2006年我国上市公司并购价值效应的实证研究

Empirical study on listed companies' merger and acquisition valuation effects in the year 2006

以我国上市公司2006年的并购活动为研究对象,从收购公司和目标公司两个角度入手,采用事件研究法对这一时间段内我国上市公司并购活动中并购双方投资者的短期收益作以分析。得出研究结论认为,并购事件为目标公司的投资者带来了短期的超额回报,却没有增加收购公司投资者的投资获利,信息漏损现象仍然存在。

This article puts the mergers in 2006 as our research objective, and analysis the short-term returns of the both investors. The conclusion is that, the merger does benefit to the investors of the target companies, but not to the acquiring companies. In the meanwhile, the information leakage still exists.