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dc.contributor.author杜兴强
dc.contributor.author聂志萍
dc.date.accessioned2017-11-14T01:05:53Z
dc.date.available2017-11-14T01:05:53Z
dc.date.issued2007-01-10
dc.identifier.citation证券市场导报,2007,(01):31-40
dc.identifier.issn1005-1589
dc.identifier.otherZQDB200701004
dc.identifier.urihttps://dspace.xmu.edu.cn/handle/2288/138387
dc.description.abstract本文采用事件研究法对1998~2003年中国上市公司的2128起广义上的并购交易进行了全面分析。实证研究表明,在[-30,30]的事件窗内,总样本并购活动的确会引起显著的短期财富效应变动。分类研究发现,股权收购和股权转让类的子样本、目标公司的子样本、公用事业类和综合类的子样本、规模小于10%的子样本、现金支付方式的子样本、国有股比重最大和法人股比重最大的子样本,均在事件期内取得显著为正的超常收益,但累计超常收益的大小均不超过3%。
dc.description.abstractEvent study method is adopted to review the 2128 M&As in China capital market 1998-2003. The findings are that change of short wealth effect is discovered in all samples on the event window of [-30,30]. When we classify samples,sub-samples of purchase and transfer of stocks,target companies,public service companies and conglomerate companies,size less than 10% companies, pay-cash companies,companies of controlling stake interest and legal person interest have all produced significantly abnormal returns,but the cumulated abnormal stock returns (CAR) remain below 3%.
dc.description.sponsorship霍英东高等院校青年教师基金(101087);; 教育部首届新世纪优秀人才计划(NCET-04-0596)
dc.language.isozh_CN
dc.subject公司并购
dc.subject财富效应
dc.subject事件研究法
dc.subjectM&A
dc.subjectwealth effect
dc.subjectevent study
dc.title中国上市公司并购的短期财富效应实证研究
dc.title.alternativeEmpirical Study of M&A Short-term Wealth Effects
dc.typeArticle


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