abstract: This thesis investigates whether mergers and acquisitions (M&As) help increase the competitive advantage and core competency of Chinese securities companies. Although M&As among Chinese securities companies were almost exclusively guided by the Chinese government in the earlier years, they have increasingly become more market-driven in recent years. Many large Chinese securities companies have engaged in horizontal mergers, cross-industry mergers, and cross-border mergers to increase their market positions. However, there is little up-to-date evidence about how these market-driven M&As influence the competitive advantage and core competency of securities companies in China. I seek to fill this gap by conducting a systematic analysis about whether M&As increase the core competency of the acquiring companies using data collected over a five-year window from 2010 to 2014.
On the basis of prior research findings and the current situation of the Chinese securities industry, I first develop a theoretical model about the sources of competitive advantage for Chinese securities companies, and then compile a comprehensive list of observable indicators that can be used to assess a Chinese securities company’s core competency. Next, I conduct a quantitative analysis to assess the core competency and relative market positions of the leading Chinese securities companies using data from 2010 to 2014. Overall, the results suggest that market-driven M&As increases the core competency of the acquiring securities companies. I then conduct four in-depth case analyses to better understand the mechanisms through which M&As can help increase the acquiring firms' core competency. I conclude with a discussion of the findings and their implications for Chinese securities companies and the overseeing governmental agencies. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2016
| Identifer | oai:union.ndltd.org:asu.edu/item:38570 |
| Date | January 2016 |
| Contributors | Wang, Lijuan (Author), Shen, Wei (Advisor), Qian, Jun (Advisor), Liu, Jun (Committee member), Arizona State University (Publisher) |
| Source Sets | Arizona State University |
| Language | Chinese |
| Detected Language | English |
| Type | Doctoral Dissertation |
| Format | 134 pages |
| Rights | http://rightsstatements.org/vocab/InC/1.0/, All Rights Reserved |
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