什么驱动了中国上市公司并购浪潮?  

What Has Driven Chinese Listed Companies'Merger Waves?

作　　者：余瑜[1] 王建琼[1] 

机构地区：[1]西南交通大学经济管理学院,成都610031

出　　处：《中央财经大学学报》2013年第9期71-77,96,共8页Journal of Central University of Finance & Economics

摘　　要：国内外研究成果表明金融市场与上市公司并购活动之间具有很强关联性。本文应用中国资本市场数据进行了实证,并依据实证结论提出了中国上市公司并购浪潮动因的新观点:股市正泡沫破灭后或股市负泡沫进入高峰期时,股市价格指数连续大幅下跌,股市相对低价资产的出现驱动了上市公司并购浪潮发生。参照点效应和现金支付占绝对主导地位可以较好地解释这种新观点。Domestic and foreign research results shown that financial market and mergers of listed companies have strong correlations. In this paper, we used Chinese capital market data for empirical research, and argued a new viewpoint of of Chinese listed companies＇merger wave motivation base on empirical results： When stock mar-ket positive bubble bursted or in peak of negative bubble, the stock market price index decreased dramaticly and Continuously, It driven merger waves of listed companies which the stock market came forth relatively low price assets. Reference point effect and cash payments overwhelmingly dominant could better explain this new view-point.

关 键 词：并购动因 并购浪潮 参照点效应 

分 类 号：F276.6[经济管理—企业管理]