本文選題：并購　切入點(diǎn)：超額收益　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：本文以2009年至2011年間在我國(guó)滬深市場(chǎng)中發(fā)生的所有上市公司并購事件為樣本,研究了公司并購行為對(duì)企業(yè)在短期和長(zhǎng)期分別造成的影響。研究結(jié)果發(fā)現(xiàn),在短期并購行為能顯著影響并購方的股票價(jià)格,在上市公司首次宣布并購消息后,股東在以并購公告日為中心的(-15,3)交易日內(nèi)能較為穩(wěn)定地獲得顯著單日超額正收益(AR)與累計(jì)超額正收益(CAR)；并且,并購宣告日附近短期股票價(jià)格上升的現(xiàn)象在交易規(guī)模較小的并購和同類或者相關(guān)行業(yè)之間的并購中最為明顯。而對(duì)于并購的長(zhǎng)期影響而言,在并購發(fā)生第一和第二個(gè)財(cái)務(wù)年度后并購公司的財(cái)務(wù)績(jī)效指標(biāo)均能有顯著改善；從并購公司股票的長(zhǎng)期買入持有超額收益(BHAR)來看,并購宣告一年和兩年后公司股票的長(zhǎng)期超額收益率均顯著大于0,并且并購后財(cái)務(wù)績(jī)效改善現(xiàn)象和股票獲得長(zhǎng)期正超額收益的現(xiàn)象在國(guó)有控股公司和以現(xiàn)金支付并購對(duì)價(jià)的公司中最為顯著。綜合來看,并購在短期和長(zhǎng)期都能在一定程度上提高企業(yè)績(jī)效,為股東創(chuàng)造價(jià)值。
[Abstract]:All the events in the mergers and acquisitions of listed companies from 2009 to 2011 in China's Shanghai and Shenzhen market as samples, studies the company to mergers and acquisitions in the short-term and long-term effects were made. The results showed that in the short term behavior can significantly affect the acquirer's stock price, for the first time in the listed company announced the acquisition news, in order to shareholders as the center of the merger announcement (-15,3) trading days can be reliably obtained significant one-day excess positive return (AR) and cumulative abnormal positive returns (CAR); and merger announcement date near the short-term stock price rising phenomenon between mergers and acquisitions and similar smaller deals or related industry mergers and acquisitions in the obviously. And for the long-term effects of mergers and acquisitions, mergers and acquisitions in the first and second financial year after the acquisition of the company's financial performance index can be improved significantly from the merger of public; Our long-term buy stock holding excess return (BHAR), mergers and acquisitions announced one year and two years after the company's stock of long-term excess returns are significantly greater than 0, and the post merger financial performance and improve the phenomenon of long-term stock excess return phenomenon in the state-owned holding company and paid in cash on the price of the acquisition of the company significant. Overall, mergers and acquisitions in the short and long term can improve enterprise performance in a certain extent, to create value for shareholders.

【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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