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- Creators: Shen, Wei
- Creators: Wang, Lijuan
Description
This thesis investigates whether mergers and acquisitions (M&As) help increase the competitive advantage and core competency of Chinese securities companies. Although M&As among Chinese securities companies were almost exclusively guided by the Chinese government in the earlier years, they have increasingly become more market-driven in recent years. Many large Chinese securities companies have engaged in horizontal mergers, cross-industry mergers, and cross-border mergers to increase their market positions. However, there is little up-to-date evidence about how these market-driven M&As influence the competitive advantage and core competency of securities companies in China. I seek to fill this gap by conducting a systematic analysis about whether M&As increase the core competency of the acquiring companies using data collected over a five-year window from 2010 to 2014.
On the basis of prior research findings and the current situation of the Chinese securities industry, I first develop a theoretical model about the sources of competitive advantage for Chinese securities companies, and then compile a comprehensive list of observable indicators that can be used to assess a Chinese securities company’s core competency. Next, I conduct a quantitative analysis to assess the core competency and relative market positions of the leading Chinese securities companies using data from 2010 to 2014. Overall, the results suggest that market-driven M&As increases the core competency of the acquiring securities companies. I then conduct four in-depth case analyses to better understand the mechanisms through which M&As can help increase the acquiring firms' core competency. I conclude with a discussion of the findings and their implications for Chinese securities companies and the overseeing governmental agencies.
On the basis of prior research findings and the current situation of the Chinese securities industry, I first develop a theoretical model about the sources of competitive advantage for Chinese securities companies, and then compile a comprehensive list of observable indicators that can be used to assess a Chinese securities company’s core competency. Next, I conduct a quantitative analysis to assess the core competency and relative market positions of the leading Chinese securities companies using data from 2010 to 2014. Overall, the results suggest that market-driven M&As increases the core competency of the acquiring securities companies. I then conduct four in-depth case analyses to better understand the mechanisms through which M&As can help increase the acquiring firms' core competency. I conclude with a discussion of the findings and their implications for Chinese securities companies and the overseeing governmental agencies.
ContributorsWang, Lijuan (Author) / Shen, Wei (Thesis advisor) / Qian, Jun (Thesis advisor) / Liu, Jun (Committee member) / Arizona State University (Publisher)
Created2016
Description
After the 2008 financial crisis, along with information technology and its application
innovation into the burst period, Shared faster economic growth, and then entered into a
rapid expansion in 2014, quickly penetrate into many areas and market segments.
As the securities industry practitioners and Internet financial practitioners, I am
very concerned about sharing economic model in the development of securities
investment niche. As the Internet and mobile penetration rate rise in recent years, the
Internet financial in the rapid development of our country, investors get used for
investment decision-making information via the Internet. Internet social investment
sharing platform based on knowledge sharing and rapid development, has formed
"opinion leaders", "combined with", "automated financial innovation model". The
emergence of these new patterns, provide investors with investment of knowledge sharing,
the investors behavior changes, many small and medium-sized investors into social
sharing platform for the combination of investment talent information and follow orders,
and centered on investment talent view form fan interaction.
This article around the "Shared economic environment on the impact of portfolio
share on investor behavior research," the theme, the relevant literature and resources, and
to detect Shared economic environment provided by the social share portfolio, whether to
change the traditional information decision and disadvantages of small and medium-sized
investors, whether really improved the small and medium-sized investors return on
investment, its conclusion try to explain the traditional period research literature on active
investment and passive investment, the relevant conclusions of small and medium-sized
investors and institutional investors, sharing in the Internet the rapid development of
economic period is changed.
innovation into the burst period, Shared faster economic growth, and then entered into a
rapid expansion in 2014, quickly penetrate into many areas and market segments.
As the securities industry practitioners and Internet financial practitioners, I am
very concerned about sharing economic model in the development of securities
investment niche. As the Internet and mobile penetration rate rise in recent years, the
Internet financial in the rapid development of our country, investors get used for
investment decision-making information via the Internet. Internet social investment
sharing platform based on knowledge sharing and rapid development, has formed
"opinion leaders", "combined with", "automated financial innovation model". The
emergence of these new patterns, provide investors with investment of knowledge sharing,
the investors behavior changes, many small and medium-sized investors into social
sharing platform for the combination of investment talent information and follow orders,
and centered on investment talent view form fan interaction.
This article around the "Shared economic environment on the impact of portfolio
share on investor behavior research," the theme, the relevant literature and resources, and
to detect Shared economic environment provided by the social share portfolio, whether to
change the traditional information decision and disadvantages of small and medium-sized
investors, whether really improved the small and medium-sized investors return on
investment, its conclusion try to explain the traditional period research literature on active
investment and passive investment, the relevant conclusions of small and medium-sized
investors and institutional investors, sharing in the Internet the rapid development of
economic period is changed.
ContributorsMa, Gang (Author) / Gu, Bin (Thesis advisor) / Yan, Hong (Thesis advisor) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2017