The Root and the Effects of Relative Merger and Acquisition
DENG Jian-Ping, ZENG Yong, HE Jia
1.Xiamen National Accounting Institute, Xiamen, Fujian, China; 2. Univiersity of Electronic Science and Technology of China, Chengdu, China; 3. The Chinese University of Hong Kong, Hong Kong, China
Using a sample of 285 Chinese Stateowned Enterprises (SOEs) that went public between 1997 and 2000, we study 312 postIPO merger and acquisition (M&A) cases to identify the root and the effects of relative M&A of Chinese listed companies and find that the mode of restructuring is the root of the problem. A research on the effects of relative M&A reveals that M&A in China has created value for shareholders as a whole, but this wealtheffect only exists in nonrelative transaction samples while relative M&A really could not add shareholder value. Empirical studies also indicate that in completely restructured SOEs, the nonrelative M&A have more abnormal returns than relative M&A.
邓建平, 曾勇, 何佳. 关联并购重组: 根源与后果[J]. J4, 2011, 8(8): 1238-.
DENG Jian-Ping, ZENG Yong, HE Jia. The Root and the Effects of Relative Merger and Acquisition. J4, 2011, 8(8): 1238-.