Dissertation > Economic > Economic planning and management > Enterprise economy > Enterprise system

Empirical Research on the Impact of Mergers and Acquisitions on Target Corporate Value in China

Author ChenHaiYing
Tutor PengYanMin
School Harbin Institute of Technology
Course Accounting
Keywords Mergers and Acquisitions(M&A) Corporate value Economic value added (EVA) Rate of economic value added (REVA)
CLC F271
Type Master's thesis
Year 2006
Downloads 324
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In recent years, with China joining in WTO, the forms of Mergers and Acquisitions (M&A) become multiplicitial and the scope of M&A is expanding, so the activities of M&A increase continuously in China. Therefore, to classify the types of M&A and research on the performance of M&A are necessary and important.The research on M&A performance can be seen from many aspects and the empirical research of M&A impact on the value of enterprises begans at the end of the 20th century in China. However, the samples of the empirical research were most the listed companies who were combinated before China’s joining in WTO. Therefore, to study the relationship between M&A performance happened in rencent years and the corporate value of listed companies is very important and has practical significance.According to the analysis of research acuality on thesis mentioned above, this text tries to find a befitting evaluation methord to evalue the corporate value and finally creatively uses the index-rate of economic value added (REVA) to analyse diversification of corporate value. When empirical analyzing, this text uses descriptive statistics analysis and correlate statistics analysis, collects 228 samples of listed companies, and analyzes change circumstances of target corporate value and the different M&A performance of different types of M&A. Furthermore, the text makes a correlate statistics analysis between REVA, equity per stock (EPS) and stock price. The inclusion is the REVA of target corporate value descends first, and then ascends, finally descends again. The performance of assets restructuring and equity transfer is superior to that of other types. And securities business can not embody the diversification of target corporate value.Then this paper analyzes the reason why the result of the empirical analysis is that mentioned above, and analyzes the problem exsiting in M&A of Chinese listed companies.Finally, it brings forward many suggestions such as how to optimize equity ownership structure, how to reduce government intervention, and how to perfect stock market laws and regulations. Thus, it makes reference for us on how to

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