| 我国煤炭业上市公司并购重组市场效应的分析 |
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| 引用本文： | 郭保民,刘巍. 我国煤炭业上市公司并购重组市场效应的分析[J]. 当代经济管理, 2011, 33(2): 78-81. DOI: CNKI:13-1356/F.20110222.1106.015 |
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| 作者姓名： | 郭保民 刘巍 |
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| 作者单位： | 中国人民银行太原中心支行; |
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| 摘 要： | 利用2004年～2009年中国煤炭业上市公司并购中小型煤炭企业的19个样本数据,对煤炭企业并购的市场效应进行了实证检验。结果显示:在并购主体宣布并购重组的[-20,20]窗口期内,投资者获得了显著为正的累计超额回报,表明投资者对并购事件给予了积极的评价,原因很可能是煤炭业的产业特性决定了并购能够大大提升企业资源配置的效率。
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| 关 键 词： | 煤炭业上市公司 并购 市场效应 |
Market Effect on M&A of Coal Enterprises: Based on the Analyses of Listed Companies |
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| Guo Baomin,Liu Wei. Market Effect on M&A of Coal Enterprises: Based on the Analyses of Listed Companies[J]. Contemporary Economic Management, 2011, 33(2): 78-81. DOI: CNKI:13-1356/F.20110222.1106.015 |
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| Authors: | Guo Baomin Liu Wei |
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| Affiliation: | Guo Baomin,Liu Wei(Taiyuan Branch of PBC,Taiyuan 030001,China) |
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| Abstract: | This paper has an empirical test of the market effect on M&A of coal enterprises by using 19 M&A small-medium size coal mine samples of Chinese coal listed companies from 2004 to 2009.The result shows that in the windows' period during which M&A was announced,the CAR of investor were notably positive,indicating that investors posted positive interests on M&A.The reason for that is probably that M&A can greatly improve enterprises resource disposal efficiency because of coal industrial traits. |
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| Keywords: | coal listed company M&A market effect |
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