The Analysis On Influence To Value To Shareholders From Construction Machinery M&A With Related Transaction

Under securities issuance examination and approval system, it becomes popular for spin off listing. Related transaction becomes more and more frequently in the companies after listed. While it becomes more and more popular for merge&acquisition(M&A) via related transaction in Chinese securities market. Recently M&A with related transaction is taken as major important method in these more and more M&A in Construction Machinery. Based on such background, it’ll be significant important to do the research on whether M&A with related transaction could improve the company performance realistically so as to influence value to shareholders in Construction Machinery.This dissertation discusses the following questions such as background, purpose and importance of M&A with related transaction, submits out the major topic of this dissertation: Is the value to shareholders increased or decreased via M&A with related transaction in Construction Machinery? In this dissertation, based on relative theory of ways on M&A with related transaction, upon evaluation of values to shareholders and the result of M&A with related transaction research, and under specializing M&A with related transaction in Construction Machinery, two typical cases of2008and one non-typical case of Construction Machinery are selected to be analyzed and studied in the area of changes of values to shareholders before&after M&A in short&long term with event study method and financial indicator study method. The following could be highlighted that:there are more advantages in related transaction than non-related transaction in M&A of Construction Machinery&No change in management ability of the merger in M&A with related transaction in Construction Machinery, for which this dissertation provides more analysis with considering the specialty of Construction Machinery and based on theory of M&A with related transaction.This dissertation presents suggestions on standardization of M&A with related transaction and improvement to M&A of Construction Machinery in the future based on the study result and nowadays situation of M&A with related transaction.