全流通格局下上市公司并购融资偏好的短期价值效应分析

An Analysis of the Share Price Value Effect in the Short Run of Pecking Orderof M&A's Financing of Listed Companies under Complete Circulation

股权分置改革的顺利实施,使中国股市实现了全流通的格局,在这样的环境下,采用事件研究法,选取在中国沪深两市2006年完成股改分置改革的并购事件的主并公司为样本,按照并购融资偏好的不同分类,对并购事件的短期价值效应进行了实证分析。

The problem of the Equity Ownership Reform has successfully implemented, which made the Chinese stock market realize circulation completely. Under such environment, this paper is adopting the event study method, choosing acquiring firms which have finished the Equity Ownership Reform in stock markets of Shanghai and Shenzhen in China in 2006 with M＆A cases as the research samples and according to the different classification of the pecking order of financing of M＆A so as to give an empirical analysis for the share price value effect in the short run of M＆A.