Browsing by Subject "Stock exchanges -- China"
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- PublicationAnalysis the Performance of Outbound Cross-border Mergers and Acquisitions : Evidence from Chinese Companies Listed on the Stock ExchangeSince 2008, the financial crisis has provided a good opportunity for Chinese companies to outbound cross-border M&A. Many Chinese listed companies have continuously joined the wave of cross-border M&A. Outbound cross-border M&A account for an increase in the proportion of Chinese companies’ foreign investment, in order to obtain the technology, resources or market development of target enterprises, many Chinese companies have chosen cross-border M&A; making cross-border M&A become a hot topic in the government and business circles in recent years. This paper takes the listed companies that participated in and completed cross-border mergers and acquisitions from 2008 to 2015 as a sample, using accounting research method, using factor analysis to construct a comprehensive score model for enterprise performance evaluation, from four aspects: corporate profitability, operating capability, solvency and development capability, select the earnings per share, return on total assets, rate of return on common stockholders’ equity, total assets turnover, receivables turnover ratio, inventory turnover ratio, current ratio, acid-test ratio, debt asset ratio, operating profit growth, net profit growth rate and total asset growth rate; analyze the changes in the comprehensive performance of listed companies before and after the merger, and then compare the overall sample by group. The results show that, the comprehensive performance of the year of merger and acquisition and the comprehensive performance of the two years after the merger have been improved. As a whole, outbound cross-border M&As have not significantly improved the comprehensive performance of Chinese companies; from a group perspective, the comprehensive performance of private companies after outbound cross-border mergers has improved compared to state-owned enterprises; outbound cross-border M&A manufacturing, the comprehensive performance improvement effect of enterprises is not obvious, non-manufacturing M&A performance has not improved; the performance of horizontal M&A enterprises after outbound cross-border M&A has been improved, while the performance of vertical M&A enterprises and mixed M&A enterprises after outbound cross border M&A has not improved. Finally, based on the research results, relevant recommendations were made to both the enterprise and the government.
71 197 - PublicationDoes Investor Sentiment affect Stock Return : Evidence from Chinese Industry Index in Shanghai A Share MarketIn stock market, some of characteristics of asset pricing behavior of traditional financial theory didn’t work, behavioral finance otherwise provides a new method and aspect to interpret these visions. Investor behavior which is influenced by investor sentiment plays an important role in stock market, irrational behavior may lead to market inefficiency, and stock return is a reflection of the market condition, hence studying the effects of investor sentiment on stock return is meaningful. This paper mainly studied investor sentiment whether and how affects stock return, as well as applied other six control variables a share market stock return, Dow Jones industrials index return, interest rate, exchange rate, crude oil price and gold price which could affect stock return in previous studies. To detect the effects this paper first investigate bullish investor sentiment and then applied multiple regression linear model to find investor sentiment positive significantly affects stock return in nine industries. This study provided a new perspective to explore the characteristics between investor sentiment and stock return, also presented new ideas for investors’ investment practices in stock market.
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