Research On The Basis Of The Listed Company Creating Shareholder's Value In M&A

It is the great business activities that joint-stock company merger and acquisition (M&A), it will influence and change the basic state of joint-stock company directly , And then influence the value of shareholders of both sides. But a lot of M&A in recent years has not created value for the merging side's shareholder , So strengthen the research of M&A analytical method of setting out from the angle which creates shareholder's value have important meanings to reduce the risk of purchasing and create shareholder's value to the joint-stock company.It is as being national natural sciences funds item <> ( serial number: 70172050) follow-up study subject, it is have priority by shareholder value come merger behavior against joint-stock company to go on and analysis and research for starting point at theory in this texts. In author's view, under a environment that complete capital market and consign-agent retrain have get better control, We can regard the theory model of new classical theories -Shareholder's wealth maximizes (namely shareholder's value maximizes) as the standard of judgement of regarding the approximate value of idealism and the best behavior of enterprise. This subject synthesizes the M&A theory, the shareholder's value first theory and the value create theory, carry through research an analysis from the angle which creates shareholder's value.The text divides into four parts altogether:The first part, sum up the M&A theory and shareholder's value priority theory, and has introduced the theory of enterprise value create, and propose the several a piece of value concepts, carry on research to the frame of value create in the merge. This chapter can be regarded as the theoretical foundation of the whole article.The second part, because the value of the goal enterprise's value assessed and analyses is the basis of the joint-stock company creating shareholder's value merge, so the chapter has carried on exhaustive analysis to it. According to the value theory of the enterprise, it's stand of appraises lying in that if the enterprise can bring to its shareholder in future increases. Only pays close attention to the value decisive factor to the enterprise on the method, there are two kinds of methods suitable for choosing: First, the mode of cash flow , second, a mode of no cash flow.The third part, this chapter is a focal point of this text, because factors of influenced shareholder's value while merging have a lot, We analyse at first thatthe joint-stock company merge means of payment and economic benefits, Then analyse cost before merging, risk in merging, financial affairs after merging, then combining the theory and frame in the first part to considers synthetically whether takeover creates shareholder's value for enterprise.The fourth part, this chapter is the real example analyses of this text. In the base of the theory and frame, combine the merge case about Daimler. Benz and Chrysler does the analysis to the whole course, Utilize the cases to prove how to apply to the analyse of shareholder's value method, examine its practicability, effectiveness and accuracy.