我国上市公司并购中控制权变更市场效应的实证研究

Control Rights Transferring of Listed Companies in the Merger and Acquisition:An Empirical Study on the Market Performance

针对1997年到2001年我国上市公司并购中控制权变更的282例样本,就其控制权变更公告日效应的平均超常收益率和累计平均超常收益率进行了实证分析。研究结论显示:我国上市公司并购中控制权变更的信号传递效应在[-2,2]区间上完全实现。在我国上市公司并购中控制权变更公告日收益率变动呈现出如下趋势:在公告日信号传递效应区间,其收益率显著为正;随着传递时间延伸,收益率显著为负,从而在整体上,我国上市公司并购中控制权变更对并购公司股东并未显示出明显绩效改善。上述结论统计检验极其显著的。

282 samples about the control rights transferring in the mergers and acquisitions of listing companies between 1997 and 2001 were selected.Average abnormal returns(AR) and cumulative abnormal returns(CAR) during the course of announcement on the control rights transferring were analysed empirically.The results were shown as follows:(1)Information signalling effects in the interval of about control rights transferring of listing companies mergers and acquisitions were achieved completely.(2)Returns changing trends hold:returns were positive significantly in the announcement information signalling periods;With times passing by,returns were negative significantly from the eyes of the medium and long run;On the whole,performances weren't improved during the course of control rights transferring of the listing companies mergers and acquisitions.(3)Statistical tests about the results as above were very significant.