中国平安并购深发展的经济后果研究

文章从资本市场的市场反应和财务指标变动趋势来检验该并购的经济后果。研究发现，在并购公告期间中国平安的累计超额收益率跑赢了大市，投资者看好这次并购事件；从财务指标变动趋势发现，中国平安和深发展的盈利能力稳健，成长能力和营运能力逐渐增强，企业现金流顺畅，财务风险水平下降，长期将产生协同效应。并购双方达到了双赢的经济后果，利好双方。案例启示：并购为金融企业分散经营风险、实现综合经营和实现外延式增长提供机会；综合经营战略下我国金融企业可以适时稳健地开展并购在内的资本运作。

The Study of Mergers and Acquisitions' Economic Effect on Ping An Insurance(Group)in the Acquisition of Shenzhen Development Bank

This paper studies the case of Ping An Insurance(Group) Company of China buying Shenzhen Development Bank Limited Company. Firstly,the paper estimates the wealth effect from capital markets;Secondly,it confirms whether the M&A improve the bank value from the financial indicators. Research found that its cumulative abnormal returns have outperformed the market. The change from the trend of financial indicators showed that Ping An Insurance(Group) Company of China and Shenzhen Development Bank Limited Company...