지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2012.6
- 수록면
- 2 - 11 (10page)
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초록· 키워드
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The paper uses economic value added (EVA) as a tool to analyze whether foreign-capital merger and acquisition (M&A) can effectively improve the performance of listed companies in China and the impact degree of the type of foreign-capital M&A on its performance, which will provide investment decision support for a listed company before its acquisition in order to achieve the rational use of foreign capital to integrate the resources. Using the modified EVA system, the paper compares vertically and analyzes the performance of M&A listed companies by foreign capital during 2003-2006 according to one year before, the year, one year after, and two years after the foreign-capital M&A, and examines the performance before and after M&A of the listed companies of horizontal, vertical and mixed M&A to verify whether foreign-capital M&A can bring value creation for listed companies in China. The results show that all the sample companies'average EVA is increased year by year after M&A from one year before to two years after the M&A. Foreign-capital M&A activities helps to improve the performance of the listed companies, and it creates value for the company; Different types of M&A results in different M&A performance, seeing from the average EVA, horizontal M&A companies'performance is increased year by year in the three years from the year before to the year after M&A, which demonstrates horizontal M&A can promote the company's development by scale economy effect in a short of time and create M&A value. The performance of vertical M&A and mixed M&A companies are all first decreased then increased,"@which shows that performanceproducing needs a process for both the vertical M&A focusing on the transaction costs reduce and the mixed M&A designed to achieve diversification operations of the company, in this process, the company's performance may even fall down temporarily. Both vertical M&A and mixed M&A have certain of risk, the successfully integration after M&A is the key to the expected effects. Through internal market transactions, vertical M&A can expedite supply and marketing channels, reduce the uncertainty of risk and cost, obtain the purpose of enhancing the stability of company development; while through diversification operations, mixed M&A can realize industry transformation of the company to foster new earnings point, thus disperse risk, and improve corporate performance.
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