地域相近性对大宗股权协议转让公告效应研究

本文从企业并购的信息角度入手,采用事件研究方法,考察了我国大宗股权协议转让过程中,相关公司的地理位置相近性对大宗股权协议转让公告效应的影响。论证了大宗股权收购的收购方对于同城的目标公司有强烈的偏好;同城收购的目标公司相对于异城收购的目标公司,可以在首次公告日的事件窗内取得统计上显著更高的异常收益;并且当目标公司规模小、风险大、高管持股比例高、收购方在收购后成为第一大股东、财务杠杆高等情况出现时,异常收益会更加显著。

Announcement Effect of Geographical Neighborhood on Large Equity Transfer Agreement

Beginning with the information of enterprise mergers and acquisitions and using the method of event study,we examine the announcement effect that geographical proximity in correlative companies have on partial block acquisitions.We prove that block acquirers have a strong preference for target companies in-province.The target companies in-province which are acquired have more significant abnormal returns in statistics in the event window on the first announcement day than those out of-province.Moreover,the abnormal returns will be more significant when targets are small,when targets are risky,when the executives have higher proportion of equity shares,when the acquirers become the largest shareholder after acquisition and when targets have higher financial leverage.