Abstract
In this paper, we use the data of A shares of listed corporations from 2010 to 2014 to research the relationship among the efficiency of investment, acquisition behavior and corporation value. The results show that the enterprise acquisition behavior and enterprise value have no significant correlation. While the investment efficiency of enterprises will be affecting the relationship between the two, as the same words, the higher the efficiency of investment, the influence of mergers and acquisitions to increase the role of the enterprise value is more significant. According to the above conclusions, this paper puts forward related suggestions.
Highlights
Mergers and Acquisitions (M&A) can make it possible for enterprise to increase the company’s capital quickly and expand the scale of the company
This paper investigates the relationship among enterprise acquisition behavior, investment efficiency and firm value
If β1 is significant at the level of 1%, and combined with the previous hypothesis, we can get the conclusion that higher the efficiency of investment, the influence acquisition behavior to increase the value of the company is more significant, so that H2 is right
Summary
Mergers and Acquisitions (M&A) can make it possible for enterprise to increase the company’s capital quickly and expand the scale of the company. Many people at home and abroad have studied the subjects about efficiency of investment and mergers and acquisitions, whether the enterprise acquisition behavior can improve the enterprise value, and many articles have been analyzed concretely. The relationship among enterprise acquisition behavior, investment efficiency and firm value is not been researched universally. This paper investigates the relationship among enterprise acquisition behavior, investment efficiency and firm value. It analyzes whether the enterprise acquisition behavior has a significant influence on corporation value and judges whether the investment efficiency can affect the relationship between acquisition behavior and corporation value. Through analyzing the relationship among enterprise acquisition behavior, investment efficiency and firm value empirically, we provide advice and direction for the investment behavior of enterprises and small and medium investors
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