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本文以2005～2010年间我国A股市场公路桥梁行业上市公司之间发生的67起并购事件为研究对象,分别从并购方和目标方两个角度出发,对这一时间段内公路桥梁行业上市公司并购活动中并购双方投资者的短期绩效进行分析研究结论认为:并购事件为并购方的投资者带来了短期的超额回报,却没有增加目标方投资者的投资获利,并且就研究的公路桥梁行业来看,我国A股证券市场上信息提前流失现象仍然存在。
This article takes the 67 mergers and acquisitions between listed companies in the road and bridge industry of A-share market in China from 2005 to 2010 as the research object. From the two aspects of mergers and acquisitions and the target, The analysis of the short-term performance of M & As in mergers and acquisitions concluded that: M & A events brought short-term excess returns to M & A investors but did not increase the profits of the target investors, Industry point of view, China’s A-share securities market, the phenomenon of premature loss of information still exists.