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我国上市公司吸收合并对短期市场的绩效实证研究.docx

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我国上市公司吸收合并对短期市场的绩效实证研究 Title:EmpiricalStudyontheShort-termMarketPerformanceofMergersandAcquisitionsConductedbyListedCompaniesinChina Abstract: Mergersandacquisitions(M&A)havebecomeacommonstrategyadoptedbylistedcompaniesinChinatoenhancetheircompetitivenessandimprovetheirmarketposition.Thisstudyaimstoempiricallyinvestigatetheshort-termmarketperformanceofM&AactivitiesconductedbylistedcompaniesinChina.ByanalyzingthestockmarketperformancebeforeandafterM&Aevents,thisstudyprovidesimportantinsightsintotheeffectivenessofM&AactivitiesintheChinesemarket. Introduction: Mergersandacquisitions(M&A)refertotheprocessofcombiningtwoormorecompaniestoformalargerentity.Inrecentyears,M&AactivitieshavesignificantlyincreasedinChinaduetothecountry'srapideconomicdevelopmentandtheglobalizationofbusinessoperations.However,thesuccessrateofM&Aactivitiesisoftensubjecttodebate,assomearguethatM&Asmayharmtheacquiringcompany'sperformance,whileothersbelievethatM&Acancreatevalueforthecompaniesinvolved. LiteratureReview: NumerousstudieshaveexaminedtheimpactofM&Aactivitiesonstockmarketperformanceacrossdifferentcountriesandindustries.SomestudiessuggestthatM&Aactivitiescangeneratepositiveabnormalreturnsfortheacquiringfirm,indicatingthatthemarketperceivespotentialbenefitsofthemerger.Otherstudies,however,findmixedresults,withsomereportingnegativereturnsornosignificantimpactontheacquiringcompanies'stockprices.ThesestudieshavefocusedonvariousfactorsthatmayinfluencethemarketperformanceofM&Aactivities,suchasthemethodofpayment,targetfirmcharacteristics,andthetimingofthetransaction. Methodology: Thisstudyadoptsaneventstudymethodologytoanalyzetheshort-termmarketperformanceofM&AactivitiesconductedbylistedcompaniesinChina.ThesamplewillconsistofasubsetofcompanieslistedontheShanghaiandShenzhenstockexchangesthathavecompletedM&Atransactionsinthepastfiveyears.TheeventwindowwillbedefinedastheperiodrangingfromfivedaysbeforetheannouncementoftheM&Aeventtofivedaysaftertheevent.Abnormalreturnswillbecalculatedusingthemarketmodel