中国A股市场举牌动因及各类举牌资本投资价值实证分析

发布时间：2017-12-27 03:26

本文关键词：中国A股市场举牌动因及各类举牌资本投资价值实证分析　出处：《暨南大学》2016年硕士论文　论文类型：学位论文

【摘要】：主并公司的举牌收购行为有利于促进上市公司价值的提升。举牌收购信息一经披露,通常会导致该公司股价产生异常上涨,因而可为采取适当投资组合的投资者提供获利空间。本文围绕A股市场举牌动因及各类举牌资本如何体现其投资价值进行了深入研究。首先,论文总结了中国A股市场举牌动因,即举牌是企业自我发展的一个重要内容,其动因表现为内在动力、外在需求和政策支持。其次,采用事件研究法,以中国A股市场2005年1月1日至2015年12月31日期间的249起举牌收购为研究样本,考察了各类举牌资本投资价值,通过实证分析得出如下结论:(1)举牌公告产生超额收益显著为正的市场反应;(2)首次举牌收购在短窗口内的市场反应显著优于非首次举牌收购;(3)险资、产业资本与私募股权基金三种类型资本举牌在短窗口内的市场反应并无显著差异。本文与其他学者从举牌案例、举牌动因、举牌套利策略的研究形成互补,为投资者如何高效利用研究成果进行投资操作提供了参考借鉴。
[Abstract]:The takeover of the main company is conducive to the promotion of the value of the listed companies. As soon as the information is disclosed, the share price of the company usually leads to an abnormal rise in the stock price of the company, thus providing a profit space for the investors who have taken appropriate portfolios. This paper makes an in-depth study on the motivations of the A share market and how the various kinds of brand capital reflect their investment value. First, the paper summarizes the motivation of placards in China's A share market, that is, placards is an important part of self development of enterprises, and its motivation is internal motivation, external demand and policy support. Secondly, using the method of event study, during the Chinese A stock market from January 1, 2005 to December 31, 2015 of 249 placards acquisition as research sample, investigates various Jupai capital investment value, the conclusions are as follows: (1) announcement placards generate excess returns significantly positive market reaction; (2) the first placards acquisition market reaction in the short window period is significantly higher than the non first placards acquisition; (3) venture capital, industrial capital and private equity fund three types of capital market reaction has no significant difference in the sense of the short window period. This paper complementation with other scholars from the case of placards, the motivation of placards, and the strategy of arbitrage and arbitrage, which provides a reference for investors to make efficient use of research results in investment operation.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51

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