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RESEARCH ON MERGERS AND ACQUISITIONS OF LISTED COMPANIES IN CHINA
Zhou, Jie
Zhou, Jie
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Thesis/Dissertation
Date
2025-05
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Global Finance
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https://doi.org/10.34944/v5r6-z331
Abstract
China's economy has shifted from the stage of rapid growth after the reform and opening up to the stage of high-quality development. 40 years of reform and opening up, China's economy through continuous development, is by the extensive rely on high investment growth mode to intensive rely on technological progress driven economic growth way transformation, are entered the stage of quality by the amount of expansion phase, is in the transformation of the mode of development, optimizing the economic structure, change research period of growth. In building a modern economic system, we must take improving the quality of the supply system as our main focus, promote the transformation and upgrading of the industrial structure and the economy, and optimize the allocation of existing resources to achieve long-term dynamic balance. Enterprise merger and restructuring is a kind of enterprise investment way, is also the eternal topic of capital market; It is not only the adjustment means of industrial structure marketization, but also the important form of capital market resource allocation optimization. It is an important means of rapid expansion and integration of modern enterprises, and also an important force to promote the development of the capital market. Since the first wave of M&As in the United States at the end of the 19th century, there have been six large-scale M&As in the world, which has a significant and far-reaching impact on the world economy. Since then, M&As have become an important means for enterprises to realize their own expansion and optimize resource allocation. Compared with western countries, China started its M&A activities relatively late. Since the mid-1980s, China's M&A activities have gone through a development process from scratch, from small to large, from non-standard to standard. As an economic way to adjust economic structure, optimize resource allocation and deepen enterprise reform, merger and restructuring has been more and more widely used in the socialist market economy with Chinese characteristics, and truly integrated into the sixth global M&A wave. It is worth noting that, as a major part of the world economy, China, like the rest of the world, was badly hit in the financial crisis, leading to the closure of export-oriented private enterprises. At the same time, because China is in the developing stage, the special background of China's stock market equity division, the domestic listed company M&A behavior there is a big difference with western enterprise, has its own characteristics and limitations, the special national conditions of western scholars research conclusions are not fully used in China. With the initial completion of the reform of non-tradable shares of listed companies in 2008 and the increasingly standardized development of control rights market, China's listed companies began to enter a new stage of development in terms of M&A scale, M&A mode, M&A purpose and other aspects, showing different characteristics from previous stages.
From the perspective of the market as a whole, the cause of the overall M & A activity is no longer limited to the local part of the market, but is the result of the M & A transaction between a large number of market players. The key link in M&A is the selection of target companies. In M&A, the characteristics of target companies can guide investors to carry out relevant investment strategies. It is worth noting that in the actual M&A activities, a large part of the M&A activities cannot achieve the expected effect, and a considerable number of them are directly or indirectly due to the failed cultural integration after the M&A activities are completed.
This study first reviews the research results of Chinese and foreign scholars in the field of M&A from the aspects of M&A motive, M&A mode and corporate value, defines relevant concepts and research categories, and empirically studies the relationship between M&A activities of listed companies and corporate executive compensation and the integration of corporate culture after M&A. On this basis, based on the event research method, the M&A events in The Chinese market around 2015 were selected as samples to analyze the impact of M&A activities on the market value of both parties. Finally, the paper makes an empirical study on the influence of equity structure, industry characteristics, cash flow ability and other factors on M&A performance of listed companies.
In the discussion of the motivations for mergers and acquisitions in the Chinese market, the comparison with Asian, African, and developing countries is added to illustrate the uniqueness of mergers and acquisitions under China's special economic system. In the study of the relationship between executive compensation and mergers and acquisitions, some characteristics of Southeast Asian countries are also used for reference, and the factor of executive compensation is integrated into the case study of this article as a separate focus.
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