我国上市公司并购支付方式效果的实证研究

将事件研究法适用于中国股市并购绩效的研究作为前提，采用超额收益率法对并购后的市场效果进行实证分析，结果表明：现金支付方式和资产置换方式会带来企业短期市场绩效的提高；股票支付方式和承债收购方式会产生负向超额收益，短期并购效果差；而债转股式支付方式不会带来企业短期市场绩效的显著提高。

Empirical Research on the Effects of Mergers and Acquisitions Payment Methods of Listed Companies in China

To apply the event study method to the study of M & A performance on the stock market in China as a prerequisite,we do an empirical analysis on the post-merger market effect using the excess rate of return method.Conclusions indicate that cash payment and asset replacement will give rise to short-term market performance of enterprises,stock payment and assumed debt will produce the negative excess returns and its short-term M & A performance is bad,while debt-equity swap type of payment will not improve sho...