中国物流行业上市公司并购的市场反应研究
首发时间:2017-12-22
摘要:本文研究了中国物流行业上市公司的并购活动对于其股东价值的影响,使用的方法是事件研究法,选取的样本是2000年-2016年期间中国物流行业上市公司的217则并购公告,样本分为两部分,分别是成功的并购公告(n=187)和失败的并购公告(n=30)。成功的并购公告会产生积极并显著的股票市场反应(0.842%),而失败的并购公告会产生显著而消极的市场反应(-1.53%)。此外,还研究了物流行业的企业独有特征与异常收益之间的关联,结果显示:从成功的并购样本看,物流服务集成度更高的企业能够得到更积极的市场反应,另外产业链内部发生的并购也会得到更高的异常收益;从失败的并购样本看,控制权小的企业发布的公告反而与更大的市场反应相联系;同时,两种公告对应的异常收益均存在子行业的差异性。
关键词: 物流系统管理 并购公告 并购失败 股票市场反应 实证研究
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the Market Reaction of M&A Announcements from China \'s Logistics Industry
Abstract:In this paperwe examines the effect of mergers and acquisitions (M&A) of China\'s listed companies in the logistics industry on shareholder value. By using Event Study, the results are based on samples of 217 announcements made during 2000-2016. The samples includes finished M&A announcements (n=187) and aborted M&A announcements (n=30). Finished M&A announcements connect with a statistically significant positive stock market reaction (0.842%), and aborted M&A announcements are associated with a statistically significant negative stock market reaction (-1.53%). We also discuss the correlation between the abnormal returns and unique characteristics of logistics industry enterprises. In the study of the first part of the samples, we found that the market reaction is more positive for high logistics service integration level (LSIL) companies, as well as the M&A within the industry chain. While in the research of the second part of the samples, it is found that the market reaction is more negative for companies with smaller bargain power (BP). In addition, the abnormal returns of both kinds of announcements significantly differ in sub-industry.
Keywords: logistics system management M&A announcement M&A failure stock market reaction empirical research
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