中国矿产资源行业并购对股东财富的影响研究

随着我国股票市场的日趋成熟,并购在资本市场中扮演越来越重要的角色。同全球并购的缓慢复苏相比,2011年中国却并购掀起了新一轮的高潮。2011年中国能源及矿产行业完成的并购交易数量为153起,占并购总量的13.2%;并购交易金额高达219.83亿美元,占并购总额的32.8%。本文运用事件法,从股东财富的角度分析了2005-2011年间中国矿产资源类上市公司的短期并购绩效。通过对并购事件发生的窗口期[-5,5]内上市公司的超额收益率的研究发现并购公司在并购窗口期内的股东财富仅仅在宣告日前后两天有少量的增加,此后一直呈现下降的趋势。说明并购事件并未对股东财富形成积极的影响。本文试图从股票市场本身做出进一步的阐释,意在说明我国的股票市场中存在短期投机性。

Research on Impact of Chinese Mineral Resources Industry Mergers and Acquisitions on Shareholder Wealth

With increasing mature of China’s stock market,mergers and acquisitions play an increasingly important role in the capital market.Compared with the slow recovery of the global mergers and acquisitions,Chinese M & A set off a new round of high tide in 2011.In 2011,The M & A trading volume which was completed by China energy and mineral industries reached 153,accounting for 13.2% of the total mergers and acquisitions;M & A transaction amount reached$ 21.983 billion,accounting for 32.8% of the total mergers and acquisitions.In this paper,using the event method,shortterm M & A performance of listed companies of China mineral resources during 2005-2011 was analyzed from the perspective of shareholder wealth.Through the study of listed companies’ excess rate of return within window period [-5,5] occurred by M & A event,it finds shareholder wealth of M & A companies in M & A window period only has a small amount of increase before and after two days of declaration,and it has been presented downward trend after this,which shows M & A event does not form a positive impact on shareholder wealth.This paper attempts to make a further explanation from the stock market itself,aims to illustrate China’s stock market exists short-term speculation.