上市公司并购的短期和长期股价表现

Toward the Short and Long Run Share Price Performance of M&A for China Listed Companies

本文以1998～2002年发生于我国证券市场的1415起并购事件为研究样本，考察了收购公司的短期和长期股价表现。结果表明：并购在短期内给收购公司带来了显著的超常收益，但长期内则使得收购公司股东遭受了显著的财富损失；收购公司的股价表现随公司的规模、财务杠杆、管理能力和政府关联程度的不同而变化，无论是短期内还是长期内市场都更认可小规模和低财务杠杆公司的并购；本文还发现，在对收购公司股价表现影响方面，政府关联和管理能力之间存在显著的替代关系。

With 1415 M&A cases in China through 1998 and 2002 as research sample,this paper investigates share price performance in the short and long run of M&A.The results show that the share price of the acquiring firms gain extraordinary returns in the short term.However,in the long horizon shareholders of the acquiring firms lose significantly.The price performance of acquiring firms varies with firm size,financial leverage,management and government involvement.The results also show that small size and low financial leverage are favorably accepted by the market in both short and long terms.We find significant substitution exists between management and government involvement.