중국 기업 M&A의 지급방식별 공시효과

• 영문명: The Payment Methods and Announcement Effects of M&A: Evidence from the Chinese Stock Market
• 발행기관: 한국무역연구원
• 저자명: 김석진(Seok-Chin Kim) 임정대(Jeong-Dae Yim) 주초(Chou Zhou)
• 간행물 정보: 『무역연구』제13권 제1호, 697~710쪽, 전체 14쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2017.02.28

영문 초록

Using the Brown and Warner (1985) and Kolari and Pynnenon (2011)’s methodologies, we examine the announcement effects of mergers and acquisitions (M&A) categorized by the payment methods. The sample data consist of 381 acquiring firms listed in Sanghai Stock Exchange over the period 2004-2013. Main results are as follows: First, acquiring firms receive significantly positive average abnormal returns (AR) from day -2 to 0. Second, in the cash payment sample, significantly positive AR are found for the event window of (-3,0), while AR for that of (-1, +1) are detected in the non-cash payment sample. Third, when the non-cash payment sample is further divided, significantly positive AR are found for the event window of (-1, 0) in the stock and mixed payment sub-samples, while AR are not found in the asset payment subsample. Unlike prior studies, cumulative abnormal returns (CAR) of the stock payment are significantly positive and higher than those of other payments in the Chinese stock market.

목차

I. 서론

Ⅱ. 선행연구

Ⅲ. 자료와 분석방법

Ⅳ. 실증분석결과

Ⅴ. 결론

키워드

Announcement Effect Event Study Generalized Rank Test Mergers and Acquisitions Payment Method