并购重组、并购环境与公司股价异动——基于中国创业板的证据  

Mergers and Acquisitions,Merging Environment and Transaction of Companies Stock Price——Based on Evidence from the Chinese Growth Enterprise Market

作　　者：顾海峰[1] 季恺伦 GU Haifeng;JI Kailun(Glorious Sun School, Business and Management of Donghua University, Shanghai 200051,China)

机构地区：[1]东华大学旭日工商管理学院,上海200051

出　　处：《财经理论与实践》2017年第6期52-58,共7页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金重点项目(71631008);教育部哲学社会科学研究重大攻关项目(16JZD013)

摘　　要：在分析并购重组对公司股价异动的传导机理的基础上,选取中国创业板上市公司并购事件为样本,运用事件研究法对公司并购重组股价异动效应以及股价异动对并购环境的敏感度进行分析,结果表明:公司并购重组的股价异动效应是非常显著的,在整个窗口期(-10,10)持有公司股票,可获取9.93%的超额收益;并购规模与现金比率对公司股价异动均存在显著的正向影响,支付方式对公司股价异动存在显著的负向影响;并购事件公告前后,并购规模对公司股价异动的正向影响程度提升了1.21倍,支付方式对公司股价异动的负向影响程度降低了30.59%,现金比率对公司股价异动的影响趋势不显著。This paper analyses the transmission mechanism of mergers and acquisitions to stock price,on the basis of which,it gives an empirical study on the stock price effect of mergers and acquisitions by selecting listed companies from Chinese growth enterprise market as sample data and dealing with event study methodology,and it gives further sensitive analysis to mergers environment to stock price transaction.Above on which,it designs related policy suggestion.This research result shows:the stock price transaction effect of mergers and acquisitions is rather significant.Holding throughout the whole window period(10,10)will obtain9.93%excess earnings;Mergers scale and cash ratio both have significant positive effects to stock price transaction,and payment mode has significant negative effects;Before and after the acquisition announcement,positive impact of mergers scale to stock price transaction has increased by1.21times,and negative impact of payment mode to stock price transaction has decreased by30.59%,and cash ratio doesn't have significant impact trend.

关 键 词：并购重组 并购环境 公司股价异动 创业板 事件研究法 

分 类 号：F830.9[经济管理—金融学]