【摘要】 相对于传统的事件研究法(如BHAR法),经日历时间调整的超额收益法(CTAR法)可以更好地衡量上市公司长期并购绩效。对119个上市公司并购样本进行的检验发现,我国上市公司的长期并购绩效较差,主并公司股东的长期财富受到损害;与非关联并购、管理层能力差的上市公司进行的并购、大规模上市公司进行的并购相比,关联并购、管理层能力强的上市公司进行的并购、小规模上市公司进行的并购,其长期并购绩效更差。更多还原

【Abstract】 Compared to the BHAR method,the calendar time abnormal return(CTAR) method has advantage to examine the shareholders wealth in long run.Using this new method,we find that acquirers suffer underperformance in many cases.Moreover,we find that related party transaction can significantly destroy the shareholders wealth of acquirers;we also find that mergers undertook by firms with good performance and small scale are poorer compared to their partners.更多还原