710061 1994-1998 Acquiring firms 1. 1.1 abnormal returns methodology R E(R) AR abnormal returns AR=R-E(R) 1-1 -
Jensen Ruback(1983) Target firms 20% 30% Schwert 1996 1975-1991 1,814 CAAR Cumulative average abnormal returns 35% Jensen Ruback(1983) 4% 0 Agrawal (1992) 1955-1987 1,164 CAAR -1.53% CAAR -4.94% CAAR -7.38% Schwert 1996 0 Agrawal (1992) 1999 1997 10 20 0 2000 1993-1995 1. 2 1996 1 Weston1999PP93~106-2 -
Parrino Harris 1999 1999 1 2 3 4 2. 2.1 1995-1998 201 1 1 1995 1996 1997 1998 11 14 51 125 201 2. 2 G1 /G2/G3G4 G1 G2 G3 G4 2 g1 g2 g3 g4 AIG1 AIG2 AIG3 AIG4 G1 G2 G3 2-3 -
G4 g1=g1-aig1 g2=g2-aig2 g3=g3-aig3 g4=g4-aig4 2.3 F i =α i1 Y i1+α i2 Y i2+α i3 Y i3+α i4 Y i4 (2) F i i α ij ijy ij i j 3. 3 3.1 b1 b2 b3 b4 201 76 25 F 1 i =0.53672Y i1 +0.25719Y i2+0.15814y i3+0.04795y i4 (3) F 0 i =0.43782Y i1 +0.24842Y i2 +0.23195Y i3 +0.08181Y i4 (4) F 1 i =0.65529Y i1 +0.24348Y i2 +0.06366Y i3 +0.03757Y i4 (5) F 2 i =0.63688Y i1 +0.23613Y i2+0.09711y i3+0.02988y i4 (6) F 3 i =0.66703Y i1+0.21369y i2 +0.11488Y i3 +0.00440Y i4 (7) 3.2 2 2 3 EXCEL97 SPSS9.0-4 -
2 Jensen Ruback 1983 2 0.130-0.051-0.189 0.079 3.3 Jensen(1986) 1969 Elgers Clark(1980)Agrawal (1992) 3-5 -
3 1995 1996 1997 1998 7 11 26 58 102 1 2 3 10 16 2 2 18 48 70 4 4 F F 0 -F -1 F 1 -F 0 F 1 -F -1 F 2 -F 1 F 2 -F -1 F 3 -F 2 F 3 -F -1 n 102 102 102 44 44 18 18 b * (1.987) ** -0.038 (-0.445) 0.471 (-0.594) 0.102 (1.100) 0.539 (0.792) 0.064 (0.871) 0.539 (0.792) 0.121 0.153-0.183 (1.404) a (1.699) b (-0.421) 0.5 (0) 0.545 0.603 n 16 16 16 6 6 3 3 a * (-1.737) ** -0.020 (-0.031) 0.024 (0.018) 0.188 0.438 (-2.500) c (-0.500) 0.004 (0.012) 0.563 (0.500) 0.101 (0.167) 0.667 (-0.918) -0.341 (-0.527) 0.5 (0) -0.147 (-0.080) 0.163 0.611 (0.943) -0.426 0.500 0.333 0.667 n 70 70 70 22 22 4 4 * ** 0.058 (0.733) 0.529 (0.478 0.189 0.247-0.203 (2.471) c (1.679) b (-1.979) 0.201 (1.219) 0.629 0.600 0.318 0.591 (2.151) b (1.673) a (-1.706) b (0.853) -0.210 0.088 (-0.137) a (0.031) 0.250 0.500 4 0.189 t 2.471-6 -
1 1998 Welcoxon 5 N 1 70 70 70 22 22 N 2 118 118 118 50 50 R 1 6927 7236 7436 631 756 Z 0.865 2.276 N 1 N 2 R 1 a b 10% 5% 4 3.4-7 -
6 * R D-W 0.585 1.991 b 0.036 2.390 0.081 0.467 0.005 2.114 0.599 1.437 0.025 2.018-0.172-0.613 0.006 2.439 0.263 1.223 0.011 2.021-0.089-0.166 0.009 2.227 0.248 0.743 0.013 1.984 * t b 5% 6 201 106 92 3 1997 76 45 31 Welcoxon 7 10% - 8 -
7 N 1 95 95 95 31 31 N 2 106 106 106 45 45 R 1 9454 9051 8882 1279 1231 Z -0.343-1.732 0.740 0.233 N 1 N 2 R 1 a 10% A B H 4. 2000-9 -
[1] 1999A 6 [2] 2000 1 [3] 1999 9 [4] 1999 12 [5] 1996 4 [6] 1998 8 [7] 2000 7 [8] 2000 [9] J 1998 [10] Anup Agrawal, Jeffrey F. Jeffe, and Gershon N.Mandelker, 1992, The Post-Merger Performance of Acquiring firms: A Re-examination of an Anomaly, Journal of Finance, 47,September. [11] Elgers P.T. and J.J.Clark, Merger Types and Shareholder Returns, 1980, Additional Evidence, Financial Management, Vol.9. [12] James D. Parrino and Rorberts S.Harris, 1999Takeovers, Management Replacement, and Post-Acquisition Operating Performance: Some Evidence From the 1980sJournal of Applied Corporate Finance [13] Jensen M.C., 1986, Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review Vol.76 (May). [14] Jensen, M.C., and R.S.Ruback, 1983, The Market for Corporate Control: The Scientific Evidence, Journal of Financial Economics 11. [15] J.Fred weston, Kwang S.Chung, and Juan A.Siu, 1999, Takeovers, Restructuring and Corporate Governance, [16] Scwhert,G.William, 1996, Markup Pricing in Mergers and Acquisitions, Journal of Financial Economics 41. [17] H.E.S.Said, T.Tan and K.Baker. Personal identification based on handwriting. Pattern Recognition, 33:149-160, Jan. 2000 [18] 1992.8-10 -
An Empirical Study of Acquiring Performance of China s Listed Companies Feng Genfu & Wu linjiang School of Economics and Finance, Xi an Jiaotong University,710061 Abstract From the respect of acquisition, the paper positively analyzed the acquiring performance of China s listed company. The paper suggests the method based on the fluctuation of stock price to measure the acquiring performance of companies, which the home scholars often use, does not suit the reality in China well. So, the method used in this paper to measure the performance changes from pre-acquisition to post-acquisition is based on a comprehensive analysis of financial index. Then, the paper analyzed and examined the acquiring performance of some China s listed companies from 1994 to 1998. The results show, as a whole, the acquiring performance of listed companies went a process of up first and down afterwards; and different styles of acquisition produce different performance during different period after acquisition. Besides, it also shows the rate of the stocks held by No.1 shareholder before the acquisition has a positive correlation with the acquiring performance in a short period Keywords: Listed Companies, Acquiring Performance, M&R Type, Ownership Structure, First Large Shareholder - 11 -