我国上市公司外资并购绩效实证

【Abstract】 With the issue of a series of important rule of law and regulation about china’s capital market opening to foreign capital , The institutional barriers of foreign capital merging the listed company in China’s capital market he been eliminated; With the boom of Foreign capital M&A, it has become a continual hot topic in china’s capital market. From 2001 to 2004, there he happened 36 events of foreign capital merging the listed company, which was about four times as much as the M&A events happened before 2001, which provide enough samples to make a performance positive study on foreign capital merging and acquiring listed companies.In our country, the positive studies on foreign capital merging listed company are not enough systemic; according to the shortage of paper in existence, this paper collect 46 events of foreign capital merging listed company from 2001 to 2004, from which this paper selected ailable sample to make the study. This paper mainly apply the Event-study Methodology and Accounting-study Methodology, according to the modern evaluation theory(share price is the present value of future cash flow), the former judge in forward-looking way whether foreign capital improve the performance of listed companies through estimate the Cumulative Average Abnormal Residual(CAAR) caused by foreign capital M&A. At the same time, this paper also apply the Accounting-study Methodology to oid that weak efficiency and manipulating stock prices in china’s capital market distort the theory of Event-study.Through Event-study, we find that investors recognize foreign capital M&A as a good new at large, and believe that foreign capital M&A will improve the performance of target listed companies; through Accounting-study, we find foreign capital M&A actually improve the finance performance of target listed companies, and the improvement is sustained in certainextent; experiential result of the two kind of study confirm each other, so, we think that foreign capital M&A actually improve the performance of listed companies in china’s capital market.There are several innovations in this paper:(l) It systematically study foreign capital merging listed company; (2) It apply erage share price, Cumulative Average Residual anc Cumulative Average Abnormal Residual to estimate impact to share price target listed compan> caused by foreign capital M&A. (3) In Accounting-study, it apply the analytical method ol principal components to compute compositive score of finance index, then compare the score after M&A to it before M&A.论文范文