分析师跟进对并购绩效的影响研究

韩洁, 田高良, 封华

系统工程理论与实践 ›› 2016, Vol. 36 ›› Issue (2) : 400-412.

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系统工程理论与实践 ›› 2016, Vol. 36 ›› Issue (2) : 400-412. DOI: 10.12011/1000-6788(2016)02-0400-13
论文

分析师跟进对并购绩效的影响研究

    韩洁1,2, 田高良2,3, 封华2,3
作者信息 +

The impact of analyst following on merger performance

    HAN Jie1,2, TIAN Gaoliang2,3, FENG Hua2,3
Author information +
文章历史 +

摘要

基于信息不对称视角,以2004-2013年发生在我国A股上市公司之间的并购事件作为样本,主要探讨证券分析师跟进目标公司的行为是否会影响并购经济后果.实证研究结果表明,当存在分析师跟进目标公司以及当目标公司的分析师跟进人数较多时,并购公司的短期并购绩效会降低,目标公司的短期并购绩效会提高.进一步研究发现,目标公司分析师跟进对并购公司的长期财务绩效和长期市场表现均有着显著的负向影响.研究结果为我国证券市场的"并购损益之谜"提供了新的解释.

Abstract

Based on the information asymmetry perspective, this paper chooses mergers and acquisitions (M&A) between Chinese A-share listed firms in year 2004-2013 and mainly studies whether target analyst following impact merger economic outcomes, including merger performance of acquirer firms and target firms. Through empirical test, the results show that target analyst following can negatively impact the short-term merger performance of acquirer firms and positively impact the short-term merger performance of target firms. Simultaneously, target analyst following has a significantly negative impact on acquirer firms' long-term financial performance and market reaction. This paper provides new interpretation to the "merger premium puzzle" in Chinese stock market.

关键词

分析师跟进 / 并购绩效 / 信息不对称 / 事件研究

Key words

analyst following / merger performance / information asymmetry / event study

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韩洁 , 田高良 , 封华. 分析师跟进对并购绩效的影响研究. 系统工程理论与实践, 2016, 36(2): 400-412 https://doi.org/10.12011/1000-6788(2016)02-0400-13
HAN Jie , TIAN Gaoliang , FENG Hua. The impact of analyst following on merger performance. Systems Engineering - Theory & Practice, 2016, 36(2): 400-412 https://doi.org/10.12011/1000-6788(2016)02-0400-13
中图分类号： F272.3   

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基金

国家自然科学基金(71372163);国家自然科学基金青年科学基金(71302195);教育部人文社会科学研究基金规划项目(13YJA630081)
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