作者：朱红军 汪辉
摘要/Abstract
本文通过计算目标公司并购后五年的购买并持有超额收益BHAR，并与控制样本进行比较，分析了并购对目标公司的长期财富效应，发现目标公司在并购后五年获得了巨大的超额收益。这一结果与以往将研究重点放在短期超额收益时的结果显著不同，他们发现并购对目标公司价值不产生影响或产生微弱的负面影响。我们还发现并购溢价可以解释目标公司的长期财富效应，并购溢价越高，并购产生的协同效应越大，目标公司的长期财富效应也越大。另外，并购后目标公司在组织形式和产权性质上的变化也会提高公司治理效率，从而增加目标公司的长期财富效应。
This paper calculates the target's buyandhold abnormal returns (BHAR) of five years after takeover is finished. We find that the targets obtained significantly large abnormal returns. The result is contrast to existing literature, which generally suggest takeover have no or negative effect to the target firms' valuation. We also examine the factors which affect the longrun abnormal returns and find that takeover premium contributes to explain BHAR. The higher the premium, the higher the synergy effect, which leads longrun wealth effect to the targets. Furthermore, we find that the change of targets organization form and property rights can also enhance corporate governance efficiency, which also enhanced the target's long-run abnormal returns.