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Performance of Mergers and Acquisitions based on the Event Study Method

机译：基于事件研究方法的兼并和收购的绩效

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摘要

All the M&A events which targets are ST companies in the A-share market of Shanghai and Shenzhen stock from 2007 to 2011 are selected as the research samples. This study applies event study method to calculate cumulative abnormal returns (CAR) which are to measure the short-term market performances of companies which M&A targets are ST companies. First, in this paper, the result shows that the short-term market performance of the companies which conduct the M&A activities is rising for the first time in the event announcement five days before and after. Further, comparing the short-term market performance of state companies and non-state companies, the result shows that the short-term market performance of state companies is significantly better than non-state companies.
机译：所有的并购事件都是在2007年至2011年的上海和深圳股市A股市场的ST公司被选为研究样本。本研究适用于计算累积异常回报（汽车）的事件研究方法，这些方法是测量并购目标是圣公司的公司的短期市场表现。首先，在本文中，结果表明，该公司的短期市场表现在活动公告前第一次和之后首次崛起。此外，比较国家公司和非国家公司的短期市场表现，结果表明，国家公司的短期市场表现明显优于非国家公司。

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