企业并购对股东财富效应影响研究  

An increase shareholder wealth in short term or long term when the mergers and acquisitions happen

作　　者：万相昱[1] 唐亮[2] 蔡小滨[2] 

机构地区：[1]中国社会科学院数量经济与技术经济研究所 [2]东北师范大学商学院

出　　处：《价格理论与实践》2016年第9期132-135,共4页Price:Theory & Practice

基　　金：教育部青年基金项目<宏观金融不稳定--微观机理和传导扩散>(项目编号12YJC790173)的阶段性成果;中国社会科学院创新工程项目阶段性成果

摘　　要：并购重组是企业实现发展的重要手段,更是新时期我国深化国企改革的核心途径。本文针对我国上市公司2002-2015年并购重组数据,按照并购公司和目标公司,针对短期和长期效应,利用CAR和日历时间效应方法,研究了并购重组的股东财富效应。实证结果表明:短期看,无论是并购公司还是目标公司,并购事件首次公告日后的股东财富显著降低,公告日是否休市对股东财富的短期效应影响显著;长期看,规模和账面市值比是影响股东财富效应的重要因素,规模较大的并购公司股东财富有显著增加,而高账面市值比的目标公司被并购后股东财富也会显著的增加。Merger and acquisition is an important means of enterprise realize development.We study whether the merger and acquisition can bring the increase of shareholder wealth in the short term and long term horizontal by CAR and calendar-time portfolios means.Our merger and acquisition data range from 2002 to 2015,according to the merger companies and target companies, the empirical results show that in short term, the wealth of shareholders significantly reduce on first announcement day about merger companies and target companies and first announcement day the market＇s closing has significantly influence on the wealth of shareholders.In long term, size and book-to-market rations also have significantly influence： big size merger companies＇ wealth significantly increased and high book-to-market rations target companies has same behavior after events.

关 键 词：并购重组 事件研究 股东财富效应 

分 类 号：F832.51[经济管理—金融学] F271