上市公司并购行为的短期与长期影响研究

发布时间：2018-03-16 14:45

本文选题：并购　切入点：超额收益　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文以2009年至2011年间在我国沪深市场中发生的所有上市公司并购事件为样本,研究了公司并购行为对企业在短期和长期分别造成的影响。研究结果发现,在短期并购行为能显著影响并购方的股票价格,在上市公司首次宣布并购消息后,股东在以并购公告日为中心的(-15,3)交易日内能较为稳定地获得显著单日超额正收益(AR)与累计超额正收益(CAR)；并且,并购宣告日附近短期股票价格上升的现象在交易规模较小的并购和同类或者相关行业之间的并购中最为明显。而对于并购的长期影响而言,在并购发生第一和第二个财务年度后并购公司的财务绩效指标均能有显著改善；从并购公司股票的长期买入持有超额收益(BHAR)来看,并购宣告一年和两年后公司股票的长期超额收益率均显著大于0,并且并购后财务绩效改善现象和股票获得长期正超额收益的现象在国有控股公司和以现金支付并购对价的公司中最为显著。综合来看,并购在短期和长期都能在一定程度上提高企业绩效,为股东创造价值。
[Abstract]:All the events in the mergers and acquisitions of listed companies from 2009 to 2011 in China's Shanghai and Shenzhen market as samples, studies the company to mergers and acquisitions in the short-term and long-term effects were made. The results showed that in the short term behavior can significantly affect the acquirer's stock price, for the first time in the listed company announced the acquisition news, in order to shareholders as the center of the merger announcement (-15,3) trading days can be reliably obtained significant one-day excess positive return (AR) and cumulative abnormal positive returns (CAR); and merger announcement date near the short-term stock price rising phenomenon between mergers and acquisitions and similar smaller deals or related industry mergers and acquisitions in the obviously. And for the long-term effects of mergers and acquisitions, mergers and acquisitions in the first and second financial year after the acquisition of the company's financial performance index can be improved significantly from the merger of public; Our long-term buy stock holding excess return (BHAR), mergers and acquisitions announced one year and two years after the company's stock of long-term excess returns are significantly greater than 0, and the post merger financial performance and improve the phenomenon of long-term stock excess return phenomenon in the state-owned holding company and paid in cash on the price of the acquisition of the company significant. Overall, mergers and acquisitions in the short and long term can improve enterprise performance in a certain extent, to create value for shareholders.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

【参考文献】