Font Size: a A A

The Split Share Structure Reform Of Listed Companies In China M & A Performance Study

Posted on:2012-06-19Degree:MasterType:Thesis
Country:ChinaCandidate:Y LuoFull Text:PDF
Abstract/Summary:PDF Full Text Request
With the rapid reform and opening up the rapid development of China's economy, mergers and acquisitions of listed companies are starting more and more theory and the concern of scholars and experts, and the focus of the study are concentrated in the scale mergers and acquisitions, management synergies and production synergies and other issues, so as to arrive at the essence of mergers and acquisitions could speed the development of enterprises and market competitiveness have a significant impact. The purpose of these studies is actually to find a suitable way for Chinese enterprises to expand the development of a viable path to the current mergers and acquisitions of Chinese enterprises play a significant role.As in the past on the acquisition performance of listed companies are mostly concentrated in before the completion of the share reform, it is necessary to the completion of the share reform after the performance of mergers and acquisitions. China's share split reform launched in 2005, basically completed in 2008. Share split reforms, various interests of the shareholders are subject to volatility of the stock market function of price signals appeared to be better, especially some of the major shareholder of the company enhances the value of the company to maintain awareness of investment and financing in the company and M & A decisions, they will take into account such factors as the market value of the profit and loss on investment and financing and mergers and acquisitions of enterprises to assess the impact of long-term development, so that before the share reform and non-tradable shares tradable shareholders interests to achieve a common goal. If a project financing and mergers and acquisitions do not have a good expected return, the listed companies are generally not easily make the decision issuing stock or mergers and acquisitions, mergers and acquisitions in the past that the phenomenon of low efficiency and or will be changed.Based on the split share structure reform in China after the M & A share listed company data samples, respectively, using the factor analysis model complete horizontal, vertical and mixed M & A's before and after the performance of listed companies, research, and then to the conclusion with a human studies comparing, analyzing, and then come to present a more meaningful policy suggestions. In the data collected, after a full empirical analysis of the future, we can see, different M & A mode, the year listed companies in mergers and acquisitions, M & M after the first and second year after the performance are different. Performance of horizontal mergers and vertical mergers generally showing a change in form "V" shape, and changes in mixed form of the performance of M & preached the "inverted V" shape. Overall, in the study period, changes in the performance of the best vertical mergers, horizontal mergers and acquisitions, followed by changes in the performance of hybrid status of the worst acquisitions. However, these results could change the trend continues, it will take time for further testing. Comparison before the split share structure reform studies, lateral changes in corporate performance after M & A broadly consistent with, and through the vertical and horizontal mergers and acquisitions M & A business, the situation with their performance before the split share structure reform, are quite different: the efficiency of vertical mergers the increased efficiency of mixing in the M & M two years later there was a substantial decline. Finally, the data summarized by, parties to the merger regulation (the government) and M & A stakeholders (business and investors) to provide a higher reference value for policy recommendations.
Keywords/Search Tags:Split share structure reform, Horizontal Merger, Vertical Merger, Conglomerate Merger, Performance, Factor Analysis
PDF Full Text Request
Related items