摘要
利用马尔科夫区制转移模型,采用1995~2015年我国资本市场并购活动交易数量的月度数据,检验上市公司过去约20年间总体并购状态存在浪潮的假设。实证结果证明,并购状态可划分为"并购活动低区制"与"并购活动高区制",而且并购活动在不同区制状态下均能体现出显著的持续性特征。说明我国上市公司存在并购浪潮,其浪潮始于2001年9月,并一直延续至2015年12月。进一步分析发现,"并购活动低区制"与"并购活动高区制"之间的并购特征存在差异。
The paper has adopted Markov Regime Switching Model,using monthly data of mergers and acquisitions（ M＆A） transactions amount in China’s capital market from 1995 to 2015,and has verified the assumption that there is a M＆A wave in the overall state of listed companies in the past 20 years. The research shows that M＆A status can be divided into ＂ low district system of M＆A activity ＂ and ＂ high district system of M＆A activity ＂. M＆A activity in different district can reflect significant persistent characteristics,which shows that China’s listed companies have showed M＆A waves that began in September 2001 and continued until December 2015. Further analysis found that ＂ low district system of M＆A activity ＂ and ＂ high district system of M＆A activity ＂ have different characteristics.
出处
《经济纵横》
CSSCI
北大核心
2017年第5期38-43,共6页
Economic Review Journal
基金
全国百篇优秀博士学位论文作者专项资金资助项目"基于动态随机一般均衡模型的中国非线性货币政策反应规则研究"(编号:201303)
国家自然科学基金面上项目"非线性状态空间混频数据模型在中国第三产业结构演变研究中的应用"(编号:71573104)
吉林大学青年学术领袖培育计划项目"非线性状态空间混频数据模型在中国宏观经济研究中的应用"(编号:2015FRLX15)的成果
