| 我国上市公司换股并购绩效的实证研究 |
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| 引用本文： | 宋希亮,张秋生,初宜红.我国上市公司换股并购绩效的实证研究[J].中国工业经济,2008(7). |
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| 作者姓名： | 宋希亮 张秋生 初宜红 |
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| 作者单位： | 北京交通大学经济管理学院;山东经济学院 北京;山东经济学院;山东济南; |
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| 基金项目： | 山东省社会科学规划研究重点项目“优化山东省产业结构的并购策略研究”(批准号06JDB020) |
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| 摘 要： | 换股并购作为公司战略并购的支付方式,不仅是上市公司并购采用的支付方式,也是国有独资公司通过并购实现整体上市的有效手段。本文以1998—2007年间沪深两市发生换股并购的上市公司为研究对象,分别采用累积超常收益(CAR)与连续持有超常收益(BHAR)考察了换股并购的短期与长期绩效。结果表明:短期内主并公司股东获得了正的累积超常收益;但长期内大多数主并公司股东遭受了显著的财富损失。最后,作者深入分析了换股并购绩效低的原因并提出了提高绩效的对策。
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| 关 键 词： | 换股并购 并购绩效 事件研究法 |
An Empirical Study on Stock-for-stock M&A Performance of Chinese Listed Companies |
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| SONG Xi-liang,ZHANG Qiu-sheng,CHU Yi-hong.An Empirical Study on Stock-for-stock M&A Performance of Chinese Listed Companies[J].China Industrial Economy,2008(7). |
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| Authors: | SONG Xi-liang ZHANG Qiu-sheng CHU Yi-hong |
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| Institution: | SONG Xi-liang1,2,ZHANG Qiu-sheng1,CHU Yi-hong2(1. School of Economics , Management of Beijing Jiaotong University,Beijing 100044,China,2. Sh,ong Economic University,Jinan 250014,China) |
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| Abstract: | As the method of payment in company strategy M&A, stock-for-stock is not only the payment between listed companies, but also an effective instrument for solely state-funded enterprises to get listed on the stock market by M&A. This paper verifies the performance of Chinese listed companies which happened M&A events during the period 1998 to 2007 after M&A from the perspective of short-term and long-term event study. Empirical results show that shareholders of the majority acquiring firms gain positive avera... |
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| Keywords: | stock-for-stock M&A performance event-study methodology |
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