| 上市公司并购动机及股价反应的实证检验 |
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| 引用本文： | 顾勇,吴冲锋.上市公司并购动机及股价反应的实证检验[J].系统工程理论与实践,2002,22(2):84-89. |
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| 作者姓名： | 顾勇 吴冲锋 |
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| 作者单位： | 上海交通大学管理学院 |
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| 基金项目： | 国家杰出青年基金“金融工程与金融复杂性”( 70 0 2 5 30 3) |
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| 摘 要： | 目前中国资本市场中并购的主要模式是买壳上市和国有股划拨 .通过运用回归方法对买壳上市的动机进行检验 ,结论是以炒作为主要动机的收购行为占据主导地位 .通过因素分析 ,本文认为在上述两种主要的并购模式下 ,二级市场股价的反应没有显著差异.
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| 关 键 词： | 并购动机 买壳上市 股权划拨 股价反应 |
| 文章编号： | 1000-6788(2002)02-0084-06 |
| 修稿时间： | 2000年12月25 |
Empirical Analysis on Motives behind Acquisitions and Share Price Responses: Evidence from Acquisition in China's Securities Market |
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| GU Yong,WU Chong-feng.Empirical Analysis on Motives behind Acquisitions and Share Price Responses: Evidence from Acquisition in China''''s Securities Market[J].Systems Engineering —Theory & Practice,2002,22(2):84-89. |
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| Authors: | GU Yong WU Chong-feng |
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| Institution: | Management School, Shanghai Jiaotong University |
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| Abstract: | Currently in China there are two main means to acquire listed companies: back-door listing and state-owned equity transfer. After verified by regression methodology, the motives behind back-door listing are to pursue inside trading. Furthermore, as far as share price response patterns are concerned, there is no significant difference between the two acquisition means after acquisition cases are studied by factor analysis. |
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| Keywords: | motives behind acquisition back-door listing state-owned equity transfer share price responses |
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