摘要
该文采用长期事件研究法(BHAR),对我国沪、深两市的1672起并购事件进行了实证研究.结果表明:大多数收购公司股东在并购后1～3年内遭受了显著的财富损失;混合并购和同行业并购的收购公司股东长期内均遭受了显著的财富损失;收购公司国有股比例对并购后1年内公司绩效有显著影响;高管持股比例对收购公司长期绩效无显著影响.
This paper verifies the long run performance of Chinese listed companies after M＆A from the perspective of long-term event study. Empirical results show that shareholders of the majority acquiring finns suffer significant wealth loss in one to three years after M＆A; both listed companies who take conglomerate mergers and mergers in the same industry induce the shareholders＇ wealth loss; equity type structure has significant effect on one-year performance after M＆A, but this effect disappears within two to three years after M＆A.
出处
《中山大学学报（社会科学版）》
CSSCI
北大核心
2005年第5期80-86,127,共8页
Journal of Sun Yat-sen University(Social Science Edition)
基金
国家自然科学基金项目(项目编号70172022)
