摘要
以上证394家企业为样本，用时间研究法分析了收购企业信息披露对股价的影响，得出如下结论：1998～2002年期间CAAR在公告信息前开始持续上升，事件目为最高点，以后缓慢下跌；2003～2005年期间CAAR在公告信息前开始持续上升，表示正（＋）平均累计超常收益率，这表明，中国M＆A市场也跟韩国和美国市场一样支持信息与信息理论。
Based on 394 listed companies in Shanghai Securities as samples,the article analyzes the effect of the disclosure of acquisition and merger information on stock price by means of the time series method. The results of empirical analysis are summarized as follows： （1）from 1998 to 2002, the CAAR starts to increase before the information is announced and the highest point is on the announcement day. After that the CAAC goes down slowly;and （2） from 2003 to 2005,the CAAR starts to increase before the information is announced,which shows that （＋） average cumulative stock brings in abnormal return. The case study also demonstrates that China＇ s M ＆ A market, together with the USA and the ROK stock markets,supports the signaling hypothesis.
出处
《东疆学刊》
CSSCI
2008年第4期110-112,F0003,共4页
Dongjiang Journal
关键词
并购信息
披露
股价
acquisition and merger information ,disclosure,stock price
