The effect of mergers and acquisitions announcements on shareholder value of Chinese logistics companies

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2020-06-16 DOI:10.1504/ijstl.2020.10029957

Weihua Liu, Cheng Si, X. Peng

引用次数: 0

Abstract

This paper studies the effect of M&A announcements on shareholder value of listed companies from Chinese logistics industry. Using event study method, this research examines the market reaction to 181 initial announcements of successful M&As between 2000 and 2016. Some important findings are obtained. Firstly, we find a significantly positive mean market reaction (1.125%) to successful M&As for acquiring firms. Secondly, the market reaction is more positive for firms with a higher level of logistics service integration. The higher the logistics subsector concentration, the higher the abnormal returns. The market reaction to mergers involving the vertical integration of logistics service is more positive than those involving the horizontal integration of logistics service. Finally, the post hoc analysis finds that the market reacts negatively to failed M&As (−1.53%).

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并购公告对中国物流企业股东价值的影响

本文研究了中国物流业上市公司并购公告对股东价值的影响。本研究采用事件研究方法，考察了2000年至2016年间，市场对181起成功并购的初步公告的反应。获得了一些重要的发现。首先，我们发现收购公司成功并购的平均市场反应显著为正（1.125%）。其次，对于物流服务整合水平较高的企业，市场反应更积极。物流子行业集中度越高，异常回报率越高。市场对涉及物流服务纵向一体化的合并的反应比涉及物流服务横向一体化的合并更积极。最后，事后分析发现，市场对失败的并购反应消极（-1.53%）。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.