Study of the effect of M&A on real estate industry firms' performance

Jin, Zhigang, Li, Vera, Li, Heng, Skitmore, Martin, & Fan, Hongqin (2013) Study of the effect of M&A on real estate industry firms' performance. In Wang, Yaowu, Lennerts, Kunibert, Shen, Geoffrey Q.P., Bai, Yong, Xue, Xiaolong, Sun, Chengshuang, et al. (Eds.) ICCREM 2013 Proceedings of the 2013 International Conference on Construction and Real Estate Management, The American Society of Civil Engineers, Karlsruhe, Germany, pp. 797-805.

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This paper proposes to adopt data envelopment analysis (DEA) based Malmquist total factor productivity (TFP) indices methods to evaluate the effect of mergers and acquisitions (M&As) on acquirers in short-term and long-term window. Based on analyzing 32 M&A deals conducted by Chinese real estate firms from 2000-2011, the study result demonstrate that the effect of M&A on developers’ performance is positive. Through M&A, the developers’ Malmquist TFP experienced a steady growth; their technology has got noticeable progress immediately after acquisition; and their technical efficiency has suffered a slight decrease in short-term after acquisition, but then achieved marked increase in the long-term when realization of integration and synergy. However, there is no evidence that the real estate firms have achieved scale efficiency improvement after M&A in either short-term or long-term.

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ID Code: 65673
Item Type: Conference Paper
Refereed: Yes
Additional URLs:
Keywords: Mergers and Aquisitions, Real Estate Industry, Efficiency and Total Factor Productivity, China
DOI: 10.1061/9780784413135.074
ISBN: 9780784413135
Divisions: Current > Schools > School of Civil Engineering & Built Environment
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Copyright Owner: Copyright 2013 American Society of Civil Engineers
Deposited On: 07 Jan 2014 01:11
Last Modified: 14 Jan 2014 15:51

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