
  19. The Study on Chinese Banks’ M & A Efficiency,F271
  20. Empirical Study on the Performance of M & A of Chinese Listed Companies,F272
  21. Research into the Performance Evaluation of Mature Business from the Perspective of Equity Investment Subject,F272.5

CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
© 2012 www.DissertationTopic.Net  Mobile