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Mar 29, 2012 at 11:38 PM
Under the haze of the European debt crisis, the Chinese people, "not bad money" in addition to buy luxury goods, but also keen to buy companies. The data show that only in January this year, the amount of overseas mergers and acquisitions of Chinese M & A market has nearly $ 2 billion, M & A is becoming a popular means of "bigger". In fact, mobility, and opportunism driven overseas mergers and acquisitions is very dangerous. In the end is the acquisition of bigger, let's go back to the main industry? In prices in recent overseas mergers and acquisitions wave, the reporter interviewed the Central European Business School Professor Ding Yuan. Not bad money mergers and acquisitions is a very dangerous type Shenzhen Special Zone Daily: 2012 may be year of overseas mergers and acquisitions of Chinese enterprises. Why you made the acquisition of "liquidity-driven" behavior is very dangerous to the point of view?
Ding Yuan: mergers and acquisitions in promoting the move many times the capital market. For example, shortly before the acquisition of a German company Sany Heavy Industry as well as some of the mechanical engineering industry, a very long period of time shares rose more than Maotai large. In the Chinese market, the high-growth companies tend to give high premium, high price-earnings ratio. On the contrary, under the financial crisis, similar industry for Western investors, there is no excitement, the valuation is not high in recent years of low profits or even losses, so the stock is low. As similar enterprises in the valuation gap, which people have mergers and acquisitions impulse. But in many Western business case for corporate excess liquidity risk control concept of the nature of changes; lack of liquidity, business expansion focus is quality, excess liquidity will bring the amount of one-sided pursuit of .
In addition to the liquidity-driven motivation, opportunistic drive is easy mistake to make Chinese enterprises. The companies had a "quick kill" and "never, or never" mentality does not do a full investigation, coupled with the recommendation of the investment banks and other intermediaries, M & A process is hasty. Recently Li Dongsheng review TCL acquired Thomson's TV department regarding mentioned this problem. 2011 listed the huge overseas mergers and acquisitions, aggressive, causing huge loss, the same ultra raise the liquidity-driven, and opportunistic drive two factors.


Veteran hui liu Female Mar 4, 1990 glory456 Mar 29, 2012 N/A 0 (0 per day)


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