Research on the evaluation index system of trust, innovation and M&A value

Abstract

Due to the particular nature of ownership, the motivations for state-owned enterprises to participate in the mixed ownership M&A include not only the realization of corporate capital appreciation and value creation, but also some strategic factors at the national level, such as concentrating state-owned economic power to promote the development of the industry and maintaining stable social development. Based on the characteristics of the self-development of state-owned enterprises and the maximization of interests, this paper constructs the evaluation system of trust mechanism from five dimensions of shareholders’, creditors’, suppliers’, buyers’ and enterprises’ sincerity; constructs the evaluation system of innovation mechanism from three dimensions of technological innovation ability, market competitiveness and sustainable development ability; and the evaluation system of the mixed ownership M&A value of state-owned enterprises from four dimensions of Tobin’s Q, operating cash flow, return on total assets and corporate governance.