中国上市公司并购价值的实证研究  

Empirical Analysis on Corporate Value: Evidence from Merger & Acquisitions in China's Securities Market

作　　者：罗永恒[1] 罗四维[1] 曹雪平[1] 

机构地区：[1]湖南财经高等专科学校工商系,湖南长沙410205

出　　处：《长沙民政职业技术学院学报》2007年第2期42-45,共4页Journal of Changsha Social Work College

摘　　要：本文选取1998年发生兼并收购的公司作为样本,主并公司和目标公司都是上市公司。研究表明并购发生后,主并公司的企业价值得到较大的提高。在上海证券市场上,企业的Q值在兼并发生年的2.7,到并购发生后第一年为9.0,到并购后第二年企业Q值为11.7;第三年企业Q值为9.9。在深圳证券市场上,企业的Q值在兼并发生年的3.0,到并购发生后第一年为3.2,;到并购后第二年为4.0;第三年企业Q值为原来的3.9。　The paper analyzes 85 merger and acquisitions that took place in 1998.Both the acquiring and the acquired firms were listed.The results show that the acquiring firms＇ value has improved significantly.In Shanghai security market,the tobin＇s q value is 2.7 in the benchmark year,that of the next year is 9.0,the second year is 11.7 and the third year is 9.9.In Shenzhen Security Market,the tobin＇s q value is 3.0 at the benchmark year,that of the next year is 3.2;that of the second year is 4.0;the third year is 3.9.

关 键 词：上市公司 收购兼并 托宾Q 

分 类 号：F276.6[经济管理—企业管理]