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以事件研究法对2007—2009年金融危机爆发期间我国发生的8起银行并购案例对股东财富的影响进行实证分析。实证结果显示:交通银行等3起银行并购事件对股东财富有显著影响,招商银行等5起银行并购事件对股东财富影响则不明显。总体上讲,多数银行并购案例都增加了股东的财富,这与当前银行并购时机的选择有较大关系。银行并购重组的创值与否和创值程度,不仅取决于并购重组的动机,也取决于交易进行的决策动机、效应和外部环境等其他变量。
An Event-based Approach to Empirical Analysis of the Impact of Eight Bank M & A Cases on Shareholders’ Wealth during the Financial Crisis in 2007-2009 in China. The empirical results show that three bank mergers and acquisitions such as Bank of Communications have a significant impact on the shareholder wealth. The impact of the five bank mergers and acquisitions such as China Merchants Bank on shareholder wealth is not obvious. In general, the majority of bank mergers and acquisitions have increased the shareholders’ wealth, which has a greater relationship with the timing of the current bank mergers and acquisitions. The value creation or not of bank M & A depends not only on the motivation of mergers and acquisitions, but also on other variables such as the motivation, effect and external environment of the transaction.