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本文以2000-2005年我国上市公司的28起跨国并购事件为样本,考察了我国上市公司跨国并购的财富效应。实证研究结果表明,我国上市公司的跨国并购给股东带来了显著的财富损失。把总体样本按行业细分后的实证分析表明:信息行业的跨国并购为股东带来了显著的财富效应;机械行业的跨国并购毁损了股东价值;家电行业跨国并购的影响则不显著。
This article takes 28 cross-border mergers and acquisitions of listed companies in our country from 2000 to 2005 as sample to examine the wealth effect of cross-border mergers and acquisitions of listed companies in our country. The empirical results show that the cross-border mergers and acquisitions of Chinese listed companies have brought significant financial losses to the shareholders. The empirical analysis of the overall sample by industry shows that cross-border mergers and acquisitions in the information industry have brought significant wealth effect to shareholders; cross-border mergers and acquisitions in the machinery industry have damaged shareholder value; and the impact of cross-border M & A in the home appliance industry has not been significant.