| 支付方式与收购公司财富效应 |
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| 引用本文： | 陈涛,李善民.支付方式与收购公司财富效应[J].证券市场导报,2011(2). |
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| 作者姓名： | 陈涛 李善民 |
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| 作者单位： | 广东海洋大学经济管理学院;中山大学管理学院; |
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| 基金项目： | 国家自然科学基金(项目批准号:70972074); 广东省哲学社会科学规划项目(批准号:GD10CGL03); 广东海洋大学引进人才科研启动基金(项目批准号:1012341) |
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| 摘 要： | 股权分置改革之后,股票支付成为我国上市公司并购的主要支付工具之一。本文以股改后并购事件为研究对象,采用事件研究法来实证检验收购公司在并购首次公告期间的财富效应,且分别检验不同支付方式下的财富效应差异。结果表明,股改之后并购为收购公司股东创造了正的财富效应,股票支付的收购公司所取得的超常收益显著为正,且显著大于现金支付所获得的超常收益。超常收益的影响因素分析发现一些交易特征对收购公司超常收益有显著的影响。
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| 关 键 词： | 并购 支付方式 财富效应 并购失败 |
Payment methods and the wealth effect of acquirers |
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| Chen Tao,Li Shanmin.Payment methods and the wealth effect of acquirers[J].Securities Market Herald,2011(2). |
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| Authors: | Chen Tao Li Shanmin |
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| Institution: | Chen Tao,Li Shanmin |
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| Abstract: | After the split share structure reform,equity became a major method of payment in M&A of China's listed companies.By using event studying method,this paper empirically tested the wealth effect of acquirers in M&A during the first announcement,and also tested their difference in various payments.The results show that the shareholders of acquirer earn a positive wealth effect in the acquisition of private target.The CAR of equity offers is positive and significant,and also greater than cash payments.The analy... |
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| Keywords: | M&A method of payment wealth effect failed acquisition |
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