煤炭上市公司并购重组市场效应的实证研究

Empirical Study on Market Effects of M&A of Coal Listed Company

煤炭业的产业特性决定了对其进行并购重组能够大大提升企业资源配置的效率。本文利用2004-2009年中国煤炭业上市公司并购中小型煤炭企业的19个样本数据,对煤炭企业并购的市场效应进行了实证检验。结果显示:在并购主体宣布并购重组的[-20,20]窗口期内,投资者获得了显著为正的累计超额回报,表明投资者对并购事件给予了积极评价,从而为我国的煤炭业资源整合提供了支持性依据。

Theoretically MA can greatly improve enterprises resource disposal efficiency because of industrial traits.The paper uses 19 MA small-medium size coalmine samples of Chinese coal listed company from 2004 to 2009.The market effect on MA of coal enterprises is empirically tested.The result is that in the windows period,during which MA were announced,the CAR of investor were notably positive.So we can conclude that investors posted positive interests on MA,which provides positive support to integration of coal resources.