公司重组的市场反应与经营业绩的实证研究

Positive Research on the Market Response and Performance of Corporate Restructuring

对国内外有关重组公司的实证研究进行了文献述评,指出国内外相关研究的不足。在此基础上,对中国上市公司重组的市场反应与经营业绩进行了实证研究。主要结论是:短时间内,市场股价和成交量对重组公司有异常反应,投资者可以获得超常收益;大多数的重组还未对公司产生较长时期实质性的影响。

This paper first summarizes the positive researches on the corporate restructuring from the internal literature and abroad,and it also points out what these researches lack.On this foundation,it positively researches into the market response and performance of Chinese listed corporations after restructuring, and it draws the main conclusions: the stock market price and trading quantity respond abnormally to the publication events, the investors can obtain abnormal returns. Most of the restructures have not factual effects on the corporations in the long run.