北美数学代写:并购是否为被收购公司的股东创造价值

北美数学代写:并购是否为被收购公司的股东创造价值

另外,根据Kwoka和Pollitt的研究,以往的文献表明,实证研究证明了价值创造在公告日的短期内,而每一项研究都适用于长期分析(Laabs和Schiereck, 2010)。这意味着要么是价值的毁灭,要么是无关紧要的结果。从上述讨论的角度来看,将历史交易分解为特定于交易的不同特征,并分析对这些因素的控制是否会导致结论的改变,就变得很有趣了。Faisal(2010)在过去与并购绩效相关的文献中发现了172个不同的控制变量。研究发现,并购绩效的主要交易特征是企业规模和并购背后股东的利益(Sharma, 2010)。分析和强调的主要特征是跨境交易与国内交易、相对规模、参与者来自公共或私人领域、相关和无关性质的合并、距离和支付类型。此外,时机在市场上进一步受到关注。

北美数学代写:并购是否为被收购公司的股东创造价值

文学一般都阐述了理解新古典主义理论所能获得的益处。这一理论清楚地表明了为什么交易特征如此重要。该理论在效率市场和股东管理中进行了补偿。该理论的一般出发点是期望行为人以理性的方式行动,期望行为人通过使用适当的信息来提高市场上对股东的效用。从这方面来看,并购是非常重要的,尤其是因为它所提供的好处(Shukla and Gekara, 2010)。

北美数学代写:并购是否为被收购公司的股东创造价值

Also, according to Kwoka and Pollitt, prior literature has suggested that empirical research proves value creation over the day of announcement in the short term while every study is applicable for long analysis (Laabs and Schiereck, 2010). This suggested either destruction of value or results of insignificant nature. From the perspective of discussion done above, it becomes intriguing to state that historic deals decompose into distinct characteristics specific to deals and analysed whether control for such elements results in altering conclusions or not. 172 distinct variables of control were identified by Faisal (2010), involved within the past literature related to the performance of M and A. It was found that major deal characteristics of performance are size of the firm and interest of the shareholder behind the merger and acquisition (Sharma, 2010). Mostly, the characteristics analysed and highlighted are deals cross borders versus domestic, relative size, and participants are from public or private domain, mergers of related and unrelated nature, distance and type of payment. Timing in the market moreover further has gained focus.

北美数学代写:并购是否为被收购公司的股东创造价值

Literature generally has stated the benefit that can be gained from understanding neoclassical theory. This theory makes it clear as to why the deal characteristics matter so much. The theory takes its offset within efficiency markets and management of shareholder. The general initiation point for the theory is that it is expected for the actors to act in a rational manner and it is expected of them to enhance the utility for shareholders in the market through use of appropriate information. From this aspect, merger and acquisition is of importance especially because of the benefits that it provides (Shukla and Gekara, 2010).