Analysis on the factor that affecting listed companies’ mergers
ABSTRACT
Value of merger and acquirement is one of the main topics of the finance economics, and it is also the point which many theories focus on. It explains “what M&A is”. Analyze from the macro level, value of M&A is the lodestar for the government to establish some related institution; Analyzing form the micro level, value of M&A is the decision of M&A for firms, and also the yardstick for investors to hand the M&A in security market.
During the 16 years’ development, the number of Chinese listed companies had become more than 3000 by the end of 2009, while the number was less than 20 in 1990s. More and more M&A cases appear. Basing on familiarity of M&A between firms in China, we used the core of continuous time theory for reference, and analyzed the facts which affect the value of M&A. We analyzed the time path to realize the value of M&A for firm, and built several types of time-value models. We hope to build an evolvement framework for value of M&A based on time serials.
[Key Words] A listed company,Company merger, Factor analysis