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Research on the M&A Performance of Differfent Payment-Methods in Listed Companies

Author: WangMeng
Tutor: WuYanLong
School: Tianjin University of Finance and Economics
Course: Accounting
Keywords: The performance of M&A Payment-method Factor analysis
CLC: F276.6;F224
Type: Master's thesis
Year: 2011
Downloads: 229
Quote: 2
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Abstract


In the process of world economic development, merger and acquisition(M&A) accelerates the centralization of capital,expands the scale of assets,improvs the economic benefits of enterprise as an important means of enterprises’growth and development in the market conditions. Western countries with US as the leaser have experienced five periods from horizontal M&A,vertical M&A,conglomerate M&A,financing M&A to transnational M&A.There are more and more M&A,from domestic M&A to transnational M&A.The trend of globalization is fierce increasingly.Companys in China begin in 1980s.With the development of market economy,the trend of M&A in China is fierce increasingly too.Whether the payment as the last step of M&A adopted is appropriate or not,not only shows the diffierent value of M&A information,but also determines the final result of M&A.So people pay more attention to the step of payment in public company’s M&A.First of all, it comes to a systematical review of the research result of M&A preformance by domestic and foreign scholars,then some related M&A concepts are defined. Theoretical analysis are from risk sharing,signal transmission, control rights and tax;Secondly, empirical analysis based on theoretical analysis of M&A. The sample consists of 432 M&A in public companys in 2007 as certain standards and then this paper gets the statistical datas from January 2006 to December 2009. According to the M&A event of public company in 2007 as a study object,this paper builds the model of comprehensive scores to analyze the performance of M&A which are classified by different payment methods through factor analysis.In addition, financial index analysis is used to analysis the change of financial index by different payment methods from profitability analysis,operation efficiency ananlysis and growth ability analysis.The results showed that in the profitability analysis, cash payment method and stock payment method are better than others; In the operation efficiency ananlysis, assumption of debt payment method and asset payment method go steadily up;In the growth ability analysis, the five payment methods are largely increasing. Finally, based on the empirical test results, some advice about payment methods is given.

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