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A Research on Performance of Chinese Manufacturing Enterprises in Cross-border M&A

Author: GuZhengZuo
Tutor: XuLongDe
School: Dongbei University of Finance
Course: Accounting
Keywords: cross-border M&A short-time performance long-time performance characteristics of cross-border M&A correlation analysis
CLC: F271;F224
Type: Master's thesis
Year: 2011
Downloads: 205
Quote: 1
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Abstract


With the coming of the 21st century, cross-border M&A has gradually become a new trend instead of directly overseas investment. Many world famous enterprises are growing up through a certain way of acquisitions. Compared to the developed countries, cross-border M&A of Chinese business enterprise start later. Since 2001, its number has been just getting increased significantly. And the volume of manufacturing enterprise always account for the absolute great proportion. So what is the outcome of Chinese manufacturing enterprises’ cross-border M&A? What factors have impact on the performance of cross-border mergers and acquisitions and how did they affect? These are the contents of this paper.Firstly, this paper uses the method of event study to analyze short-term performance of the sample; the results show that cross-border M&A of Chinese manufacturing enterprises have brought significantly wealth effect to their shareholders. Followed is that establish the financial index system and score the financial performance of samples in pre-merger year, M&A year, one year and two years after the merger these four years with the principal component analysis in order to learn the long-term change in performance; the results reveals that the overall performance of Chinese manufacturing enterprises’cross-border M&A decrease firstly and then increase, the change is significant. Then this paper analyze how the features such as the proportion of M&A, motives, the actual district target companies operate, type of payment and the year of the acquisition affect performance and its changes in those four years, and come to a certain conclusion. Finally, do simple theoretical analysis on the basis of empirical results and then give several suggestions to manufacturing enterprises for the cross-border M & A decision in the future.This paper tries to be scientific and reasonable on the research method. Based on the synthesis of the event study and accounting research, this paper analyses the acquirers’ performance change after cross-border M&A to reflect the influence of cross-border M&A on Chinese manufacturing enterprise from the reaction of share price and financial performance change, short-term and long-term respectively; Further, make a profound analysis of relationship between different characteristics of cross-border M&A and the acquirers’ performance change through the multiple regression model, the synthesis of various research methods highlights integrity and scientific of this paper. Cross-border mergers and acquisitions in China start relatively later, so the number of samples collected is limited to a certain extent, which may affect the accuracy and representation of the outcome and need to be adjusted and developed with the practice development in the future.

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