Port (group) Convertible Merger Value Of G, Hong Kong,

From the two aspects of financial indicators and market reaction, the thesis used the method of financial analysis and event study analysis to do the value-added research about the case of Shanghai Port Group stock swap absorption merging Shanghai Container Company which is the listed subsidiary company of Shanghai International Port Group for initial public offering in the whole happened in 2006. One purpose of the research is to measure the current and follow-up value-added at and after the merger. Another purpose of the research is to find whether the value-added measured is abnormal or reflect the true intrinsic value.In this paper, the Economic Value-added (EVA), the Market Value-added (MVA) and the Future Growth Value (FGV) are used to measure the current and follow-up value added at and after the stock swap absorption merger between Shanghai International Port Group and Shanghai Container Company. Through the research on the pivotal time point, the horizontal comparison of the EVA, MVA and FGV in the same time point and the vertical comparison of the value-added among different time point are taken respectively, which put the emphasis on the research of the value-added before and after the merger in 2006 (2005,2006) and the follow-up two years value-added after merger (2007, 2008).The analysis found that both the economic value-added and the market value-added after the merger are above zero. The research showed that the market value-added is far more than of the economic value-added and the future growth value has high proportion in the market value, which indicate the market value-added more caused by the market anticipation than the incremental true intrinsic value and the economic value.In this paper, event research method is used to do the research about the market response / reaction on the stock swap absorption merger between Shanghai International Port Group and Shanghai Container Company. The event study which based on the historical data of stock transaction chooses the appropriate event window, observes the change of stock price, calcualates the abnormal return (AR) and cumulative abonormal return (CAR), and then detects whether the market value-added of listed company is abnormal or not. The study discovered that the market has the positive reaction about share swap absorption merger between Shanghai International Port Group and Shanghai Container Company. The event of share swap merger can assuredly bring short-term abnormal value-added.Finally, through combining the research findings and focusing on the value-added of companies before and after the merger, the thesis proposes some suggestions to the value manager of companies from financial management, corporate strategy, market tactics and information asymmetry problem which can help value managers to realize the companies' goal of maximum of value.