Empirical Study on the Effects of Chinese Companies Overseas M&A

摘要：

This paper analyzed the wealth effects and financial performance of 28 overseas M&A undertaken by Chinese listed companies between 2000 and 2005. The results suggest that the Chinese companies suffered a significant negative CAR of about-4.924％ during the whole event window which indicates that overseas acquisitions in China did destroy shareholder wealth.In addition, the results of accounting-based measures show that Chinese companies havent improved their financial performance through overseas M&A Based on the empirical study this paper considers that overseas M&A have a negative effect on the performance of Chinese listed companies.

关键词： Overseas M&A Wealth effects Financial performance

作者: LI Mei

作者单位: Economics and Management School,Wuhan University,P.R.China,430072

会议类型: 国际会议

会议名称: The 5th International Annual Conference on WTO and Financial Engineering(第五届WTO与金融工程国际会议)

会议地点: 杭州

会议语种:英文

页码: 625-629

在线出版日期: 2008-05-18（万方平台首次上网日期，不代表论文的发表时间）