An Empirical Study of the M&A Performance of Chinese Listed Companies from the Perspective of EVA

• Main Authors: Jun Zheng, 鄭 軍
• Other Authors: Chi-Chun Liu
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/9r75x8

碩士 === 國立臺灣大學 === 會計學研究所 === 105 === More than 30 years of China’s opening and reforming policy, especially since entering 21st century，Chinese enterprises continue to expand the scale of overseas investment, mergers and acquisitions have gradually become one of the common activities of capital market. In recent years, China''s M&A transactions, both in terms of quantity or scale, have been record high, but many companies’ performance is not ideal as expected. Summarizing the domestic and foreign scholar on the performance of M&A, I find that compared with the acquired companies, the acquiring companies'' performance is highly uncertain. Different from the method of event study and accounting research methods, this paper is based on the perspective of EVA. The research samples in this paper are the listed companies which conduct M&A in China’s equlity market(A-share), we measure their corporate performance changes during the period from 2011 to 2015. To test the influence of related party transactions, shareholders nature and M&A types on corporate performance which taking EVA as evaluation index, I build models, using regression with time-series data and regression analysis, etc. Finally, by drawing the overall average EVA and industry average EVA value trend illustrations, I test the empirical results once again.The research indicates: State ownership has no significant correlation on M&A performance, sometimes conducive to the improvement of M&A performance; related party transactions have a negative effect on M&A; horizontal M&A with corporate performance has a significant positive correlation. Based on my findings, some forward strategies are proposed, in order to further promote the development of mergers and acquisitions in the capital market. This paper also has certain implications to mergers and acquisitions in the capital market and public investment choices.