CAJ | 학술논문

并购重组对于目标公司股东来说,超额收益率一般都为正.但并购重组对并购方公司股东来说,过去大多数的研究表明,收益为负或为零.本文通过对2009年和2010年有代表性的53家并购方公司股东的收益率的研究表明,在并购前后91天的时间内,并购方公司股东获得了超过14%的超额收益率,并且显著为正;研究结果还表明,国务院近年来,尤其是2008年全球金融危机以来不断出台的一系列推动并购重组的微观措施是十分得力的;同时也表明了国务院希望通过并购重组来促进资源的有效配置的政策措施是十分有效的,也是值得赞赏的,今后应该进一步推广并完善.
병구중조대우목표공사고동래설,초액수익솔일반도위정.단병구중조대병구방공사고동래설,과거대다수적연구표명,수익위부혹위령.본문통과대2009년화2010년유대표성적53가병구방공사고동적수익솔적연구표명,재병구전후91천적시간내,병구방공사고동획득료초과14%적초액수익솔,병차현저위정;연구결과환표명,국무원근년래,우기시2008년전구금융위궤이래불단출태적일계렬추동병구중조적미관조시시십분득력적;동시야표명료국무원희망통과병구중조래촉진자원적유효배치적정책조시시십분유효적,야시치득찬상적,금후응해진일보추엄병완선.
For the target company's shareholder, the return rate from M&As is generally positive. But for the acquiring company, this rate is generally negative or zero according the most research. In our research, through the 53 sample M&S cases occurred in 2009-2010, we discovered that the shareholders of the acquiring company got the return rate of 14% from the M&As in the period of 91 days which is statistically significantly positive. This research proves that State Council's policies for M&As was effective and spiendid after 2008 global financial crisis, achieving the result of approving the resource-allocating. The government should further promote and improve the policies of M&As.