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Empirical Study on the M&A Efficiency of Listed Firms in China

Author: ShenZhiJun
Tutor: TanYue
School: Jinan University
Course: Finance
Keywords: M&A efficienc y Cluster analysis Discriminant analysis Factor analysis
CLC: F224
Type: Master's thesis
Year: 2005
Downloads: 239
Quote: 0
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Abstract


This paper had selected 905 M&A cases as research objects between 1999 and 2003. On the base of weak form efficient capital market, discriminant matrix will be obtained through empirical analysis, as well as the characteristics of the company provided with the merge ability. The further researches focus on the efficiency of the M&A. through testing the efficiency score, improvement or not will be distinguish. At last, the characteristics of 5 front companies whose factors account the maximal for the total variance explained will be summed up.For the three M&A models from the listed company, though Horizontal M&A take market diversify and improvement of market share into account, most of them are the result of merging some enterprises which can not be integrated efficiently. Most Conglomerate M&As in our China are represented as the State-owned-shares transfer and regarded as the Administration Command within some kind of market behavior, only Vertical M&As are the strategic M&As. Vertical M&A model has clear effect for the purpose to improve the listed company’s Operation situation, and Horizontal M&A model have little effect on the listed company’s Operation situation, while the Conglomerate M&A model not only not improve the Operation situation but also make it worsen more.For improving our country’s M&A market efficiency, this paper tables some proposals based on the empirical conclusion. First, it is better to strengthen and support Vertical M&As according to the current development condition; Secondly, it is better to create the market foundation for the purpose to play the M&A efficiency; Finally, it is necessary to strengthen the integration after the merger and acquisition.

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