国有企业并购重组的短期财富效应分析

The Analysis of Short-Term Wealth Effect of Mergers and Reorganizations of Chinese State-Owned Enterprises

摘要: 国有企业在我国资本市场占据了重要地位，研究国有企业并购重组事件产生的短期财富效应在投资者之间的分配格局，有利于考察我国资本市场的有效性。本文选取了国有上市公司2010~2016年的50起并购重组事件，采用事件研究法研究其产生的短期财富效应。结果表明：整体来看，国有企业并购重组能够产生短期财富效应，并反映出我国资本市场有效性不足；交易中处于不同交易地位的公司股东的短期财富效应不同，买方公司与新设企业的股东获得更显著的财富效应，卖方公司股东没有获得财富效应。

Abstract: The state-owned enterprises occupy an important position in China’s capital market, the distribution pattern of the short-term wealth effect of state-owned enterprises mergers and acquisitions produced among investors, to investigate the effectiveness of China’s capital market. In this paper, we choose 50 state-owned listed companies in the merger and reorganization events from 2010 to 2016, and study the short-term wealth effect by the event study method. The results show that: Overall, the state-owned enterprises mergers and acquisitions can produce short-term wealth effect, but reflect the lack of effectiveness of China’s capital market; for the shareholders of the company in different trading position in a transaction, the short-term wealth effect is different. The shareholders of the buyer companies and the newly established enterprises get more significant wealth effects, the shareholders of the seller companies do not get wealth effect.