摘要
采用有双变量GARCH模型进行修正过的事件研究方法,对2007年中国沪、深两市51起代表性并购事件进行实证研究。结果表明,在短期内,并购能给目标公司带来显著的价值增值,但在长期内并不明显;并购公司不同并购策略能给目标公司带来不同的影响;经营业务专业化与区域位置集中化类型的并购使目标公司价值增大的概率较大。
M＆A led to the change of stock price of targeting company, so it changes the value of targeting company. This paper uses event study framework which is adjusted by a bivariate GARCH model to test 51 events of M＆A of listed companies in China in 2007. The authors find that M＆A can increase the value of target companies in the short run, but cannot significantly increase the value in the long run. Different M＆A strategies of acquiring company will have different stock price effects. The types of specialization of operation and diversification of geography of M＆A have the rather big probability to increase the value of a target company.
出处
《财经理论与实践》
CSSCI
北大核心
2009年第5期47-51,共5页
The Theory and Practice of Finance and Economics
