摘要
探讨公司资产重组对公司价值的影响问题。对公司资产重组对公司价值的影响机理进行了理论探讨。从基于财务指标和配对统计检验方法、基于股价指标和累计超额收益率(CAR)方法两个方面,对我国上市公司资产重组对公司价值的影响进行了实证分析。主要结论是:总体来看,沪深股市的上市公司资产重组的长期绩效较差。对上市公司资产重组的市场反应进行了解释,有助于促进解决这些问题的研究。
The effects of companies＇ assets restructuring on companies value were discussed. A theoretical research on the effects of companies＇ assets restructuring on companies value was made. On the basis of the finance index and the pairing statistic test, and on the basis of the stock price index and the method of Cumulative Abnormal Return （ CAR）, an empirical analysis of the effects of the assets restructuring of Chinese listed companies on companies value was made. The main conclusion was that in general the long term effects of the assets restructuring of listed companies in Shanghai and Shenzhen stock markets were faint. Some explanations of the effects of the assets restructuring of Chinese listed companies on companies value were made. It might conduce to the research on resolving these problems.
出处
《黑龙江大学自然科学学报》
CAS
北大核心
2008年第1期15-22,28,共9页
Journal of Natural Science of Heilongjiang University
基金
福建省自然科学基金资助项目(S0650011)
江西省自然科学基金资助项目(0511006)
