公司社会责任并购行为的市场反应实证研究.pdfVIP

西南交通大学学报(社会科学版) 2013 年9 月 JOURNAL OF SOUTHWEST JIAOTONG UNIVERSITY Sep. 2013 第 14 卷第5 期 (Social Sciences) Vol. 14 No.5 公司社会责任并购行为的市场反应实证研究 曹亚勇，李亚番，王建琼 (西南交通大学经济管理学院，四川成都 61(031) 关键词: 社会责任;公司并购行为;市场反应;上市公司;证券市场 摘 要: 以我国上市公司的并购案例分析社会责任并购行为的市场反应，发现:公告日前市场反应处于稳定 状态，公告日后的累计异常收益率为正且明显上升，这说明并购行为短期内能有效提升证券市场业绩:社会责任并 购行为的市场反应明显强于非社会责任并购行为的市场反应，且前者对市场的影响比后者更深远;社会责任评级 高、同行并购、国有控股的邀约公司的累计异常收益率为正的概率大，但是关联交易会使邀约公司的累计异常收益 率为负的可能性交大。 中圄分类号: F273.4 文献标志码: A 文章编号: 1∞9 -4474(2013)05 -0114-俑 Empirical Study of M A Market Reaction of Corporate Social Responsib出ty CAO Ya-yong , LI Ya-xiang , WANG Jian-qiong (School 01 Ecorwmics αnd MIαnα.gement ， Southwest Jiωtong University , Chengdu 61∞31 ， China) Key words: social responsibility; mergers and acquisitions; market reaction; listed company; stock market Abstract: This paper studies M A market reaction of co叩orate social responsibility. We find that: ( 1) before the announcement date , the market reaction is in a stable state. Mter that , the cumulative abnormal retum is positive and significanÙy increased , indicating that M A can effectively enhance the performance of the stock market in the short term; (2) the M A market reaction of the social responsibility is significantly stronger than that of the non-social responsibility; (3) the timeliness of M A market reaction of the social res萨onsibility is 6.59 days and that of non-social responsibility is 4.08 days. The social responsibility M A has more far-reaching impact on the market than the non- social