上市公司兼并与收购的财富效应

Study on Wealth Effects of M&A of Listed Companies

并购引起了收购公司和目标公司股价的变化 ,因而引起了收购公司和目标公司股东财富的变化。本文采用事件研究法 ,对 1 999— 2 0 0 0年中国证券市场深、沪两市共 3 49起并购事件进行了实证研究。结果表明 ,并购能给收购公司的股东带来显著的财富增加 ,而对目标公司股东财富的影响不显著 ;不同类型的并购有不同的财富效应 ;国家股比重最大和法人股比重最大的收购公司其股东能获得显著的财富增加 ,而股权种类结构对目标公司股东财富的影响不显著。

M&A led to the change of stock price of acquiring company and target company, so it changed shareholders' wealth of acquiring firm and target firm. This paper uses event study framework to test 349 events of M&A of listed companies in China during 1999—2000. The authors find that M&A can significantly bring the wealth to shareholders of acquiring firms, but can not significantly bring the wealth to shareholders of target firms. Different types of M&A will have different wealth effects. And if the ratio of national shares or institutional shares is the biggest, the shareholders of acquiring firms can increase the wealth significantly. But the wealth of shareholders of target firms is not affected by equity type structure significantly.