摘要
选取光明乳业并购新西兰新莱特乳业和并购以色列Tnuva集团的案例,运用事件研究法,从股东财富视角对比研究2次海外并购的市场效应。研究表明:光明乳业在并购新莱特乳业期间,累积异常收益率均为正值且趋于稳定,产生了正向的市场效应;而并购Tnuva集团时期的股票累积异常收益率则波动较大且为负值,产生了负向的市场效应;而能否准确评估目标企业的价值,并购融资方式的选择以及并购信息的披露质量是影响海外并购市场效应的主要因素。
In this paper,the cases of Bright Dairy's acquisition of New Zealand's Synlait Milk and Israel's Tnuva Group were selected,and the market effects of the two overseas M&A were compared from the perspective of shareholder wealth using the event study method.The research shows that:during the acquisition of Synlait Milk,Bright Dairy's stock cumulative abnormal return rate is positive and stable,which produces positive market effect;during the acquisition of Tnuva Group,Bright Dairy's stock cumulative abnormal return rate is volatile and negative,resulting in negative market effect.However,whether the value of the target enterprise can be accurately evaluated,the choice of financing methods of M&A and the quality of M&A information disclosure are the main factors affecting the effect of overseas M&A market.
作者
王威
万志敏
王婉婷
WANG Wei;WAN Zhi-min;WANG Wan-ting(Harbin University of Science and Technology,School of Economics and Management,Harbin 150040,China)
出处
《科技与管理》
2020年第1期37-42,57,共7页
Science-Technology and Management
基金
国家社会科学基金项目(15BJY108)。
关键词
海外并购
事件研究法
市场效应
overseas mergers and acquisitions
event research method
market effect
作者简介
王威(1975-),女,教授,博士;万志敏(1995-),女,硕士研究生;王婉婷(1993-),女,硕士研究生.
