并购后的业绩难题

Anup Agrawal, J. Jaffe
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引用次数: 399

摘要

虽然大部分关于并购财务表现的研究都集中在并购公告前后的股票回报上,但令人惊讶的是,大量论文也研究了并购后的长期股票回报。我们回顾了这些文献,得出的结论是,并购后的长期业绩是负的,尽管收购要约后的业绩是非负的(甚至可能是正的)。然而,方法(见Lyon, Barber & Tsai, 1999)和机会(见Fama, 1998)的影响可能会修改这一结论。业绩不佳的两种解释(价格调整速度和每股收益短视)没有数据支持,而另外两种解释(支付方式和业绩外推)得到了更大的支持。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Post-Merger Performance Puzzle
While the bulk of the research on the financial performance of mergers and acquisitions has focused on stock returns around the merger announcement, a surprisingly, large set of papers has also examined long-run stock returns following acquisitions. We review this literature, concluding that long-run performance is negative following mergers, though performance is non-negative (and perhaps even positive) following tender offers. However, the effects of both methodology (see Lyon, Barber & Tsai, 1999) and chance (see Fama, 1998) may modify this conclusion. Two explanations of under performance (speed of price-adjustment and EPS myopia) are not supported by the data, while two other explanations (method of payment and performance extrapolation) receive greater support.
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