摘要
与英国等发达资本市场相比,中国的并购市场有何不同,是否能够为股东创造价值,一直是学术界和业界关心的问题。本文首次使用了相同的研究方法对英国的并购企业和中国的并购企业进行股东价值的对比分析,从而使研究结果具有直接可比性。另外本文使用了两种不同的研究方法,以避免单一方法的计量缺陷,并在研究的时间跨度上,覆盖短期和并购前后各36个月,从而全面分析两国并购企业对股东价值的影响。我们发现由于我国上市公司独特的股权结构以及政府主导作用的影响,中国并购企业取得了比英国并购企业显著的正收益率。
What is the difference between China and UK M＆A market and whether M＆A can create shareholder value becomes an important question nowadays. This paper applies the same methodology to examine the mergers and acquisition perfor- mance in the UK and Chinese market. We use two methodologies in this research to solve the bias within each method, and this research covers both short term and 36 months before ＆ after the acquisition in order to give a thorough comparison study between these two countries. Due to certain factors, such as government shareholding, Chinese acquirers have better perfor- mance than UK acquirers.
出处
《投资研究》
北大核心
2013年第4期47-59,共13页
Review of Investment Studies
基金
诺丁汉商学院(中国)对本文的资助
关键词
并购
超额收益率
股东价值
Mergers ＆ Acquisitions
Abnormal Return
Shareholder Value
