资本市场错误定价如何影响公司并购

How Market Misevaluation affects the M& As in China

中国资本市场已进入全流通时代,股价的变动是否会影响公司的并购行为尚无定论。本文选取2007-2013年沪深两市A股上市公司并购事件作为研究样本,通过Probit回归模型,验证了市场错误定价假说。研究表明在控制其他影响因素的条件下,股价错估是驱动上市公司并购活动的重要因素之一,股价被高估的上市公司更有可能发生并购活动,并利用公司层面的短期股价高估主动发起并购。

Chinese capital market has come into an entire circulation time. Does stock value fluctuation affects M ＆ As？ This paper is based on the stock market misevaluation hypothesis. We selected companies who carried out M ＆ As from 2007 -2013, listed in Shanghai and Shenzhen Market as the empirical research samples. By constructing Probit regression models, we draw the conclusion that overvalued companies are more likely to play part in M ＆ As; acquirers are always overvalued than targets and likely to take advantage of short - time misevaluation in firm - specific to initiate M＆As.