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Our IT industry M \u0026 A Performance of listed companies Empirical Study

Author: YangHui
Tutor: LiangJiJiang
School: Central University for Nationalities
Course: Business management
Keywords: Listed Companies IT industry M \u0026 A performance
CLC: F49;F224
Type: Master's thesis
Year: 2011
Downloads: 141
Quote: 1
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Abstract

In the modern market economy, the survival of the fittest competition mechanism so that more and more companies through a variety of ways to expand and improve. With the formation of capital markets, mergers and acquisitions to become the company expansion capital, optimize resource allocation, enhance the core competitiveness of the mainstream approach is a more suitable way of long-term strategic development. In many industries, the development of technology gave birth to the rise of the information technology industry, the future of science and technology in the world. Thus, to some extent, research of IT industry M \u0026 A Performance of listed companies related to the company's own sustainable development and economic prosperity of the entire market. Therefore, in this thesis, the author of the 2006 China IT industry M \u0026 A Performance of listed companies conduct research, and its influencing factors were analyzed, and then put forward some constructive suggestions. In this study, the author used the event study and financial indicators of both methods. Remove the introduction, this paper is divided into three chapters. In the preface, the author of the background and significance of this paper, the performance of M \u0026 A research status and the main research content and methods are introduced. In the first chapter, the author of the theory and evaluation methods merger overview: First, have defined the concept of mergers and acquisitions, introduced the main mode of acquisition and type; then details the merger from four aspects related theories, namely is the efficiency theory, agency theory, arrogance and false hypotheses pricing theory; finally summarizes the research methods are five kinds of M \u0026 A performance, an average share price analysis, event study, financial indicators research, Tobin's Q value method and case studies France. In the second chapter, the author of our IT industry M \u0026 A performance of listed companies studied, 10 were obtained by screening the sample companies, divided into short-term performance and long-term performance of two angles. In the short-term performance studies, the acquisition of selected events for the first time the 30 trading days before the announcement to 20 trading days after the publication date of the time period for the event window for excess returns and cumulative excess yield calculations, the acquisition will give the company M \u0026 A events bring a positive short-term excess performance, and significantly affected; studies on long-term performance of the sample companies acquired last year to the fourth year after the merger of six financial indicators to calculate the data, through the establishment of financial indicators found that M \u0026 events Acquisition of the company's operating performance has a positive long-term performance, but the impact is not significant; established on the basis of the model, through the acquisition type, payment method, and the relevance of different control four aspects influencing factors analysis, we get: short transverse easier to mergers and acquisitions of listed companies mixed bring positive cumulative abnormal return, the long vertical mergers and acquisitions conducive mixed operating performance of listed companies increased; stocks of listed companies pay the best choice; obtains control of listed companies to improve their short-term excess return is helpful, without obtaining control over the beneficial long-term business performance; better than non-related mergers and acquisitions related acquisitions. In order to improve the company's M \u0026 A performance, in the third chapter the author proposes the following countermeasures and suggestions: First, by improving the market environment and institutional environment, regulate the process of mergers and acquisitions government action, specifically information technology industry mergers and acquisitions industry-oriented and policy three aspects in order to establish an effective M \u0026 A market environment; two parties to change their ideas through mergers and acquisitions to improve their decision-making level, select the appropriate type and payment methods acquisitions, and actively promote the merger integration process to enhance the main strategic acquisitions.

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