| 控制权收购、多元化经营与公司财富效应 |
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| 引用本文： | 韩忠雪,程蕾.控制权收购、多元化经营与公司财富效应[J].山西财经大学学报,2011(10). |
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| 作者姓名： | 韩忠雪 程蕾 |
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| 作者单位： | 西安电子科技大学经济管理学院;华南理工大学工商管理学院; |
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| 基金项目： | 国家自然科学基金项目(71072096;70802031;70872049); 教育部人文社会科学研究项目(09YJC630185); 博士后基金项目(20090460680); 中央高校基本科研业务费专项资金资助项目(72105271) |
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| 摘 要： | 利用2003～2008年内发生控制权收购的149家并购样本,考察了控制权收购宣告后短期窗口和长期年度内的市场财富效应变化,尤其关注了多元化并购与同业并购公司的短期和长期市场回报、股权性质和股权比例之间的特征差异。研究发现,我国上市公司控制权并购有着显著的短期正的财富效应和长期负的财富效应;短期来看,多元化并购比同业并购的市场累积超额收益率更高;长期来看,多元化并购比同业并购有着更差的市场年度回报率。
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| 关 键 词： | 多元化并购 同业并购 公司财富效应 |
Control Acquisition,Diversification and Corporate Wealth Effect |
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| HAN Zhong-xue,CHENG Lei.Control Acquisition,Diversification and Corporate Wealth Effect[J].Journal of Shanxi Finance and Economics University,2011(10). |
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| Authors: | HAN Zhong-xue CHENG Lei |
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| Institution: | HAN Zhong-xue1,CHENG Lei2(1.School of Economics and Management,Xidian University,Xi'an 710071,2.School of Business Administration,South China University of Technology,Guangzhou 510641,China) |
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| Abstract: | Using 149 M&A sample of occurring between 2001 and 2008,the authors test corporate market wealth of the short-time and long-term effects after the acquisition announcement,particularly concerned about the difference between diversified industry M&A and same industry M&A with short-and long-term market in return,the nature of equity and equity ratio.The paper finds that acquisition of control right of listed companies in China has a significant positive wealth effect of short-term and long-term negative weal... |
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| Keywords: | diversified industry M&A same industry M&A corporate wealth effect |
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