并购事件对并购方同业竞争者的影响研究

基于1998~2012年中国A股上市公司发生的674起并购事件,利用增长概率理论探究了并购公告对于并购企业竞争对手的股票市场回报率的影响.研究发现,当并购事件发生时,如果市场对于并购企业的反应是积极的,那么市场对于竞争对手的反应也将是积极的;如果并购方所在行业的集中度跟被并购方所在行业的集中度差别越大,那么竞争对手的超额收益越小;当并购事件是跨区域并购时,市场对此行业内的其他竞争对手的反应是消极的;当并购事件是跨国并购时,市场对此行业内的其他竞争对手的反应则是积极的.

Acquisitions Announcements and Stock Market Valuations of Acquiring Firms` Rivals

This paper examines the impact of acquisition announcements on the stock market returns of rivals of the acquiring firms based on the 674 M&A events from 1998 to 2012 initiated by Chinese listed enterprises.It uses the growth probability hypothesis: the announcement of an acquisition signals the potential for future growth in the acquirer`s industry to the market, and it results in positive stock market reactions to rivals of the acquiring firms.The results provide robust support for the hypothesis as a means to explain market reactions to rivals of acquiring firms.Moreover, it finds other characteristics of the acquiring firms and rival firms that can influence the stock market returns of rivals, such as industry concentration, cross-border acquisition, cross-region acquisition, state stock percentage and so on.