A Study Of The M&A's Reasons Of Listed Companies In China

The "M&A" wind has been covering the whole capital market in recent years. On the onehand, some companies with bad performance such as ST Yinguangxia have been recovered in thecurrent drive;on the other hand, some outstanding enterprises with excellent business begin tobuy in each other's shares to support side by side. At the meanwhile, more and more foreignenterprises have been entering the "M&A" market of China with its economic development. Thisarticle is trying to discuss the relevant factors which have impact on the combination activities. Itis divided into four chapters altogether.Foreword Introduce the background, meaning, method and thought of research in article.Chapter1 Set up the investigation area by defining the basic concept and classification of"M&A". Try to find out the original theory of combination behavior of listed companies andeconomic explanation by generalization of the former results. Chapter2 Analyze the capital earnings by "M&A" and the latter performanceimprovement. The resulted figures and investigation summary of scholars will lead to the reasonof "M&A".Chapter3 Make a detail introduction on the binary choice model and multiple choicemodel which are used in the article and clear latter technical barriers for introducing model in thecontext.Chapter4 Make analysis by real examples on the effective factors in "M&A" behaviors oflisted companies. With the A-share all listed companies between 2001 and 2004 and from 2000to 2004, this article tries to analyze the effective factors in combination both for inland andforeign capital by logit model. With the sample of A-share listed companies between 2001 and2004, this article tries to analyze the difference and similarity on "M&A" between inland andforeign capital. At last, the article has explained the relevant effective factors for the two "M&A"respectively. Conclusion Through the analyses, This article gets the model of predicted probability ofthe "M&A" behavior. Investors can calculate the possible value of "M&A" by possibilityevaluation and value calculation, thus to form a scientific guideline for the investment behavior.