Influencing Factors And Evolvement Paths Of Value Of M&A: An Empirical Research On Chinese Listed Companies

Value of merger and acquirement(M&A) is one of the main topics of the finance economics, and it is also the point which many theories focus on. It explains "what M&A is ". Analyze from the macro level, value of M&A is the lodestar for the government to establish some related institution; Analyzing from the micro level, value of M&A is the premises of the decision of M&A for firms, and also the yardstick for investors to hand the M&A in security market.During the 16 years' development, the number of Chinese listed companies had become more than 1300 by the end of 2004,while the number was less than 20 in 1990s.More and more M&A cases appear. Basing on familiarity of M&A between firms in China, we used the core of continuous time theory for reference ,and analyzed the facts which affect the value of M&A. We analyzed the time path to realize the value of M&A for firms, and built several types of time-value models. We hope to build an evolvement framework for value of M&A based on time serials.This paper has following 8 parts:Chapter 1 introduces the background, goal and significance of this research, and generally explains the research methods. It also simply introduces the content and structure of this paper.Chapter 2 mainly reviews theories of value of M&A systematically. We explained the conception and characteristics of M&A definitely, and then we summarized and discussed about growth of value of M&A theory, arrogance theory, agency theory, transaction cost theory and reallocation theory.In Chapter 3, we summarized the demonstration research in value of M&A. We discussed classical research methods of M&A, such as, long-term performance method, event method and clinic diagnosis. We showed main results...