| China's “Supply-side Structural Reform” was first proposed in 2015,which would be the macro policy orientation for a long period of time in the future.Digesting inventory of the real estate industry plays an important role in the five tasks of Supply-side Reform.At the same time,China's real estate industry is in a decentralized competition pattern and shows the trend of rising in industry concentration.Mergers and Acquisitions(M&A)is one of the important way for real estate industry to digest inventory and improve the concentration of industry.However,it is still worth exploring whether M&A could improve performance as expected.In addition,the performance of M&A is influenced by many factors,both from the enterprises' own characteristics and transactions' characteristics.Based on the existing theories and research results,the thesis uses the M&A events of Chinese real estate industry happened in Shanghai and Shenzhen stock exchanges from 2008 to 2011 as the study samples,and adopts factor analysis method to build appraisal system of M&A performance by financial indicators.The objective is to explore the changes of short,medium and long term performance after M&A,and analysis the impact of 8 factors from the enterprises' own characteristics and transactions' characteristics on the different period's performance of M&A by the way of multivariable linear regression model.We find that,first,the short-term performance of the enterprise after M&A had been improved,but the medium and long-term performance was not ideal.Second,in enterprises' own characteristics,the better financial performance and market value of target enterprises could promote the performance of acquiring enterprise,but the ownership concentration has negative effect on performance of M&A,and there is no significant influence between executive shareholding and M&A performance.Finally,in transaction characteristics,related party transactions and cash payment have improved M&A performance significantly,and there is no significant relationship between horizontal type and performance,however,if enterprises accept the same government,M&A performance would be worse. |
