并购商誉、超额收益与市场反应——来自中国A股上市公司的证据

Consolidated Goodwill,Excess Returns and Market Reaction——Evidence from A Share Market in China

本文采用事件研究法,检验2007年—2010年发生并购事件并产生商誉的A股上市公司并购后的市场反应。实证结果发现,并购协同效应是超额收益的来源,"核心商誉"要素创造了超额收益;并购中的超额支付不能为企业带来超额收益,即"非核心商誉"要素与超额收益不相关。

Using event study, this paper selects A listed - companies with consolidated goodwiU as samples to study the market re-action after mergers and acquisitions form the year 2007 to 2010. We empirically find that the merger synergies factors was the source of excess returns, ＂core goodwill＂ elements created excess returns. Overpay elements on M＆A didn＇ t cause excess re-turns for enterprises, that is, ＂non-core goodwill＂ elements didn＇t affect the value of excess return.