摘要
将事件研究法适用于中国股市并购绩效的研究作为前提,采用超额收益率法对并购后的市场效果进行实证分析,结果表明:现金支付方式和资产置换方式会带来企业短期市场绩效的提高;股票支付方式和承债收购方式会产生负向超额收益,短期并购效果差;而债转股式支付方式不会带来企业短期市场绩效的显著提高。
To apply the event study method to the study of M ＆ A performance on the stock market in China as a prerequisite, we do an empirical analysis on the post - merger market effect using the excess rate of return method. Conclusions indicate that eash payment and asset replacement will give rise to short - term market performanee of enterprises, stock payment and assumed debt will produce the negative excess returns and its short - term M ＆ A performance is bad, while debt - equity swap type of payment will not improve short - term market performance of enterprises.
出处
《湖南财政经济学院学报》
2011年第5期102-109,共8页
Journal of Hunan University of Finance and Economics
关键词
并购支付方式
事件研究
超额收益率
M ＆ A payment method
event study
excess rate of return
