중국 기업 M&A의 지급방식별 공시효과

The Payment Methods and Announcement Effects of M&A: Evidence from the Chinese Stock Market

Using the Brown and Warner (1985) and Kolari and Pynnenon (2011)’s methodologies, we examine the announcement effects of mergers and acquisitions (M&A) categorized by the payment methods. The sample data consist of 381 acquiring firms listed in Sanghai Stock Exchange over the period 2004-2013. Main results are as follows: First, acquiring firms receive significantly positive average abnormal returns (AR) from day -2 to 0. Second, in the cash payment sample, significantly positive AR are found for the event window of (-3,0), while AR for that of (-1, +1) are detected in the non-cash payment sample. Third, when the non-cash payment sample is further divided, significantly positive AR are found for the event window of (-1, 0) in the stock and mixed payment sub-samples, while AR are not found in the asset payment subsample. Unlike prior studies, cumulative abnormal returns (CAR) of the stock payment are significantly positive and higher than those of other payments in the Chinese stock market.