企业并购中的财富效应分析

企业并购的本质是对企业产权的交易 ,有效的资本市场会以股价的变化反映市场对每一并购事件的预期。财富效应是对并购引致的交易方总体价值的反映 ,包括财富创造效应和财富分配效应。市场机制下资源的重新配置是财富效应产生的根本原因 ,具体的交易方式、支付手段上的差异同样会对财富效应产生重要影响。

The nature of acquisition and merger of enterprises is the transaction of property rights. An effective capital market reflects market expectation to each transaction through the changes in the stock prices. Wealth effect reflects the overall value of an acquisition or merger transaction, and can be divided into wealth creation effect and wealth distribution effect. Reallocation of resources in the market mechanism is the essential reason that causes wealth effect.The difference in the specific transaction methods and types of payments will also influence wealth effect. The essential mechanism of acquisition and merger of enterprises will be well illustrated in the wealth creation and wealth distribution.