溢价并购、商誉减值与股票收益率波动效应

被引：19

作者：

刘喜和

王洁远

机构：

[1] 上海大学经济学院

来源：

金融经济学研究 | 2019年 / 34卷 / 03期

关键词：

溢价并购; 商誉减值; 股票收益率;

D O I：

暂无

中图分类号：

F832.51 []; F271 [企业体制];

学科分类号：

摘要：

选择2014～2018年创业板上市公司完成的288起并购事件为样本,研究高溢价并购带来的高商誉是否提升了公司的经济协同效应以及对个股股票收益率、行业股票收益率和创业板指数波动的传导效应,结果显示,高溢价并购对上市公司并未产生积极的经济协同效应;并购溢价率越高,经济协同效应越弱,引发商誉减值的可能性越大,产生的负面效应越强;并购溢价率越高,个股股票收益波动率越大,对所处行业股票收益率波动的传染效应越强;高溢价并购的公告越集中,对创业板指数波动的冲击力度也越大。因此,建立高溢价并购的事后追责制度,严惩上市公司并购的利益输送行为十分必要。

引用

页码：83 / 93

页数：11

共 19 条

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