Chinese Overseas Mergers:How Does It Perform during the Financial Crisis?
This article assesses cumulative average abnormal returns and cumulative abnormal returns of 110 A-share listed companies which have operated overseas mergers and acquisitions since 2000 based on CAPM model.For the overseas M&A before the financial crisis and during the crisis,we find that the former increases the companys shareholder wealth,while the latter reduces the shareholders wealth.The target companies of M&A has gradually transformed from the manufacturing sector accounted for the majority into the diversity.The M&A performance of manufacturing enterprises in the financial crisis is much higher than the one during the financial crisis, but financial service companies and resource companies have a unique characteristics in M&A performance.Finally,investors confidence is frustrated by the crisis,which makes them response weak on overseas M&A activity.
listed companies overseas merger and acquisition (M&A) performance cumulative average abnormal returns
Yan He Xiaohong Wang Songwei Cao Xiaoli Ye
Department of Economics,Dalian University of Technology,Dalian,China
国际会议
西安
英文
245-255
2010-08-01（万方平台首次上网日期，不代表论文的发表时间）