| 异质预期、非理性行为与并购绩效——基于上市公司的实证研究 |
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| 引用本文： | 王擎.异质预期、非理性行为与并购绩效——基于上市公司的实证研究[J].财经科学,2009(1). |
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| 作者姓名： | 王擎 |
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| 作者单位： | 西南财经大学金融学院,成都,610074 |
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| 基金项目： | 国家社会科学基金重大项目，教育部哲学社会科学研究重大课题 |
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| 摘 要： | 本文运用事件研究法,对2002-2005年的沪深上市公司并购行为进行了调查,发现反映投资者非理性行为的市场换手率、封闭式基金折价指数和个股超额换手率与公司并购后超额收益存在显著负相关关系.本文认为,Miller(1977)的观点并不完全成立,投资者畀质预期并不是导致公司并购前股票上升和并购后股价下跌的主要原因,投资者非理性行为扮演着重要的作用,股票的定价应该更充分考虑投资者的非理性行为.
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| 关 键 词： | 异质预期 非理性行为 并购 事件研究 |
Heterogeneous Expectations,Irrational Behavior and Post Acquisition Performance:Evidence from Chinese Listed Companies |
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| Wang Qing.Heterogeneous Expectations,Irrational Behavior and Post Acquisition Performance:Evidence from Chinese Listed Companies[J].Finance and Economics,2009(1). |
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| Authors: | Wang Qing |
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| Abstract: | It is a puzzling phenomenon that companies show significant negative correlation in stock market after acquisitions.Applying with event study method,this paper examines the samples of 895 acquisitions from 2002 to 2005,and discovers the significant relationships between irrational variables and company post-acquisition performances: the higher the market turnover is,the bigger negative correlation CEFD index and stock extra turnover lead to.ROA also shows a significant effect.It suggests that Miller's viewp... |
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| Keywords: | Heterogeneous Expectations Irrational Behavior M&A Event Study |
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