上市公司并购动机及股价反应的实证检验  

Empirical Analysis on Motives behind Acquisitions and Share Price Responses: Evidence from Acquisition in China's Securities Market

作　　者：顾勇[1] 吴冲锋[1] 

机构地区：[1]上海交通大学管理学院,上海200052

出　　处：《系统工程理论与实践》2002年第2期84-89,共6页Systems Engineering-Theory & Practice

基　　金：国家杰出青年基金"金融工程与金融复杂性"( 70 0 2 5 30 3)

摘　　要：目前中国资本市场中并购的主要模式是买壳上市和国有股划拨 .通过运用回归方法对买壳上市的动机进行检验 ,结论是以炒作为主要动机的收购行为占据主导地位 .通过因素分析 ,本文认为在上述两种主要的并购模式下 。Currently in China there are two main means to acquire listed companies: back-door listing and state-owned equity transfer. After verified by regression methodology, the motives behind back-door listing are to pursue inside trading. Furthermore, as far as share price response patterns are concerned, there is no significant difference between the two acquisition means after acquisition cases are studied by factor analysis.

关 键 词：并购动机 股权划拨 股价反应 证券市场 股票价格 上市公司 

分 类 号：F832.5[经济管理—金融学] F279.23