论文部分内容阅读
对中国上市公司协议收购的效应及影响因素进行了实证分析,结果表明,协议收购初次公告之前存在超额收益,但没有要约收购显著;控制权转移时间与协议收购超额收益的关系是U型的,控制权转移时间越长,收购股东的财富损失就越大;协议收购中超额收益与目标公司的资产波动率正相关,与利息支出占比、资产规模负相关;市账比MTB并不是协议收购的一个重要影响因素。
The empirical analysis of the effect and influencing factors of China’s listed companies’ agreement acquisition shows that there is excess return before the initial announcement of the agreement acquisition, but there is no significant takeover bid. The relationship between the transfer of control right and the excess return of the agreement is U-shaped, The longer the transfer of control rights, the greater the wealth loss of the acquirer. The excess return in the agreement acquisition is positively related to the asset volatility of the target company, which is negatively related to the interest expense proportion and the asset scale. The market capitalization ratio is not the agreement purchase An important factor.