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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。
Abstract：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 cash payment and asset replacement will give rise to short-term market performance 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.
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基本信息:
DOI：10.16546/j.cnki.cn43-1510/f.2011.05.013
中图分类号:F832.51;F271;F224
引用信息:
[1]毕金玲,孙文佳.我国上市公司并购支付方式效果的实证研究[J].湖南财政经济学院学报,2011,27(05):102-109.DOI:10.16546/j.cnki.cn43-1510/f.2011.05.013.
基金信息: