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法国财务分析硕士毕业论文:The research on the performance and influential factors of Chinese public company’s overseas acquisitions

论文作者:www.51lunwen.org论文属性:硕士毕业论文 thesis登出时间:2013-08-24编辑:tinkle点击率:4855

论文字数:12931论文编号:org201308241107253861语种:英语 English地区:法国价格:$ 132

关键词:Chinese public companyinformation disclosureownership concentrationacquisition premium

摘要:法国金融分析硕士毕业论文:The research on the performance and influential factors of Chinese public company’s overseas acquisitions影响中国公共公司的海外并购的绩效因素研究

论文题目:法国财务分析硕士毕业论文:The research on the performance and influential factors of Chinese public company’s overseas acquisitions

论文语种:英文
您的研究方向:Finance
是否有数据处理要求:否
您的国家:法国
您的学校背景:
要求字数:10000
论文用途:硕士毕业论文
是否需要盲审(博士或硕士生有这个需要):否
补充要求和说明:Logical Regression


法国财务分析硕士毕业论文:The research on the performance and influential factors of Chinese public company’s overseas acquisitions


Abstract

This paper aimed to explore the performance and influential factors of Chinese public company after its overseas acquisitions. Through calculating the value of BHAR of Chinese overseas listed companies it has found in this paper that, the mean of the value of BHAR of the 60 chosen research objects after three years of their acquisitions was -14%. It showed that in the long run, most of Chinese overseas listed companies’ overseas acquisitions did not help the enterprises to improve their performance. In this paper, it was through Logistic regression analysis to find out that the degree of information disclosure, ownership concentration and acquisition premium were the factors that affected China's overseas public companies’ long-term performance. The lower degree of information disclosure they have, the lower long term performance that China's overseas public companies will have after overseas acquisitions. The higher ownership concentration they have, the lower long term performance they will have. The higher acquisition premium they have offered, the lower long term performance they will have after acquisition. Finally, based on the results of this study, this article was from the degree of information disclosure, ownership concentration and acquisition premium to bring forward recommendations on Chinese overseas listed companies’ operation and management behavior after their acquisitions.

本文旨在探讨在海外并购的中国公共公司的绩效影响因素。通过计算中国海外股票上市公司董事的价值已在本文中发现,三年后,他们收购的60选择研究对象BHAR值平均为14%。结果表明,从长远来看,大多数的中国海外股票上市公司并购海外公司没有帮助企业提高其性能。在本文中,它是通过Logistic回归分析发现,信息披露的程度,股权集中度、并购溢价是影响中国的海外公共公司的长期性能的因素。信息披露他们的程度较低,较低的长期表现,中国的海外公共公司将在海外收购。较高的股权集中度他们,他们将有较低的长期性能。更高的收购溢价,他们提出,较低的长期表现他们将收购后。最后,根据本研究的结果,本文从信息披露的程度,股权集中度与提出后,外资对中国海外股票上市公司的经营管理行为的建议收购溢价。

Keywords: Chinese public company; information disclosure; ownership concentration; acquisition premium


Chapter I Introduction

1.1 Backgrounds
Chinese companies listed overseas since the early 1990s. For Chinese companies, there are mainly the following securities markets that they can choose abroad: the Main Board of the Stock Exchange of Hong Kong (SEHK) and the Hong Kong Growth Enterprise Market (GEM), Singapore's first stock market and the Singapore SESDAQ market, three trading markets of NYSE, AMEX, NASDAQ in U.S., the Canadian stock markets (CDNX, TSE), the UK stock market (LSE, ATM, TECHMARK), the stock markets of other countries. The number of Chinese enterprises listed in these stock markets is shown in Figure 1 (Zhang et al, 2011).


Chapter II Literature review
Chapter III Methodology
Chapter IV Results and Discussion
Chapter V Conclusion and Recommendation


References

Baek, J.S. and Liu, T. (2008). Comparison Study on Shareholder Wealth and Ownership Structure in China and Korea. International Area Studies Review, 9(11): 3 - 32.
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