摘要
本文系统地研究了从1997年到2000年在上海证券市场上发生的58个股权收购案例,发现中国公司股权收购活动明显指向那些业绩很差的目标公司,并且收购后目标公司中大量的高级管理人员被更换。与以前的一些研究不同,文章发现目标公司被收购后的业绩比收购前有了明显的改善,然而证券市场却没有对股权收购公告做出积极的反应。
This paper studied the impact of stock acquisitions on both the acquired firms' corporate performance and stock prices by using evidence from 58 corporations which are listed in Shanghai Stock Exchange from 1997 to 2000.The data suggests that stock acquisitions in China was directed at poorly performing firms and resulted in a high departure rate of top management afterwards.There is an upward change in the acquired firms' profitability from pre-merger to post-merger periods. However, there is no case showing that the stock market reacted in favor of the announcements. This is different from previous studies.
出处
《中国软科学》
CSSCI
北大核心
2003年第4期36-41,共6页
China Soft Science
关键词
中国
证券市场
股权收购
绩效
实证分析
目标公司
stock acquisitions
acquired firm
financial performance
abnormal return
