[1]任 力,刘诗君.中国旅游行业上市公司并购效应分析[J].金融教育研究,2017,(03):58-65.
　REN Li,LIU Shijun.Analysis on the Mergers and Acquisitions Effect in China’s Tourism Industry Listed Companies[J].,2017,(03):58-65.
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中国旅游行业上市公司并购效应分析()
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《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2017年03期
页码:
58-65
栏目:
出版日期:
2017-05-01

文章信息/Info

Title:
Analysis on the Mergers and Acquisitions Effect in China’s Tourism Industry Listed Companies
作者:
任 力;  刘诗君
厦门大学 a.经济学院; b.管理学院,福建 厦门 361005
Author(s):
REN Li;  LIU Shijun
a.School of Economics; b.School of Management,Xiamen University,Xiamen,Fujian 361005,China
关键词:
旅游上市公司;  并购效应;  事件研究法
Keywords:
listed companies of tourism;  effect of M&; A;  event study method
分类号:
F276.6; F590
文献标志码:
A
摘要:
文章以中国旅游行业上市公司的并购事件为研究对象,探究旅游企业的并购效应以及横向并购对其的影响。利用事件研究法对2005-2015年中国旅游行业上市公司的并购案例进行了实证分析,来验证旅游企业并购的短期效应,并分析其中横向并购发挥的作用。实证结果表明旅游企业并购的事件期内样本股票的平均累计异常收益率达到了3.75%,这说明市场对并购效应的评价是显著积极的,横向并购对并购效应的正向促进作用也是显著的。并购效应受较多因素的影响,应建立一个全面的评价体系才能更好地评估并购的价值。
Abstract:
This paper used China’s tourism industry listed company M&A events as the research object,explored the effects of mergers and acquisitions in tourism industry and the impact on its horizontal M&A.Through the event study method,we made an empirical analysis on the merger cases of listed companies from 2005 to 2015 to verify the short-term effect of tourism enterprise M&A,and analysis the role of horizontal mergers and acquisitions.The empirical results showed that tourism enterprise M&A events during the period of sample stock average cumulative abnormal return of 3.75%,this showed that the market evaluation of m&a effect is significantly positive,and horizontal mergers and acquisitions on positive promoting effect of m&a effect is also significant.As the factors influencing M&A effect are relatively complex,we shall establish a comprehensive evaluation system to better assess the value of mergers and acquisitions.

参考文献/References:

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备注/Memo

备注/Memo:
收稿日期:2017-01-22基金项目:福建省软科学项目“福建省‘生态美、百姓富’的生态实现模式及途径研究”(2016B0087)作者简介:任 力(1972-),男,四川西充人,经济学博士,教授,主要从事经济发展、企业经济学研究; 刘诗君,硕士研究生。
更新日期/Last Update: 1900-01-01