摘要
本文基于2011-2016年中国上市公司联手私募投资机构成立并购基金的数据,研究上市公司成立并购基金的影响因素、市场反应及后续投资。我们发现:公司特征显著影响成立并购基金的可能性;资本市场对设立并购基金的平均反应短期显著为正,但长期显著为负;投资者对并购基金的后续投资持正面态度,但大部分并购基金并没有后续投资。我们从并购基金的结构和运营机制以及发起人(上市公司和私募)动机等角度对这些发现提供了可能的解释。
Based on a hand-collected dataset of China＇s listed companies during 2011-2016,this paper analyzes the determinants of their decisions to set up buyout funds with private equity funds,the associated wealth effects,and the buyout funds＇ investment. Our analysis shows that the likelihood of establishing buyout funds is significantly related to certain firm characteristics. The announcements are associated with significantly positive short-run abnormal returns,but with significantly negative long-run abnormal returns. Investors are positive about the buyout funds ＇ investment,but most funds make no investment after establishment. We provide some possible explanations for our findings.
作者
庞家任
周桦
王玮
PANG Jiaren;ZHOU Hua;WANG Wei(School of Economics and Management, Tsinghua Universit;China Institute for Actuarial Science, Central University of Finance and Economic)
出处
《金融研究》
CSSCI
北大核心
2018年第2期153-171,共19页
Journal of Financial Research
基金
清华大学经管学院小林实中国经济研究基金的资助
关键词
并购基金
私募
财富效应
Buyout Funds, Private Equity, Wealth Effects
