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本文以中国上海证券交易所A股上市公司发起的海外并购事件为切入点,使用事件研究法评估海外并购的短期绩效,然后利用回归分析寻找其影响因子。研究发现:(1)国企在海外并购中占据了主导地位。此外,目标企业集中于开曼群岛、百慕大、美国和香港。(2)海外并购事件并不会给并购方带来显著的超常收益,反而可能会有负面影响,不过影响较小。(3)民企的累积超常收益率高于国企,说明市场较看好民企的海外并购。
Based on the overseas M & A events initiated by the A-share listed companies of Shanghai Stock Exchange in China, this article uses the event research method to assess the short-term performance of overseas M & A, and then uses regression analysis to find out the impact factors. The findings are as follows: (1) State-owned enterprises occupy the leading position in overseas M & A. In addition, the target companies are concentrated in the Cayman Islands, Bermuda, the United States and Hong Kong. (2) Overseas mergers and acquisitions will not bring significant abnormal returns to the mergers and acquisitions, but may have a negative impact, but with less impact. (3) The cumulative abnormal return rate of private enterprises is higher than that of state-owned enterprises, indicating that the market is more optimistic about overseas mergers and acquisitions of private enterprises.