圆通速递借壳上市绩效的实证研究——基于事件研究法视角

发布时间：2018-01-30 10:15

本文关键词： 借壳上市绩效累计超额平均收益事件研究法　出处：《云南财经大学学报》2017年04期 　论文类型：期刊论文

【摘要】：以圆通速递借壳上市为研究对象,以事件研究为研究视角,分别以重组公告发布日、并购重组委员会通过审核日为事件发生日,对圆通速递借壳上市绩效进行实证分析。实证结果表明:圆通速递以重组公告发布日为事件日时,事件期内实现了55.98%的累积超额收益,借壳行为对股东财富产生了较强的正向效益;以并购重组委员会通过审核日为事件日时,事件并未给股东带来显著的、更强的累计超额收益。很显然,资本市场更认可将重组公告发布日作为其实质性重组的开端。结合研究结论,从壳公司的选择、并购动机、并购整合等方面提出启示及建议,以期为中国资本市场企业的重组并购提供有益启迪和探索。
[Abstract]:To Yuantong express backdoor listing as the research object, with the event research as a research perspective, respectively, the date of release of the reorganization notice, the merger and reorganization committee approval of the date of the event. The empirical analysis on the performance of Yuantong Express through the backdoor listing. The empirical results show that: Yuantong express delivery with the reorganization announcement as the event date, the event period has achieved a cumulative excess return of 55.98%. The behavior of backdoor has a strong positive benefit to shareholders' wealth; When the date of approval of the merger and reorganization Committee is the date of the event, the event does not bring significant, stronger cumulative excess returns to shareholders. The capital market also recognizes the date of the announcement as the beginning of its substantive restructuring. Combined with the conclusions of the study, the paper puts forward some suggestions from the selection of shell companies, M & A motivation, M & A integration and so on. In order to provide beneficial inspiration and exploration for the reorganization and merger of Chinese capital market enterprises.
【作者单位】：西南民族大学经济学院;
【基金】：西南民族大学“应用经济学硕士点建设项目”(2014XWD-S0202)
【分类号】：F259.23;F832.51
【正文快照】： 2016年是快递行业快速发展的一年,也是各快递公司逐鹿资本市场的开始之年。在这一年里,申通、圆通、中通、顺丰、韵达等快递公司以适合自己发展的方式纷纷踏入资本市场。作为国内最具核心竞争力的快递品牌企业,上海圆通速递(物流)有限公司(以下简称圆通速递)集速递、航空、电

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