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英格兰留学生财务管理本科毕业论文参考Bidders Long-run Performance and Market Valuation: Evidence from Mergers and Acquisitions
收购事项的产物，市场经济的发展，对经济增长和产业结构调整起到了巨大的作用。企业的产业资本流向另一家企业，企业之间的兼并与收购，由一个行业到另一个行业流动，它可以有效地实现企业产权结构的调整，使社会生产要素的优化配置，从而使调整产业结构合理化轨道。
Introduction
Acquisition is the product of development of market economy, has played a huge role on the economic growth and the adjustment of industrial structure. Merger and Acquisition between enterprises by an enterprise to industrial capital flow to another enterprise, by an industry flow to another industry, it can effectively realize enterprise property right structure adjustment, which made the social production elements get the optimal configuration, so as to make adjustment of industrial structure to rationalize rail.
In the United States, it has already undergone four mergers from 1897 to the late 1980s. Western scholars paid great attention on the merger economic phenomenon in the past 100 years. Why one enterprise want to buy other enterprises' property right, or obtain other enterprise control right, why two enterprise decide to composed a new http://www.ukassignment.org/uklunwen/ company, about this phenomenon western scholars has formed some valuable theory and method basically has the following kinds of theories: Efficiency theory, Information and signal theory, The agency cost theory, The management theory of socialist, Transaction costs theory, Market forces theory. And they analyze the motive M&A from different perspective. Of course, enterprise merger motives are usually multiple, single theory explanation will have certain one-sidedness. Therefore, it still need analysis their inner motivation about the M&A according to the reality of the situation (Andrade etc. 2001).
To the effect and influence of M&A of various variables acquisition effect, western scholars also did a lot of empirical research on the results, their study plays a good positive role in guiding corporate M&A. the main methods about the post-merger of enterprises management performance of empirical test are as flowing:
(ⅰ) Event Study Methodology (ES).
Event study is analysis the influence to company's stock by concrete things, measure the enterprise value change. In the rational financial markets, an event will affect responsive to stock prices, the effects of the event can displayed through stock prices in short-term changes to measure. In practice, it is unreasonable if apply directly average yield and share price changes to measure the impact of the company's performance events, because companies share price changes may not lead by events themselves, but may be caused by market grail lifting drive(Bouwman, C. H. S., K. Fuller, and A. S. Nain ,2008 ). It need eliminate these factors to science measure events on the impact of the company. Usually, Event study methodology adopts Cumulative Average Event study(CAR) methodology indicators to measure, this method will compare the company's actual income(R) released before some period with "normal" earnings E (R) that assuming no event influenced in the time. And draw abnormal returns AR, that is AR= R-E(R).( Aharon etc. 2010)
Malcolm S.Salter and Wolf A.Weinhold (Malcolm S.Salter and Wolf A.Weinhold, 1979) study 36 Merging Companies and measure its operation efficiency through listed on the New York stock exchange market shares, through the study, it found that these company's average net assets yield lower 44% than the average level of the New York stock exchange average return on assets, the average return on assets are lower 75% than the New York exchange.
David Birch(1996) compared company performance of the 1,300 acquiring company and acquired company during 1992 ~ 1995 in America, found that most acquiring firms to pay a higher than the market value of cost, only 60 percent of the buy-out firms net profit has increased dramatically in the post-acquisition compared with the un-buy-out firms.
Research results by Jayant R.Kale Omesh Kin and Harley E.Ryan Jr.(2000) showed that it is negatively correlated between both sides of intern hold stock quantity and merger created wealth, but it exists weak positive correlation in both mergers and acquisitions wealth both sides of acquiring wealth. If bidders hold certain shares before the acquisition in the target enterprise, the bidding will obtain more fortune relative to the target enterprise. If bidding square merger is large diversified enterprises, merging total wealth will increase and undertakes allocation between them, and if bidding square itself is a diversified enterprises, so, bidding square wealth will reduce, the target enterprise wealth will increase, but both total wealth still will be increased.
(ⅱ) Business Performance Method
Magenheim and Mueller (1988) were found company reshuffled performance fell in mergers effect pairing in test results. But Bradley meanings Jarrel (1988) didn’t draw company performance declines results by studying the Meagan Ham etc of samples with different method was used to.
Healy, Palepu, Ruback (1992) stood the 50 biggest M&S cases of America from 1979 to 1984, company's assets operation ability enhanced obviously compared the others, so bring into higher operating cash. Their further studies also found that the rate of return improve not from firing workers produce artificial cost saving but from company management efficiency.
(ⅲ) Case Study Methodology (CS)
It is generally known as that the case-study method (CS) was first brought into social science by Frederic Le Play in 1829, which used as a handmaiden to statistics of family budgets in his studies. ( Les Ouvriers Europeens, 1879 ).
CS was put into use in social sciences for the creation of new theory has been further developed by the sociologists Barney Glaser and Anselm Strauss who presented their research method, Grounded theory, in 1967.
The popularity of CS has developed in recent decades in testing hypotheses. One of the popular applied areas of the CS is in education, especially in educational evaluation.
CS has also been applied as a teaching method and as a method of professional development, such as in business and legal education. The problem-based learning (PBL) movement is the example. CS is often deemed as critical accidents when it used in education or in improving professional. (Gary Thomas, 2011)
In the article, I use the CS study method rather others, because the event study has limitations in half strong type of effectiveness in market inspection, it mainly displays in: existence omissions of inspection information, cannot constitute sufficient conditions but only a necessary condition in a confirmation half strong type of effectiveness market. But the use of case analysis can let us understand happen spurious causality very intuitively, and more clearly found the development of logical sequence.
About the Merger and Acquisition (M&A)
With the continuous development of commodity economy, the enterprise merger gradually becomes an important worldwide economic term. Enterprise merger experience such a development process that from primary to senior, and experienced four times climax which brought new vitality to the market economy development. The first enterprise merger climax occurs in the century, its peak period is from 1898 to 1902, and this is because of the widely used of the power inventions (Harford, J. (2005)). Socialized production development request centralized production, however the single individual enterprise’ internal capital accumulation cannot satisfy the http://www.ukassignment.org/uklunwen/ requirements of socialized production, the merger capital of single formed a huge capital to adapt the progress of science and technology which is the inevitable product. During the time of 1898 ~ 1902, the American takeover enterprise has a total of 2 653, the total amount of capital is 63 million us dollars, and this lead the industrial structure appeared permanent change, the largest 100 company's scale increased four times and took control of the national industrial capital 40%.
The second merger climax occurs in the 1920s, the economic in the major western capitalist economies has a big development (Grilli, Luca etc. 2010, PP. 14-16). The development of science and technology and the executive "rationalization" industrial generate a batch of new industrial department, such as automotive, Chemical industry, electric industry etc. Industry requirements as adopt all sorts of new-style rationalization machine equipment, implement standardized production, and this requires capital further concentration.
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