全流通时期我国房地产业上公司并购场反应实证研究.pdf

全流通时期我国房地产业上市公司并购市场反应实证研究 王宏瑜 1、张士云 2 （1、2 安徽农业大学经济与管理学院，安徽，合肥 230036） 摘 要：本文运用事件分析实证研究了我国 2007-2008 年地产业上市公司并购的 市场反应，结果表明地产业上市公司并购在短期内存在正的收益效应并且非关联 公司交易的正收益效应整体高于关联交易；运用 pearson 相关和回归分析对并购 市场反应的影响因素进行研究，表明资产负债率、净资产收益率、股东权益周转 率都会对并购产生正向影响；总杠杆水平、产权比例、托宾’Q 以及总资产周转率 呈负影响；收购产生最大的正向和负变动影响的指标分别是资产负债率和总资产 周转率。 关键词：房地产业；全流通；并购；市场反应 An Empirical Study of market reaction of mergers and acquisitions of real estate listed companies in China under Complete Circulation Abstract: Event-Study Analysis is employed in this paper to analyze the market reaction and its influencing factors of mergers and acquisitions of real estate listed companies from 2007 to 2008 in China under complete circulation. The result shows that the mergers and acquisitions of Real estate listed companies have a positive income effect in the short-term memory and the non-income related company transactions are overall higher than the related. Pearson relevant analytical method and regression analytical method are used on its influencing factors of mergers and acquisitions of real estate listed companies ,the results show that the debt ratio, return on net assets, equity turnover will have a positive impact on mergers and acquisitions; Total leverage, the proportion of property rights, Tobin Q and the negative impact of the total asset turnover ，the acquisition of the greatest indicators of positive and negative effects of asset-liability ratio, respectively, and total asset turnover. Key words: real estate industry ；Complete Circulation ；merger and acquisition ；market reaction 1 一、引言 2005年4月29 日我国正式开始实行上市公司股权分置改革，标志着我国开始 进入股市全流通时代。在全流通时期发展我国资本市场有一系列问题值得我们研 究。在2005-2009年间，共发生了132起房地产行业并购案，并购金额为260.32亿 元，分别