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Empirical Studies on the Performance and It’s Influencing Factors of Cross-border M&A of China Listed Companies

Author: LiuZuo
Tutor: YaoHaiZuo
School: Liaoning University
Course: Accounting
Keywords: Cross-border M&A Financial Performance Influencing Factor
CLC: F271;F224
Type: Master's thesis
Year: 2011
Downloads: 591
Quote: 1
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Because of the strong marketing capabilities and risk resistance, cross-border M&A has been replaced as the first choice for foreign enterprises overseas investment and completely changed the pattern of world investment. As the largest developing country, China has actively adapt to the trend of global economic integration, also a number of domestic enterprises entered foreign markets. With cross-border M&A we may accept natural resources, open up international markets to avoid trade barriers, also we may accept advanced technology. How does the corporate performance change after cross-border M&A? This thesis aims to answer these questions by using empirical analysis on financial performance of cross-border M&A conducted by Chinese enterprises。The main body of the research included the following aspects:First, on the basis of the former researchers’contribution, the author found that the foreign researches focus on developed countries’cross-border M&A and the reflection from capital market. While domestic researches preferred the domestic M&A and reorganization. So this thesis put the emphasis on the overall and long term financial performance of Chinese enterprises oversea M&A.Then, basing on the 29 samples coming from the oversea M&A cases happened between 2000-2007, the thesis used Accounting-performance Methodlogy to test the overall and different group performance ,then constructed a regression model to testify the potential factors which influenced the M&A performance, and conclude the research results .Finally, this paper describes the limitations of conclusions problems to be studied in the further.The following came from the results of empirical research:1. By oversea M&A Chinese enterprises hadn’t gotten significant overall performance change basing on the statistics test. Detailedly speaking, the overall performance reached the highest point in the year of completing M&A, but then declined dramatically in the rest of the time window.2. Group results by parity. State-owned enterprises to improve the performance of overseas mergers and acquisitions were not significant but non-state enterprises. Because of the institutional transformation of state enterprises has not been completed, enterprise property right system reform lags behind limited the size of the M&A. Private enterprises in the fierce market competition to grow up under the constitution and other causes improved non-state enterprises in the post-merger performance significantly.Overseas M&A of listed companies on manufacturing performance improvement is not significant. While long-term perspective, to obtain technical resources, overseas mergers and acquisitions of listed companies on the non-manufacturing performance improved significantly3. Overseas M&A on financial performance of companies in the 29 samples of studies have shown that the internal factors--accounts receivable turnover ratio has improved enterprises financial performance. While the external factors impact the financial performance of enterprises doing nothing.

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