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The value of mergers and acquisitions of listed companies recycling effect analysis

Author: XuJun
Tutor: WuZhenXin
School: North China University of
Course: Quantitative Economics
Keywords: Mergers and acquisitions Value of recycling effect Event Study EVA
CLC: F271
Type: Master's thesis
Year: 2010
Downloads: 175
Quote: 0
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Abstract


Mergers and acquisitions in the stock market is an eternal hotspot enterprises bigger and stronger in the process plays an important role. The intention is listed on mergers and acquisitions of enterprises through mergers and acquisitions to achieve development goals, to create value for the enterprise , but in fact many companies after the merger did not reach the intended target . In this paper, an event study analysis of short-term value of recycling mergers and acquisitions , the first of event study models were weighted to improve , and then separately from the overall situation of mergers and acquisitions , asset acquisitions and equity acquisitions, securities market uptrend and downtrend discuss merger events for corporate mergers and acquisitions and the target enterprises. Analysis of long term value of recycling , economic value added (EVA) measure of corporate value through panel data model to estimate expected EVA, and then subtracting the actual EVA EVA is expected to evaluate the long-term value of mergers and acquisitions reconstruction effects . After a short value of recycling empirical findings : In recent years, our country 's short-term effects and the acquisition value of recycling at home and abroad in the past most of the conclusions of the study are different. After the acquisition of listed companies , mergers and acquisitions firm 's stock excess returns did not change significantly , while the target company's stock excess yields are significantly reduced , the value of the target company in the short-term memory loss. Among them, the overall trend on the rise in the stock market of mergers and acquisitions when the overall trend in performance than the stock market drops significantly better performance ; short-term value for the reconstruction effects of mergers and acquisitions , asset acquisitions greater impact than the tender offer . In the long-term value of recycling effect of mergers and acquisitions during the study found that the prevalence of the target company before the merger trend of declining performance , occurred in the year before the merger , the target company's EVA value is significantly lower. EVA enterprise value by corporate impact of the economic environment , the economic environment is good , the firm's value will usually higher EVA . Study found that the value of mergers and acquisitions as reengineering , mergers and acquisitions within two years , M \u0026 M companies received benefits , although the target company showed no significant increase in value , but no value loss.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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