摘要
以2005年至2010年我国沪深交易所成功进行外资并购的103家上市公司为样本,通过事件研究法对我国上市公司进行跨国并购前后的股东财富变化进行研究,发现收购公司在[-1,1]的事件期内的累积平均超额收益在10%的显著水平下为1.28%,在[-40,40]的事件期内的累积平均超额收益(CAR)在1%的水平下为-1.48%,显著小于零,表明跨国并购事件存在一定的公告效应,但长期来看,我国上市公司的股东并不看好其跨国并购,跨国并购并没有创造价值,股东财富发生显著损失。
The paper uses the 103 listed companies which have successful conducted cross-border M＆As in Shanghai and Shenzhen stock exchanges from 2005 to 2010 as samples, and adopts the methodology of event study to study the shareholders＇ wealth changes before and after the cross-border mergers and acquisitions of the Chinese listed companies. It finds that in the [-1,1] event period, the cumulative average excess return of the acquiring company in the significant level of 10% is 1.28%, while in the [-40,40] event period, the cumulative average abnormal return （CAR） in the level of 1% is -1.48%, which is significantly less than zero. This result indicates that the cross- border M＆A events have some announcement effects, but in the long run, the shareholders of the listed company in China are not optimistic about their cross-border mergers and acquisitions, because the cross-border M＆A events will create value, and shareholders＇ wealth may have a significant loss.
出处
《国际经贸探索》
CSSCI
北大核心
2013年第9期47-57,共11页
International Economics and Trade Research
基金
国家社科基金项目(13BGL019)
教育部重大项目(11JZD020)
教育部人文社科规划项目(11YJA630182)
广东省自然科学基金项目(S20110020002431)
关键词
上市公司
跨国并购
财富效应
listed companies
cross-border M＆A
shareholders＇ wealth effect
