Empirical Study on the Stock-for-Stock M&A Performance of Chinese Listed Companies
As the method of payment in company strategy M&A,stock-for-stock is not only the payment between listed companies,but also an effective instrument for solely state-funded enterprises to get listed on the stock market by M&A.This paper verifies the performance of Chinese listed companies which happened M&A events during the period 1998 to 2007 after M&A from the perspective of short-term and long-term event study.Empirical results show that shareholders of the majority acquiring firms gain positive average abnormal return in one month after M&A,but suffer significant wealth loss in one to two years.Finally,this paper gives a profound analysis of causes of low performance in stock-for-stock,and also gives some advises to improve the M&A performance.
Stock-for-stock M&A Performance Event-study Methodology
SONG Xi-liang ZHANG Qiu-sheng SONG Xi-liang CHU Yi-hong SONG En-zhao
School of Economics and Management of Beijing Jiaotong University,Beijing,China School of Accounting of Shandong Economic University,Jinan,China Shandong Experimental High School,Jinan,China
国际会议
北京
英文
2008-10-12（万方平台首次上网日期，不代表论文的发表时间）