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《Economic Research Journal》 2002-11
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Study on Wealth Effects of M&A of Listed Companies

Li Shanmin & Chen Yugang (Sun Yat-sen University)  
MA led to the change of stock price of acquiring company and target company, so it changed shareholders' wealth of acquiring firm and target firm. This paper uses event study framework to test 349 events of MA of listed companies in China during 1999—2000. The authors find that MA can significantly bring the wealth to shareholders of acquiring firms, but can not significantly bring the wealth to shareholders of target firms. Different types of MA will have different wealth effects. And if the ratio of national shares or institutional shares is the biggest, the shareholders of acquiring firms can increase the wealth significantly. But the wealth of shareholders of target firms is not affected by equity type structure significantly.
【Fund】: 国家自然科学基金项目 (70 172 0 2 2 )的阶段成果;; 广东省自然科学基金项目 (0 0 1194)
【CateGory Index】: F832.5
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