CAJ | 학술논문

文章从信息不对称理论出发，结合中国并购活动中的关联性特征，研究支付方式对收购公司股东收益的影响。选取我国上市公司收购非上市公司的569个事件为研究样本，采用事件研究法进行实证分析。实证结果表明股改后中国并购交易中收购公司股东获得正的超常收益；采用股票支付时收购公司股东收益显著为正，而现金支付对收购公司股东收益没有显著影响；关联并购比非关联并购能够为收购公司创造更大收益，关联并购中股票支付的股东财富提升更为显著，但是对于股权高度集中的收购公司就没有显著的正财富效应。
문장종신식불대칭이론출발，결합중국병구활동중적관련성특정，연구지부방식대수구공사고동수익적영향。선취아국상시공사수구비상시공사적569개사건위연구양본，채용사건연구법진행실증분석。실증결과표명고개후중국병구교역중수구공사고동획득정적초상수익；채용고표지부시수구공사고동수익현저위정，이현금지부대수구공사고동수익몰유현저영향；관련병구비비관련병구능구위수구공사창조경대수익，관련병구중고표지부적고동재부제승경위현저，단시대우고권고도집중적수구공사취몰유현저적정재부효응。
This paper studies the relation between method of payment and return of acquirer, based on asymmetric information theory, considering M＆A with related party. Selecting 569 acquisition events of unlisted companies acquired by listed companies, we empirically study the acquirer return using event study method. The results show that the shareholders of acquirer earn a positive wealth effect in the acquisition for private target. The acquire returns are significantly positive with stock payment, while cash payment has no significant impact on acquirer returns. Related party acquisitions create greater returns than non-related acquisitions. And using stock payment in related party acquisition is generally associated with higher returns, while this effect is non-existent when the acquirer has a high ownership concentration.