市场错误定价、投资机会与并购对价方式  

Market Misevaluation,Investment Opportunities and the Method of Payment in Mergers & Acquisitions

作　　者：李井林[1] 刘淑莲[1] 杨超[1] 

机构地区：[1]东北财经大学会计学院,辽宁大连116025

出　　处：《山西财经大学学报》2013年第1期30-40,共11页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71172120)

摘　　要：以我国上市公司2007年至2009年发起的并购事件为研究样本,建立二值Probit潜变量模型,利用主并公司并购前一年的股票年累积收益与并购后的投资水平分别作为市场错误定价与投资机会的替代变量,检验市场错误定价与投资机会对并购对价方式选择的影响。研究结果表明,市场错误定价与投资机会对主并公司并购对价方式的选择产生了显著影响,主并公司并购对价方式选择的市场错误定价效应与投资机会效应同时存在。This paper takes M ＆ A events initiated by the listed companies in China from 2007 to 2009 as the study sample, creates a binary Probit latent variable model, and uses the buy and hold cumulative stock price return over the year prior to the an- nouncement clay and the level of post merger investments as the proxy of the market misvaluation and the investment opportunities re- spectively,to test the effect of the market misvaluation and the investment opportunities theories of takeovers on the choice of the method of payment in mergers. The findings suggest that both the market misvaluation and the investment opportunities of firms drive the choice of the method of payment in mergers. Results confirm that the two effects can coexist.

关 键 词：市场错误定价 投资机会 并购对价方式 

分 类 号：F830.9[经济管理—金融学]