并购的长期财富效应——经验分析结果与协同效应解释  

Long-run Abnormal Returns of Takeovers: Empirical Results and Synergy Effect Analysis

作　　者：朱红军[1] 汪辉[2] 

机构地区：[1]上海财经大学会计与财务研究院,上海200433 [2]上海财经大学会计学院,上海200433

出　　处：《财经研究》2005年第9期102-113,共12页Journal of Finance and Economics

基　　金：上海市哲学社会科学规划项目(2004BJB007)

摘　　要：文章分析了并购对目标公司的长期财富效应,认为目标公司在并购后5年获得了巨大的超额收益。并购溢价可以解释目标公司的长期财富效应,并购溢价越高,并购产生的协同效应越大,目标公司的长期财富效应也越大。另外,并购后目标公司在组织形式和产权性质上的变化也会提高公司治理效率,从而增加目标公司的长期财富效应。This paper calculates the target＇s buy-and-hold abnormal returns （BHAR） of five years after takeover is finished. We find that the targets had significant abnormal returns. We also examine the factors that affect the long-run abnormal returns and find that takeover premium can contribute to the explaination of BHAR. The higher the premium, the higher the synergy effect, which leads long-run wealth effect to the targets. Furthermore, we find that the change of targets organization form and property rights can also enhance the corporate governance efficiency, which therefore increases the target＇s long-run abnormal returns.

关 键 词：长期超额收益 购买并持有超额收益 并购溢价 

分 类 号：F230[经济管理—会计学]