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A Study on the Impact of Horizontal ...

Hu, Jian.

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A Study on the Impact of Horizontal Mergers and Acquistions on the Performance of Listed Real Estate Developers Based on Panel Data from China.

Record Type:	Electronic resources : Monograph/item
Title/Author:	A Study on the Impact of Horizontal Mergers and Acquistions on the Performance of Listed Real Estate Developers Based on Panel Data from China./
Author:	Hu, Jian.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2023,
Description:	216 p.
Notes:	Source: Dissertations Abstracts International, Volume: 84-11, Section: A.
Contained By:	Dissertations Abstracts International84-11A.
Subject:	Finance. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30421054
ISBN:	9798379557027

A Study on the Impact of Horizontal Mergers and Acquistions on the Performance of Listed Real Estate Developers Based on Panel Data from China.
Hu, Jian.

A Study on the Impact of Horizontal Mergers and Acquistions on the Performance of Listed Real Estate Developers Based on Panel Data from China. - Ann Arbor : ProQuest Dissertations & Theses, 2023 - 216 p.

Source: Dissertations Abstracts International, Volume: 84-11, Section: A.

Thesis (D.Sc.)--Temple University, 2023.

This item must not be sold to any third party vendors.

Merger &Acquisition is a way to allocate resources in the capital market, and also a way for enterprises to expand scale. Since the real estate industry has a prominent position in the national economy, and M&A events in the real estate industry are also increasing year by year, it is worth studying whether M&A can improve the performance of M&A enterprises. From the perspective of horizontal M&A of real estate enterprises, this paper studies whether the short-term and long-term performance of listed real estate enterprises can be improved under horizontal M&A.First, this paper studies the background of M&A, the performance of M&A and the motivation of M&A relate to the theory and analyzes development of the real estate industry in recent years. After that, this paper begins to conduct an empirical study on the short-term performance and the long-term performance of horizontal M&A of listed real estate enterprises. This paper selects the horizontal M&A of real estate enterprises occurred in 2016 as the research samples. The short-term research calculates the CAR of each day of the event window by using the method of event studying, and compares its change. The long-term research uses the method of factors studying to calculate the comprehensive performance score of each year before and after M&A.The research result of this paper shows that although horizontal M&A of real estate companies brings positive cumulative abnormal return in the short term, the CAR is very small. In the long term, the comprehensive performance scores of horizontal M&A of real estate companies decline and then rise slowly before and after M&A.Besides, in this paper, starting from the features of the real estate industry, I analysis the driving factors of M&A of the real estate and build the M &A performance evaluation system of real estate enterprises. Using the case method, with the help of the M&A performance evaluation system, this paper analyzed the performance of Chinese real estate enterprises-Vanke after M&A from short-term and long-term performance, finding out the factors to drive the improvement of performance of vanke through M&A. According to the analysis of the case, a series of suggestions are proposed from internal and external to improve performance of real estate enterprise after M&A of our country.Finally, this paper puts forward some suggestions to the participants of M&A. For example, listed real estate enterprises should pay attention to the cost of M&A and resource integration; Government departments should pay attention to marketization; Intermediary agent should be diligent and responsible.

ISBN: 9798379557027Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Events study

A Study on the Impact of Horizontal Mergers and Acquistions on the Performance of Listed Real Estate Developers Based on Panel Data from China.
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245 1 2 $a A Study on the Impact of Horizontal Mergers and Acquistions on the Performance of Listed Real Estate Developers Based on Panel Data from China.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2023
300 $a 216 p.
500 $a Source: Dissertations Abstracts International, Volume: 84-11, Section: A.
500 $a Advisor: Naveen, Lalitha;Mao, Connie;Bakshi, Gurdip.
502 $a Thesis (D.Sc.)--Temple University, 2023.
506 $a This item must not be sold to any third party vendors.
520 $a Merger &Acquisition is a way to allocate resources in the capital market, and also a way for enterprises to expand scale. Since the real estate industry has a prominent position in the national economy, and M&A events in the real estate industry are also increasing year by year, it is worth studying whether M&A can improve the performance of M&A enterprises. From the perspective of horizontal M&A of real estate enterprises, this paper studies whether the short-term and long-term performance of listed real estate enterprises can be improved under horizontal M&A.First, this paper studies the background of M&A, the performance of M&A and the motivation of M&A relate to the theory and analyzes development of the real estate industry in recent years. After that, this paper begins to conduct an empirical study on the short-term performance and the long-term performance of horizontal M&A of listed real estate enterprises. This paper selects the horizontal M&A of real estate enterprises occurred in 2016 as the research samples. The short-term research calculates the CAR of each day of the event window by using the method of event studying, and compares its change. The long-term research uses the method of factors studying to calculate the comprehensive performance score of each year before and after M&A.The research result of this paper shows that although horizontal M&A of real estate companies brings positive cumulative abnormal return in the short term, the CAR is very small. In the long term, the comprehensive performance scores of horizontal M&A of real estate companies decline and then rise slowly before and after M&A.Besides, in this paper, starting from the features of the real estate industry, I analysis the driving factors of M&A of the real estate and build the M &A performance evaluation system of real estate enterprises. Using the case method, with the help of the M&A performance evaluation system, this paper analyzed the performance of Chinese real estate enterprises-Vanke after M&A from short-term and long-term performance, finding out the factors to drive the improvement of performance of vanke through M&A. According to the analysis of the case, a series of suggestions are proposed from internal and external to improve performance of real estate enterprise after M&A of our country.Finally, this paper puts forward some suggestions to the participants of M&A. For example, listed real estate enterprises should pay attention to the cost of M&A and resource integration; Government departments should pay attention to marketization; Intermediary agent should be diligent and responsible.
590 $a School code: 0225.
650 4 $a Finance. $3 542899
650 4 $a Asian studies. $3 1571829
653 $a Events study
653 $a Factors analysis
653 $a Performance
653 $a Real estate enterprises
653 $a Panel data
653 $a Horizontal mergers
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690 $a 0342
710 2 $a Temple University. $b Business Administration/Finance. $3 1672897
773 0 $t Dissertations Abstracts International $g 84-11A.
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792 $a 2023
793 $a English
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30421054