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Research On The Performance Of Foreign Capital M & A In China 's Manufacturing Listed Companies

Posted on:2015-06-02Degree:MasterType:Thesis
Country:ChinaCandidate:X XuFull Text:PDF
GTID:2279330431966915Subject:Industrial Economics
Abstract/Summary:PDF Full Text Request
Merger and acquisition from foreign capital is foreign capital’s merger and acquisition to our country enterprises. Since2002, the international foreign capital’s merger and acquisition started to flourish, especially in recent years, our country’s enterprises of foreign capital’s M&A cases also happened more and more frequently. Under such a background, What’s the performance of foreign capital’s merger and acquisition’s of enterprises in China? After the event of foreign capital’s mergers and acquisitions, Whether the value of the enterprise is to increase or decrease? Many people urgently want to know the answer.Through the analysis research, some domestic scholars think after our country enterprise were acquisited from foreign capital, domestic company’s shareholder wealth’s growth is not significant. But other scholars think, for a long time, the shareholders wealth of the target company increased significantly, at the same time also improved the operating performance of the target company.In this paper, on the basis of studing and drawing lessons from the previous research results, the auther try to carry on the empirical analysis on the performance of the foreign capital’s merger and acquisition of domestic companies. Based on the complete foreign capital’s merger and acquisition between2004and2010domestic manufacturing listed companies as the research object, analysis respectively the short-term and long-term performance after foreign capital M&A of domestic company. On the analysis of the short-term performance, this paper uses the event study method to analyze accumulated excess yield after acquisition announcement, extrapolating the performance of the foreign mergers and acquisitions in the sample company shareholder wealth effects; Long-term performance in research, this paper uses the accounting method, using principal component analysis (PCA) samples of the company’s operating performance change before and after the comparative analysis of merger and acquisition, and analyze the foreign capital M&A’s impact on business performance of the sample company.Results show that the domestic company which were acquisited by foreign capital, those shareholders have significant positive wealth effect on the short-term. From1year after the merger of listed company’s performance was obviously accelerated decline, and in the subsequent2years after the merger, decline in the performance of listed companies to slow speed. In general, the foreign capital merger and acquisition does not make manufacturing improved the performance of listed companies in our country.
Keywords/Search Tags:Foreign Capital’s Merger and Acquisition, ListedCompany, Performance of Foreign Capital’s M&A
PDF Full Text Request
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