市场时机对上市公司并购投资行为的影响

现有基于投资者非理性假设的企业投资行为研究多围绕实物投资展开,而对并购这一类特殊的企业投资行为很少涉及。本文采用市净率作为衡量市场误定价的指标,实证检验并购公司的市净率及现金流水平与并购投资规模的关系。研究结果显示:市场时机确实对我国上市公司的并购行为产生了显著影响,并购公司的股票市价被高估程度越高,并购投资的规模就越大;同时,拥有充裕现金流的公司比现金流不足的公司更容易做出非效率的并购投资决策。

Effect of Market Timing on M & A Investment of Listed Companies in China

Existing investors of irrational assumptions based on corporate investment behavior of multi-start around the physical investment,while the acquisition of this type of special corporate investment behavior seldom touched. as a The results showed that: market timing is indeed right M & A activities of listed companies in China have had a significant impact,mergers and acquisitions the company's stock price was overvalued higher the level the greater the size of M & A investment. Meanwhile,the company has suf...