关于万科收购研究的金融学dissertation

发布时间：2017-01-05 08:26

随着金融市场的开放和中国经济的发展，有很多对房地产行业的并购活动。越来越多的人开始研究房地产业。由于房地产占整个国民生产总值的大部分，这个行业的发展可能会影响到整个国家的经济.。不仅是政府和金融机构也需要每一个市民关注房地产的发展趋势。每一个政策和事件可以导致宏观经济波动。随着中小学教材的中国全球经济，在国有老企业和系统的一些严重问题。一些风险可以为并购提供一些有效可行的方法，但这些风险也会使公司蒙受巨大损失.。

Abstract 摘要
As the opening of financial markets and the development of economy in China, there are many activities of Merger and Acquisition on real estate industry. More and more people start to study the real estate industry. Due to the fact that the real estate account for a majority percentage of the whole GDP, the development of this industry may affect the economy of whole country. Not only the government and financial institutions but also every citizensare paying attention to the trend of real estate. Each policy and event can lead a fluctuation on the macro-economy. With the entryof the global economy of China, there are some severe problems on the old state-owned enterprises and the system. Some exposures can provide some effective and feasible methods for M & A , however, these exposures also can make the company suffer huge losses.
This study aims to discuss about the event of Vanke being acquired, and the introductions of the macro and micro situation are beneficial for deep understanding of the background. And the analysis can give a directly perspectiveto both parties to learn the cause and future trend. With the data analysis about three models, this study gives a potential price range which will much more fitthe Vanke’s stock price than the one before Baoneng’s purchasing behavior.

Key Word: M&A, Stock Price, Real Estate, Vanke, Baoneng Group

 
Contents
1 Introduction 1
1.1 The Situation in China 1
1.2 Background and History 1
1.2.1 Introduction of Vanke 1
1.2.2 Introduction of Baoneng 2
1.2.3 The Important Timeline of the Battle 3
1.3 Significance of research and innovation 3
2 Literature review 3
2.1 Types of M&A by Actual Purpose 4
2.1.1 Strategic 4
2.1.2 Financial 4
2.2 Types of M&A by industry 5
2.2.1 Vertical 5
2.2.2 Horizontal 5
2.2.3 Conglomerate 5
2.3 Types of M&A by Attitude 6
2.3.1 Hostile takeover 6
2.3.2 Friendly takeover 6
3 Findings 7
3.1 About Vanke 7
3.1.1 The Stock Structure of Vanke and Industry Situation 7
3.1.2 The Cause of Ownership Dispersion 8
3.1.3 Differences between A-Share and H-Share 8
3.2 Discuss of Vanke’s Behavior during the Takeover 9
3.3 About Baoneng 9
3.3.1 Source of Baoneng’s Capital 9
3.3.2 Act during This Acquisition 10
3.4 The Purpose of Baoneng’s takeover behaiver 10
4 Methodology 11
4.1 Golden Growth Model 12
4.2 Terminal Value by EBITDA Multiple 14
4.3 Comparable EBITDA Multiple 14
4.4 Vanke’s Stock Price Does Not Fit Its Performance 15
5 Conclusionsand Recommendations 15
5.1 Forecast of the Future Trend 15
5.1.1 Vanke Execute the “Poison Pill Plan” 15
5.1.2 Vanke Use the Dilatory Tactics 16
5.1.3 Vanke Use the Scorched Earth Policy 16
5.1.4 Baoneng win the ownership 16
5.2 Lessons and Recommendations 17
6 Reference 17

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