Fortune Effect of the Chinese Public Company’s M&A and It’s Changing
5133 M&A events happended in Shanghai and Senzheng securities market between 1999 and 2004 was used in this research. Short time fortune effect was measured by event research method. DEA method was use in this paper to measure the performance of Chinese Public Company 4 years before and after it’s Merger and Acquisition., and very company’s performance index θ* was caculated. The effect of M&A to company’s performance was analyzed through the change of the company’s θ* 4 years before and after the M&A. The short time and long time fortune effect was compared and it’s changing trend was researched in this paper. The result of research shows that M&A have positive effect for company’s performance and this effect was strengthened in recent years. Speculate fortune effect was really existed in Chinese public’s M&A, but investment fortune effect was not existed in sort time fortune effect. The speculate value was affected by the supervising of government, the mature of investor, the state of securities market.
merger and acquisition fortune effect DEA event research method
杨安华 赵昌文 杨纪军
四川大学工商管理学院,四川 成都 610064
国际会议
成都
英文
2007-07-09（万方平台首次上网日期，不代表论文的发表时间）