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The Analysis on Companies’ Excess Value and Investment Policy Based on the Different Types of Mergers and Acquisitions
Author(s): 
Pages: 44-47+59
Year: Issue:  4
Journal: Xi'an Finance

Keyword:  merger and acquisition(M & A)excess valueinvestment policy;
Abstract: Setting 167 M&A events as samples on China’s stock market in 2012, the paper analyzes the changes of excess value and investment policy of M&A companies before and after M&A. Based on above analysis, the paper studies the relationship between the changes of excess value and investment policy. The results show that there exist some differences in this relationship in the nonrelated and related M&A, the excess value has been a significant increase and this increase can be explained by the rise in index of investment policy after merger events.
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