摘要
本文以2006年在我国证券市场上发生控股权转移的并购案例为样本进行实证研究,结果发现:并购在短期内为目标公司创造了价值,给股东带来较高的超额收益,但是在较长时间内,公司价值有受损的可能;同时在正式信息披露日前,存在信息泄漏的现象;在影响目标公司价值变化的因素中,上市公司所属行业、并购双方的关系、交易股权数都对公司并购的绩效有一定的影响。
The paper studies several M＆A cases achieved through security market in 2006. The result confirms the short-term value of M＆A realized through high stock price. While in a long run, M＆A may cause harm on the value of corporation. Besides that, illegal information leakage before official announcement will torture corporate performance. And factors such as sector and relationship between participants in M＆A would influence M＆A effects.
出处
《上海金融》
CSSCI
北大核心
2008年第12期56-58,共3页
Shanghai Finance
基金
063000976
GW2006-TB-016
