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An Empirical Study on the Growth of Small and Medium-Sized Pharmaceutical Enterprises through M&A in China

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This thesis starts with an analysis of the current situation of the pharmaceutical industry in China, and discusses the strategic mergers and acquisitions (M&A) by small and medium-sized enterprises (SMEs) in the pharmaceutical industry in China. It elaborates on the

This thesis starts with an analysis of the current situation of the pharmaceutical industry in China, and discusses the strategic mergers and acquisitions (M&A) by small and medium-sized enterprises (SMEs) in the pharmaceutical industry in China. It elaborates on the rationale for the development of the mergers and acquisitions of the pharmaceutical SMEs. Then a literature review is provided on the causes of corporate mergers and acquisitions such as the economies of scale, synergistic effect, transaction costs, market power, and strategic diversification.Next,the thesis analyzes the underlying rationale for the M&A transactions in the pharmaceutical industry in China, and explores the likely path of successful value creation for pharmaceutical SMEs in China. Specifically, with five in-depth case studies of M&A transactions of pharmaceutical firms, this thesis reveals the critical success factors leading to value creation and growth in the practice of mergers and acquisitions of the pharmaceutical SMEs in China.

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2015

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Factors influencing automobile financial leasing and risk control: an empirical study on China automobile leasing market

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Financing lease has bloomed as a new financing tool in China for the last several years. In this thesis I investigate the factors that influence China’s automobile financial leasing decisions by both lessors and lessees through market surveys. Based on

Financing lease has bloomed as a new financing tool in China for the last several years. In this thesis I investigate the factors that influence China’s automobile financial leasing decisions by both lessors and lessees through market surveys. Based on Probit regression analysis of the data collected from 250 companies and 300 individuals, I find that a firm is more likely to use automobile financial leasing when its corporate tax rate is lower, growth potential is more stabilized, and profit is higher. It is also more likely to happen when a firm's long-term debt ratio and its degree of internationalization are higher. At the individual level, I find that the likelihood of individuals’ leasing decision is influenced by their risk preference, income level, and car price. Individuals’ gender, age and education level show no effect.

Using the analytic hierarchy process (AHP) analysis, I further find that financing costs, service value-added, and products diversity are the three most important competitive factors for the auto financial leasing service providers. This is the case for both the corporate and individual customers in the sample. By contrast, the factors of sales channel and government relationship are found to be much less important. Finally, through an in-depth case study of the leasing company Shanghai Auto Financial Leasing, I find that the key factors determining the customers’ credit default risk are interest rate and automobile type. I also investigate factors that influence business risk during the automobile procurement stage, at the selling stage, and toward the disposition stage. The managerial implications of the above results are discussed throughout the thesis.

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2015

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An Investigation of Organizational Strategies to Cope with the Risk of Resource Dependence in China’s Power Generation

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In this study I investigate the organizational strategies that Chinese power generation companies may use to reduce the impact of coal price increases on their profits. Organizations are open systems in that no organization possesses all the resources that it

In this study I investigate the organizational strategies that Chinese power generation companies may use to reduce the impact of coal price increases on their profits. Organizations are open systems in that no organization possesses all the resources that it needs and all organizations must obtain resources from their external environments in order to survive. Resource dependent theory suggests that the most important goal of an organization is to find effective mechanisms to cope with its dependence on the external environments for resources that are critical to its survival. Chinese power generation companies traditionally rely heavily on coal as their raw materials, and an increase in coal price can have a significant negative impact on their profits. To address this issue, I first provide a systematic review of the resource dependence theory and research, with a focus on the strategies such as vertical integration, diversification, and hedging that organizations can undertake to reduce their dependence on the external environment as well as their respective benefits and costs. Next, I conduct a qualitative case analysis of the primary strategies the largest Chinese power generation companies have used to reduce their dependence on coal. I then explore a new approach that Chinese power generation companies may use to cope with increases in coal price, namely, by investing in an index of coal companies in the stock market. My regression analysis shows that coal price has a strong positive relation with the price of the coal company index. This finding suggests that it is possible for firms to reduce the negative impact of raw material price increase on their profits by investing in a stock market index of the companies that supply the raw materials that they depend on.

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Date Created
2015

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Valuation Tools of Conglomerates and Their Application in the Case of Fosun International

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There has been much debate in the world of academia over the valuation of conglomerates. This thesis proposes the use of the EVA theory in explaining fluctuations in conglomerates’ valuation, and we believe that ROIC, WACC, and ROIC-WACC are three

There has been much debate in the world of academia over the valuation of conglomerates. This thesis proposes the use of the EVA theory in explaining fluctuations in conglomerates’ valuation, and we believe that ROIC, WACC, and ROIC-WACC are three indicators that to a certain extent explain these valuation fluctuations. Through analysis of a sample containing 23 conglomerates, this thesis finds that ROIC, WACC, and ROIC-WACC exhibit positive correlation with valuation fluctuations. In the case study on Fosun, this thesis finds that ROIC-WACC is highly correlated with Fosun’s valuation fluctuations and next with ROIC. Thus this thesis conjectures that for investment companies for which investment capital is derived largely from insurance float, such as Fosun, ROIC-WACC is a better valuation tool.

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2015

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From Playground to Boardroom: Endowed Social Status and Managerial Performance

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By matching a CEO's place of residence in his or her formative years with U.S. Census survey data, I obtain an estimate of the CEO's family wealth and study the link between the CEO's endowed social status and firm performance.

By matching a CEO's place of residence in his or her formative years with U.S. Census survey data, I obtain an estimate of the CEO's family wealth and study the link between the CEO's endowed social status and firm performance. I find that, on average, CEOs born into poor families outperform those born into wealthy families, as measured by a variety of proxies for firm performance. There is no evidence of higher risk-taking by the CEOs from low social status backgrounds. Further, CEOs from less privileged families perform better in firms with high R&D spending but they underperform CEOs from wealthy families when firms operate in a more uncertain environment. Taken together, my results show that endowed family wealth of a CEO is useful in identifying his or her managerial ability.

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2018

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公司投融资期限错配、公司债信用利差与公司债投资

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期限错配策略利用滚动短期融资支持长期投资,滚动短期融资本身极易导致资金链紧张,产生流动性风险。利用手工收集的2006-2018年A股上市公司独特数据,本文系统考察了企业投融资期限错配对发行信用债信用利差的影响。本文发现,期限错配越严重的企业,越有可能在发行信用债时被要求更高的信用利差,对于民营上市公司发行信用债尤其如此;利用再融资环境和“钱荒”事件进行的作用机制检验表明,企业投融资期限错配对发行信用债利差的影响主要是因为期限错配蕴含着较高的流动性风险; 利用工具变量、双重差分法和替代性度量等一系列稳健性检验仍能得出一致结论。再者,利用2006-2018 年我国开放式基金年度持股数据,从基金投资组合与持仓调整两个角度,实证检验了期限错配行为对于基金投资行为的影响。研究发现,期限错配产生的财务风险会降低基金对期限错配上市公司发行信用债的投资规模;且在实施期限错配当年,基金对持有的该上市公司的信用债更可能进行减持,由此表明期限错配会影响基金投资策略的形成。进一步的分析显示,基金所在基金管理公司为中外合资时,上述基金投资行为更加明显;同时,当基金持有民营上市公司以及处于紧缩性货币政策环境时,期限错配对于基金投资行为的影响更大。
最后,本文考察了期限错配下基金投资信用债的经济后果,分别从基金业绩、基金收益波动率和基金流量这三个维度进行了检验。实证结果显示,在控制其他可能影响基金收益及收益波动率的因素后,对期限错配上市公司信用债持有比重越小及减持比例越大的基金,当年业绩越好,且收益的波动率越低。再次,对于基金投资者,本文利用净申购率作为基金流量的代理变量,检验发现,基金投资者更热忠于追逐采取减少持有期限错配上市公司信用债这一投资策略的基金,表现为这类基金有更多的资金净流入,而且,相对于个人投资者,上述基金投资者的投资偏好在我国的机构投资者中表现得更加明显。

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2021

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证券公司高级管理人员的引进:监管背景对绩效的影响

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在我国经济体制改革和全球国际金融形势变化的大背景下,我国对金融高端人才的质量需求越来越高,但受行业发展影响,我国金融高素质人才的缺口很大,金融市场政策、环境变化过程中往往给金融机构带来较高风险,这也使得专业性、复合型和经验型成为衡量人才质量的附加标准。证监会作为证券公司的主管部门,有证监会任职经历的高管通常具有深厚的专业知识、丰富的审查经验以及政治关联资源等,所以证券公司引进外部人才通常也会选择监管背景的人才做高级管理人员,从而获得更多的竞争优势。现有文献关于高管背景的影响主要集中于有过政府部门工作经历的角度,还未有专门从监管背景的角度研究高管对企业绩效的影响。因此本文以证券公司作为样本,对监管背景高层人员来源结构与所在机构绩效的关系进行分析研究。本文通过分析得出以下结论:(1)证券公司高管的监督背景对公司绩效的影响呈现出倒U型关系;(2)证券公司高管中董事长(CEO)或总经理拥有监管背景对公司业绩的影响更显著;(3)市场化程度对证券公司高管的监管背景与公司绩效之间的倒U型关系起着调节作用,即证券公司所在地区的市场化程度越高,高管监管背景对公司绩效的影响越弱。

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Date Created
2021