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上市公司并购的股价效应——来自2007年沪深A股市场的经验证据
引用本文:李靖霞,王毅刚.上市公司并购的股价效应——来自2007年沪深A股市场的经验证据[J].财经理论与实践,2009,30(5).
作者姓名:李靖霞  王毅刚
作者单位:1. 湖南大学,工商管理学院,湖南,长沙,410082
2. 中国社会科学院,研究生院,北京,100102
摘    要:采用有双变量GARCH模型进行修正过的事件研究方法,对2007年中国沪、深两市51起代表性并购事件进行实证研究.结果表明,在短期内,并购能给目标公司带来显著的价值增值,但在长期内并不明显;并购公司不同并购策略能给目标公司带来不同的影响;经营业务专业化与区域位置集中化类型的并购使目标公司价值增大的概率较大.

关 键 词:目标公司  双变量GARCH模型  事件研究法  股价效应

Stock Price Effects of M&A of Listed Companies:Evidence from the Shanghai and Shenzhen Stock Markets of A-Share in China
LI Jing-xia,WANG Yi-gang.Stock Price Effects of M&A of Listed Companies:Evidence from the Shanghai and Shenzhen Stock Markets of A-Share in China[J].The Theory and Practice of Finance and Economics,2009,30(5).
Authors:LI Jing-xia  WANG Yi-gang
Institution:LI Jing-xia1,WANG Yi-gang2 (1.School of Business Administration,Hunan University,Changsha,Hunan 410082,China,2.Graduate School the Chinese Academy of Social Sciences,Beijing 100102,China)
Abstract:M&A led to the change of stock price of targeting company,so it changes the value of targeting company.This paper uses event study framework which is adjusted by a bivariate GARCH model to test 51 events of M&A of listed companies in China in 2007.The authors find that M&A can increase the value of target companies in the short run,but cannot significantly increase the value in the long run.Different M&A strategies of acquiring company will have different stock price effects.The types of specialization of o...
Keywords:Target Company  Bivariate GARCH  Event Study Methodology  Stock Price Effects  
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