资本市场有效性分析—以中国中铁和中铁二局重大重组事项为例

The Analysis of Capital Market Efficiency—Take the Example of Major Restructuring of China Railway Group Limited and China Railway ERJU CO., LTD.

从西方发达国家的金融实践活动可知,企业往往可以通过并购行为完成企业谋求自身快速发展的目标。国内外关于并购的理论研究也不胜枚举,但大多围绕并购的规模效应,经营管理的协同效应等,基于并购事件检验资本市场有效性的事件研究还相对较少。所以本文拟通过最新的合并事件以事件研究法探究资本市场有效性。本文关于企业并购的相关研究和探索,旨在规范化、系统化国内关于企业并购的研究,并且希望对实践部门能够有所启示。

Merger and acquisition, as an important means for firms to seek rapid growth and development is one of the important strategic behaviors in the process of business continuity management. There are many theoretical researches about mergers and acquisitions at home and abroad, but most of them are about M &A effects of economic scale, management coordination effects, etc. The empirical study on the effectiveness of the capital market based on mergers and acquisitions is relatively few. Therefore, this paper intends to explore the effectiveness of capital market through the latest merger event. In this context, the research and exploration of firm M &A (reorganization) activity have a certain theoretical and practical significance, on the other hand, if done well, mergers and acquisitions (restructuring) can give the continued operation and development of China’s enterprises a heavy burden. At the same time, many foreign research results are not applicable to China’s capital market;the country has yet to be standardized and systematic;there are many worthy of study, while also providing a lot of research opportunities.