市场有效性与网络产业短期并购绩效——基于信息技术业上市公司的实证证据.docVIP

市场有效性与网络产业短期并购绩效——基于信息技术业上市公司的实证证据 总26卷第4期兰州商学院学报Vol1. 26 No.4 2010年78月Joumal of Lanzhou Commercial College Aug. ,2010 市场有效性与网络产业短期并购绩效一一基于信息技术业上市公司的实证证据.·陈福中(中国人民大学商学院，北京100872) 摘要:网络产业所代表的新兴产业部门预示着未来产业发展的方向，随其重要性凸显，相关研究受到广泛关注。作者根据市场有效假说，以信息技术业上市公司为例，用事件研究法对2∞1-2∞7年发生并购的样本进行实证分析。本文发现，市场非半强式有效假设成立;全部样本短期并购绩效为正，投资者对并购扩大规模以实现规模经济的正向预期显著;各子行业累积异常收益率较高，投资者对并购可带动该行业企业科技进步，提高企业短期绩效具备信心;较之于提供软件服务的子行业，并购可使外部性效应在以提供;硬件;产品为主的子行业得到更好发挥。最后，针对结论和实际情况提出研究建议。关键词:市场有效性;并购绩效;网络产业;事件研究法中固分类号:阳30.59文献标识码:A文章编号:1∞4-5465(2010)倒-029-06On Market Effectiveness and Short -term Mergers and Acquisitions Performance of Network Industry 一一-EmpiricalEvidences from Listed Companies of Information Technology Industry CHEN Fu -zhong (School of Business, Renmin University of China, Beijing 100872, China) Abstract: The new industrial sector of Network Industry has indicated the development direction of future industry. And with its importance becoming more and more significarit, it is being hotly discussed in rele??vant areas. Based on effective market hypothesis and taking Infonnation Technology listed companies for example, the author selects event study to analyze the samples from 2001-2007 empirically. The results are as follows: first, the non Semistrong -fonn hypothesis is to be supported; the Mergers and Acquisi??tions (Mamp;A) perfonnance of all samples is positive, which reveals that the positive anticipation of Mamp;A to implement scale economy effect is significant; second, the Cumulative Abnonnal Retums of each sub -sector are significant, so it is confident for investors that Mamp;A can bring IT development and improve short -tenn perfonnance; third, comparing with the sub -sectors providing software service, Mamp;A may make extemality effect play more important roles in these sub -sectors providing hardware service. Final-事收稿日期:2010-05 -13 作者简介:陈福中(1983一)，男，四川宜宾人，中国人民大学商学院经济学博士，研究方向:投资与并购、对外贸易与国际产业。-29一 兰州商学院学报2010年第4期ly, based on the conclusions and real national conditions, this paper