摘要
本文选取了2010年至2014年间上市公司作为收购方参与的并购事件,检验目标公司的私募机构投资背景是否会对收购方的短期并购绩效产生影响。运用事件研究法得到的结果表明,收购方的股票价格在并购公告发布之后显著上涨,如果目标公司具有私募背景,则收购方股价上涨幅度更大。进一步分析表明,当私募机构持股比例增加时,这一正向收益会下降。另外,私募投资机构的声誉对并购绩效没有显著的影响。本文对这些发现提出了一些可能的解释。
This paper uses the mergers and acquisitions of publicly listed companies during 2010-2014 to test whether the announcement return of the acquirer is affected by venture capital （VC） backing of the target. Our event studies show that the average announcement return is significantly positive, and it is larger when the target is backed by VC. Additional analysis reveals that the positive impact of VC backing decreases when the VC holds more shares. The reputation of VC does not seem to matter for the announcement return. We provide possible explanations for these findings.
出处
《投资研究》
CSSCI
2017年第7期4-23,共20页
Review of Investment Studies
基金
清华大学经济管理学院小林实中国经济研究基金的资助
关键词
并购
私募机构
事件研究法
Mergers and acquisitions
Venture capital
Event studies
