摘要
基于宏观经济动因,研究经济发展水平、利率与股票价格指数对我国总体性并购活动的影响,实证检验结果表明:除利率之外,经济发展水平及股票价格均与总体性并购活动存在长期的均衡关系,并且为总体性并购活动的Granger原因;在短期内,经济发展水平波动与股票价格波动对并购活动波动均存在正向影响,而利率波动对并购活动波动存在负向影响。这说明经济发展水平与股票价格是我国并购浪潮的重要驱动因素。
This article investigates the impact of the economic development level, interest rate and stock price index on aggregate M&A activity based on the the macro economic motivation.Empirical results show that there are the long-run equilibrium relationship and Granger causality among the economic development level, interest rate and M&A activity excluding interest rate; In the short run, the volatility of economic development level and stock price has positive relation with the volatility of M&A activity,but the volatility of interest rate has negative relation with the volatility of M&A activity. This shows that the development level of economy and stock prices are important factors driving the wave of mergers and acquisitions in China.
出处
《经济与管理》
CSSCI
2014年第6期87-94,共8页
Economy and Management
基金
国家自然科学基金项目(71172120)
关键词
并购
宏观经济环境
VAR模型
Mergers & Acquisitions
Macroeconomic environment
VAR model