| 1. | The results of demonstration analysis show : proclaim of merger and acquisition indeed includes some information , because after that both sides ’ abnormal return of merger and acquisition go up , but the seller get more benefit from it than the buyer ; cash payment benefits the sellers more and bring the least reward to the buyers , but share payment give the buyers more abnormal return
对于被并购方现金支付方式确实带来了较高的非正常报酬率,但不是最高的,因为我国还存在着无偿划拨的支付方式;对于并购方除了无偿划拨支付方式,股票支付为他们带来了最高的非正常报酬率,若采用现金支付方式,则会带来最低的非正常报酬率。 |
