控制权收购、多元化经营与公司财富效应

Control Acquisition,Diversification and Corporate Wealth Effect

利用2003～2008年内发生控制权收购的149家并购样本,考察了控制权收购宣告后短期窗口和长期年度内的市场财富效应变化,尤其关注了多元化并购与同业并购公司的短期和长期市场回报、股权性质和股权比例之间的特征差异。研究发现,我国上市公司控制权并购有着显著的短期正的财富效应和长期负的财富效应;短期来看,多元化并购比同业并购的市场累积超额收益率更高;长期来看,多元化并购比同业并购有着更差的市场年度回报率。

Using 149 MA sample of occurring between 2001 and 2008,the authors test corporate market wealth of the short-time and long-term effects after the acquisition announcement,particularly concerned about the difference between diversified industry MA and same industry MA with short-and long-term market in return,the nature of equity and equity ratio.The paper finds that acquisition of control right of listed companies in China has a significant positive wealth effect of short-term and long-term negative wealth effect.In the short term,cumulative excess rate of return of the diversified MA is higher than that of the same industry MA.However,in the long term,annual rate of market return of diversified MA is worse than that of the same industry MA.