并购重组、并购环境与公司股价异动——基于中国创业板的证据

发布时间：2018-01-19 14:23

本文关键词： 并购重组并购环境公司股价异动创业板事件研究法　出处：《财经理论与实践》2017年06期 　论文类型：期刊论文

【摘要】：在分析并购重组对公司股价异动的传导机理的基础上,选取中国创业板上市公司并购事件为样本,运用事件研究法对公司并购重组股价异动效应以及股价异动对并购环境的敏感度进行分析,结果表明:公司并购重组的股价异动效应是非常显著的,在整个窗口期(-10,10)持有公司股票,可获取9.93%的超额收益;并购规模与现金比率对公司股价异动均存在显著的正向影响,支付方式对公司股价异动存在显著的负向影响;并购事件公告前后,并购规模对公司股价异动的正向影响程度提升了1.21倍,支付方式对公司股价异动的负向影响程度降低了30.59%,现金比率对公司股价异动的影响趋势不显著。
[Abstract]:On the basis of analyzing the conduction mechanism of M & A on the stock price, the M & A events of listed companies in the gem of China are selected as samples. This paper analyzes the stock price change effect of M & A and the sensitivity of stock price change to M & A environment by the method of event research. The result shows that the stock price change effect of M & A is very significant. During the whole window period, we can get an excess return of 9.93% if we hold the stock of the company. M & A scale and cash ratio have a significant positive impact on the stock price changes, payment mode has a significant negative impact on the company stock price change; Before and after the announcement of M & A events, the positive impact of M & A scale on the stock price was increased by 1.21 times, and the negative impact of payment mode on the stock price was reduced by 30.59%. The effect of cash ratio on the stock price is not significant.
【作者单位】：东华大学旭日工商管理学院;
【基金】：国家自然科学基金重点项目(71631008) 教育部哲学社会科学研究重大攻关项目(16JZD013)
【分类号】：F271;F832.51
【正文快照】： 一、问题提出及研究述评企业并购是指企业各权利主体针对企业产权而进行的一种权利让渡行为。在企业并购过程中,原权利主体通过出让企业控制权而获得相应收益,新权利主体则通过付出一定代价而获取企业控制权。企业并购过程本质上是企业权利主体不断更换的过程。企业并购主要包

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