Research on the Acquisitions Performance of Listed Companies in China
This paper, which takes 208 cases of listed companies acquisitions during the years of 2000 2004 in Chinas stock market as samples, researches the sample acquiring companies long-term capital market performance after their acquisitions. The results generally show that the shareholders of acquiring companies have suffered a wealth loss from the perspective of long run. Meanwhile, this paper also analyzes the sample companies performance by classifying them into categories: the acquisitions performance of state-holding companies are better than non-state-holding companies, local acquisitions perform better than inter-provincial ones, the acquisitions in the same industrial sector is better than that of diversifying acquisitions, the companies having no largest shareholder whose voting power is higher than 25％ are better than those having; furthermore, compared with assets acquisitions, the performance of equity acquisitions is better in the long run.
acquisitions performance BHAR acquiring companies
ZHANG Xiaoming CHEN Jing BAI Xueyuan
School of Economics and Management, Beijing Jiaotong University, China, 100044 School of Finance, Renmin University of China,China, 1008721 School of Finance, Renmin University of China, China, 1008721
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
356-362
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）