公司并购对股票投资者收益影响的研究

发布时间：2018-05-11 19:02

本文选题：兼并收购 + 借壳上市　；参考：《河北大学》2012年硕士论文

【摘要】：在我国的二级市场中，上市公司的并购重组行为越来越多，，并购重组不仅影响者公司的发展而且影响着股东的投资收益，原因在于并购往往能够带给投资者除新股发行外其他的利好所不能带来的巨大的投资收益。正因为如此，并购对股价的影响一直是市场研究的热点问题。本文在对国内外相关文献研究的基础上，首先对并购的定义、类型、发展历史、等情况进行了介绍，并且对上市公司的并购与非上市之间的并购进行了比较，即指出了二者的相同点又点出了二者之间的差异。其次对我国二级市场中不同并购消息对投资收益产生的影响进行定量分析，包括短期内交易日均值收益率和短期内交易日收益率方差，以及不同时期收益率的离散情况。在对短期投资收益分析的同时也对其中的风险状况进行了研究，对特征比较明显的投资风险进行了总结，给出了一些对投资者有用的操作建议。最后本文总结了并购后股价变动的一些异常之处，并分析了原因。表达了个人对二级市场中关于并购引发的一些弊端的看法，以及应对策略，同时对证券监督管理机构、上市公司提出了自己的意见。
[Abstract]:In the secondary market of our country, there are more and more M & A behaviors of listed companies. M & A not only affects the development of companies, but also affects the investment returns of shareholders. The reason is that mergers and acquisitions often bring investors huge investment returns other than new issues. Because of this, the impact of M & A on stock price has been a hot issue in market research. On the basis of the domestic and foreign literature research, this paper first introduces the definition, type, development history and so on of M & A, and compares the M & A between listed companies and non-listed companies. That is to point out the similarities between the two points and point out the difference between the two. Secondly, the influence of different M & A news on investment returns in the secondary market of China is analyzed quantitatively, including the average return rate in the short term, the variance of the return in the short term, and the dispersion of the return rate in different periods. At the same time, the paper studies the risk situation of the short-term investment return, summarizes the investment risk with obvious characteristics, and gives some useful operation suggestions for the investors. Finally, this paper summarizes some anomalies of stock price changes after M & A, and analyzes the reasons. The author expresses his personal views on some drawbacks caused by mergers and acquisitions in the secondary market, and puts forward his own opinions on the securities regulatory bodies and listed companies.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F271

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