LBO交易对公司股价的影响
发布时间：2018-07-13 20:57
【摘要】：在并购的工具和方式选择上,LBO (Leveraged Buyout)杠杆并购以其特有属性成为企业管理者选择的并购方式之一。 本文通过引入对比案例分析的方式,使用事件研究法和显著性检验法对10个LBO并购案例和4个恶意收购案例进行对比分析,从而找出LBO事件与主并公司股价表现之间短期内的关系。通过对比案例研究找出两种交易(LBO与Hostile Takeover)发生的短期时间窗口([-25,25]50天)内,交易事件对于主并公司股价的短期影响,为准备参与投资正在发生LBO交易公司的股票投资人士提供一定参考。 通过对比研究可以发现以下的相关结论：LBO交易对于主并公司资本市场股价短期内的股价走势会产生消极影响,因此建议股市投资者在LBO交易事件发生的短期时间窗口内减少对主并公司的股票进行投资或者对投资持谨慎态度。
[Abstract]:LBO (leveraged Buyout) leveraged M & A (LBO) has become one of the M & A methods chosen by enterprise managers because of its unique attributes in the choice of M & A tools and methods. By introducing the method of comparative case analysis, this paper makes a comparative analysis of 10 LBO M & A cases and 4 hostile takeover cases by using event study and significance test. To find out the short-term relationship between the LBO event and the performance of the company's share price. A comparative case study was conducted to find out the short-term impact of trading events on the share price of the host company within the short term window ([-25] 25 days) of two transactions (LBO and Hostile Takeover). To prepare to participate in the investment LBO trading company equity investors to provide some reference. Through the comparative study, we can find the following conclusions: the share price trend of the capital market will be negatively affected by the: LBO transaction in the short term. Therefore, stock market investors are advised to reduce or be cautious about investing in the shares of the main and joint companies within the short-term window of the LBO trading event.
【学位授予单位】：北京邮电大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
本文编号：2120720
[Abstract]:LBO (leveraged Buyout) leveraged M & A (LBO) has become one of the M & A methods chosen by enterprise managers because of its unique attributes in the choice of M & A tools and methods. By introducing the method of comparative case analysis, this paper makes a comparative analysis of 10 LBO M & A cases and 4 hostile takeover cases by using event study and significance test. To find out the short-term relationship between the LBO event and the performance of the company's share price. A comparative case study was conducted to find out the short-term impact of trading events on the share price of the host company within the short term window ([-25] 25 days) of two transactions (LBO and Hostile Takeover). To prepare to participate in the investment LBO trading company equity investors to provide some reference. Through the comparative study, we can find the following conclusions: the share price trend of the capital market will be negatively affected by the: LBO transaction in the short term. Therefore, stock market investors are advised to reduce or be cautious about investing in the shares of the main and joint companies within the short-term window of the LBO trading event.
【学位授予单位】：北京邮电大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
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1 郭旭东;不同金融市场条件下杠杆收购模式的研究[D];天津大学;2009年
，本文编号：2120720
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