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企业并购重组中的泡沫经济

李腊生等   

  • 出版日期:2016-07-15 发布日期:2016-07-06

Bubble Economy in Mergers & Acquisitions of Companies

Li Lasheng et al.   

  • Online:2016-07-15 Published:2016-07-06

摘要:

本文以我国“双轮驱动”战略为研究背景,在对上市公司并购重组价值进行回顾与梳理的基础上,从理论上探讨了上市公司并购重组泡沫及其上市公司并购重组集中度与泡沫经济的关系,并用实证分析的方法给出了相应的经验证据。分析结果表明:上市公司并购重组事件不仅会引发并购重组公司的股价泡沫,而且它对证券市场综合指数也存在相应的直接效应和间接效应,当证券市场上市公司并购重组集中度达到一定程度后,改革牛市将会演化成整体的泡沫经济。为此,我们最后给出了相应的对策建议。

关键词: 并购重组事件, 改革牛市, 并购重组集中度, 泡沫经济

Abstract:

Taking China's "two wheel drive" strategy as research background, it reviews and combs the Mergers & Acquisitions value of listed companies, then theoretically discusses the relationship between Mergers & Acquisitions Bubbles along with the concentration level on Mergers & Acquisitions of listed companies and Bubble Economy, and empirically gives the corresponding evidence. The analysis results show that Merger & Acquisition of listed companies not only lead to the stock price bubble, but also has the direct and indirect effects on Stock market composite index. When the concentration level on Mergers & Acquisitions of listed corporation on the stock market to achieve a certain level, the reform bull market will evolution into the overall bubble economy. To this end, it gives the corresponding countermeasures and suggestions.

Key words: Mergers &, Acquisitions, Reform bull Market, concentration level on Mergers &, Acquisitions, bubble economy