碩士 / 國立臺灣科技大學 / 財務金融研究所 / 106 / According to the research found by PWC (price water house coopers) that the mergers and acquisitions market of China has surged to a new high in 2016; with totally 11,409 transactions, which up 21% last year; the amount of transactions also reached to 770 billion dollar, risen by an average of 11%. Besides, the overseas mergers and acquisitions even grew 3.5 times as much as year 2015. As the release of the policies “One Belt One Road”, there are more and more enterprises set their sights on overseas M&A as the process of seeking for market development in the future. I hope based on the analysis of empirical data, I can get to know that, when the acquiring company is a large corporation, whether the acquisitions will bring them a good performance in the short-term in recent years. And is the performance of overseas M&A better than domestics.
According to the previous studies, the probabilities of enhance the company value by M&A is only 30 percent on average within the whole world. So if we can get a different answer under the special political and economic systems of China become the center of my research. First, I introduce the definition of M&A, the factors that may influence it results, and also the development and current situation of M&A market with the background of China. Then, I explored case studies by using the finished M&A cases between 2008 and 2016, which is classified by overseas and domestics, of large listed corporation as samples. At last, I made t-test to the Cumulated Average Abnormal Return (CAAR) of acquiring companies under the method of event study, and took the result as the index of M&A performance.
Empirical results uncovered that even though it did not reach statistical significance within the event window [-7~-1], but CAAR has been negative all the time, so in recent years, M&A brings a negative effect on China large listed corporations in the short-term; when I analyzed the overseas M&A and domestics M&A separately, I found that in the event window, CAAR of overseas M&A are always on the negative side, and it had a statistically significant, on the other hand, as the aspect of domestic M&A, although there are chances of information leakage before the announcement, the CAAR is significantly positive under 5％, which can tell that the short-term performance of M&A inside China is better than abroad for the Chinese large corporations , the domestic M&A can bring share holders a better benefit. However, in the case studies, we cannot get such a clear conclusion.
| Identifer | oai:union.ndltd.org:TW/106NTUS5304003 |
| Date | January 2018 |
| Creators | YUXIN LI, 李昱欣 |
| Contributors | Joseph C.P. Shieh, 謝劍平 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 47 |
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