Mergers And Acquisitions Of The Excess Returns Before And After The Share Reform Empirical Studies On The Listed Companies In China

This paper seleceted the listed company mergers and acquisitions took place in 2003-2004 and 2006-2007. conduct empirical research on CAAR of target company during the period(-10day,+20day) and (-10month,+20month).And compare company sample which mergers and acquisitions took place in 2003-2004 with company sample which mergers and acquisitions took place in 2006-2007;compare company sample which have reformed share with company sample which haven't reformed;compare company sample which give tender offer with company sample which acquiring listed company by agreement;compare company sample which is lifted share with company sample which is unlifted company sample.Studies have shown the target company which have reformed the equity does share the excess returns are significantly negative in short term and significantly postive in short term.