The Wealth Effect Of Merger And Acquisitions: Evidence From Chinese Listed Corporation

Mergers and acquisitions (M&A) are very important for business growth and efficient resource allocation. Research of M&A is one of the main topics of the financial economics, and the wealth effect of M&A is the core of the research. From the macro level, value of M&A is the lodestar for the government to make policy; and from the micro level, value of M&A is the premises of the decision of M&A for firms, and also the yardstick for investors to hand the M&A in security market.M&A's characteristics affect the corporation's value after M&A, which includes short time wealth effect and middle-long time wealth effect. In fact, many factors of corporation before M&A decide the corporation wealth after M&A. Firstly, based on the established M&A theory, this paper discusses the whole wealth effect of M&A and it's movement trend. Secondly, in order to find key factors for M&A's wealth effect, the paper test the impact on M&A wealth by r M&A characteristics. At last, artificial neural networks model was built to estimate the M&A's wealth effect. If we input the M&A's factor, we can predict the M&A's wealth effect through the model.This paper has 9 parts:Chapter 1 introduces the background, goal, methods and data of this research, and generally explains innovation of the research. It also simply introduces the content and structure of this paper.Chapter 2 reviews the literature on M&A wealth effect. Firstly, the research...