事件研究法下主并方股价绩效的实证研究

Empirical Research on Stock Price Performance of Acquiring Firm with Event Study

股价绩效是判断兼并事件是否创造价值的重要依据。以上市公司的兼并活动为基础,选取上市公司主动兼并其他企业的事件为样本,研究了在两种参照系下(大盘和行业剔除法)不同兼并方式和不同产业周期阶段主并方股价绩效变化规律,并进行了合理的研究。

Stock price performance is important to judge whether M^A activity creates value. On the basis of M＆A activity of the listed company and the sample of the event that the listed company mergers other enterprises voluntarily, the paper researches the stock price performance of Acquiring Firm in mergering way and industrial cycles differently under the two kinds of reference systems （index and trade reject）, and has carried on the rational explanation.