公司并购支付方式与股票市场反应——来自中国上市公司的证据

摘要 采用事件研究的方法就我国上市公司1999年至2017上半年并购重组中不同支付方式的股票二级市场收益率反应进行研究，结果发现：（1）无论是现金支付、股票和资产支付还是混合支付都能为我国上市公司重大资产并购重组带来股票二级市场收益率的明显提升，存在显著的上市公司并购重组公告日效应。（2）股票和资产支付、混合支付的重大资产并购重组公告日效应会持续到公告日后的第6个交易日，现金支付的重大资产并购重组公告日效应只能持续到公告日后的第4个交易日。（3）从公告日后15个交易日的累积平均异常收益率来看，混合支付的累积平均异常收益率为0.242，要远高于股票和资产支付的0.216以及现金支付的0.108。（4）相较于国企，民企混合支付的累积平均异常收益率要更高、更显著。
Abstract： Using the event study method for the stocks returns of China's listed companies which have M&A activity during the period from the first half of 1999 to the first half of 2017,this paper finds that:(1) cash payments,equity and asset payment,or hybrid payment can significantly increase the secondary market stocks return for the major asset M&A of listed companies in China,and there is a significant daily effect of the announcement of M&A of listed companies in China;(2)the day-to-day announcement effect will continue until the 6th trading day after the announcement date. The daily effect of the announcement of major asset mergers and reorganizations of cash payment can only last 4 trading days after the announcement,while that of equity and asset payment or hybrid payment can last 6 trading days;(3)as for the cumulative abnormal returns (CAR)on the 15 trading days after the announcement,the CAR of hybrid payment is 0.242,which is much higher than that of equity and asset payment as 0.216 and that of cash payment as 0.108;(4)the CAR of hybrid payment of privately-owned companies is much higher and more obvious that that of state-owned enterprises.