论文部分内容阅读
本文使用事件研究法研究年中国上市公司的交叉持股并购,分析并购双方前十大股东中交叉持股者的收益及其对并购产生的影响。研究发现,并购公告宣布使得以人民币计算的交叉持股股东总收益显著为正;交叉持股股东调整后的主并方收益不显著为负;当市场预期到交叉持股股东通过财富转移致使主并公司其他股东遭受损失时,主并方股价下跌会加剧。
This paper studies the cross-share mergers and acquisitions (M & A) conducted by listed companies in China using event research method and analyzes the impact of cross-shareholding among the top ten shareholders of M & A and its impact on mergers and acquisitions. The study found that mergers and acquisitions announcement made the total cross-holding shareholders’ returns in RMB significantly positive; the adjusted main and side benefits of cross-holding shareholders is not significantly negative; when the market is expected to cross the shareholders through the wealth transfer to the main As the other shareholders of the company suffered losses, the drop in the price of the main shareholders will be aggravated.