| The development of Assets Injection is based on the reform of the Shareholder Structure of listed companies and the establishment of the relevant matching systems. Whether assets injection will become value injection or not is a much concerned problem. On the basis of referring to the literatures about value added effect of M&A, this paper defines Assets Injection and makes classification of it. Analyses have been made about some theories and influencing factors related to the value added effect of Assets Injection.This paper uses the event study framework to test the event of assets injection of listed companies in China during 2006 to 2008 and makes an empirical study. The result shows that the events of Assets Injection have strong effect on the Average Abnormal Return (AAR) and Cumulative Average Abnormal Return (CAAR) of the listed companies in the short window, namely that the value added effect of Assets Injection of listed companies in China receives a significant achievement. This study analyses the value added effect of Assets Injection by category, and finds Non-publicly Issuing Shares Paying, Equity Injection, highly correlated Assets Injection reach higher CAAR than other Assets Injecting modes. The value added effect of State-owned listed companies is stronger than private companies but not significant and the largest shareholders'ownership ratio has N-type effect on the value added effect of the listed company.Based on Multiple regression analysis of the influencing factors of asset injection, the author finds that the payment mode of value injection, the correlation between the injected assets and the listed company's main business, the property of the injected assets and the listed company's financial leverage before Assets Injection all has significant value added effect on the listed company in short term. Companies with higher future growth opportunities have greater value added effect than the others but not significant. Then the relative size between the acquirer and the target, the relative size of the injected assets , the listed company's background, free cash flow and earnings potential factors aren't statistically significant for insufficient amount of sample. In the end,some constructive suggestions on the problems found during the research are put forward. |
