兼并收购方式对股市收益率的影响——基于2013-2014年我国A股上市公司并购案例的实证研究

发布时间：2018-08-26 17:00

【摘要】：兼并收购是公司成长历程中一大重要的战略方式,更是一种有助于企业规模扩大、核心竞争力巩固,实现股东利益最大化的便捷手段。在实际操作中,当上市公司的兼并收购方案趋于成熟,往往也要以其自有资金的多寡,发展前景的好坏以及管理者水平的优良等因素选择不同的方式进行并购,以保证交易的顺利进行。此次研究目的就在于探求各种并购方式对我国上市公司股市收益率会产生怎样的影响?本文以2013-2014年所有成功完成兼并收购事项并由此取得控制权的A股上市公司为研究对象,并将这些上市公司按主板、中小板、创业板三个板块进行分类研究,从并购方式这一新视角出发,运用超额收益率作为股市收益状况的反映指标,通过建立回归模型等手段,分析上市公司的并购方式选择对该公司的股市收益率的短期市场的反应。结果表明,在三大交易板块中,并购方式的不同会引起不同程度的股市收益率变化。
[Abstract]:Merger and acquisition is an important strategic way in the course of a company's growth, and it is also a convenient means to help enterprises expand their scale, consolidate their core competitiveness and maximize the interests of shareholders. The purpose of this study is to explore the impact of various M&A methods on the stock market returns of Listed Companies in China. This paper takes all successful M&A events from 2013 to 2014 and gains control over them. A-share listed companies are the research object, and these listed companies are classified according to the main board, the small and medium-sized board and the growth enterprise board. Starting from the new perspective of M&A mode, this paper uses the excess return rate as the index to reflect the stock market returns. By establishing regression model and other means, it analyzes the choice of M&A mode for listed companies. The results show that in the three major trading sectors, different M&A modes will cause varying degrees of stock market returns.
【作者单位】：华东师范大学经济与管理学部;
【基金】：2013年上海市教育委员会科研创新重点项目(项目编号14ZS041)
【分类号】：F271;F832.51

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