上市公司设立并购基金的信号效应研究

摘要

This paper provides supporting evidence for the signaling effects of buyout funds. Using a sample of Chinese listed companies that set up buyout funds from 2011 to 2016, we examine the market reaction of buyout funds and its possible influencing factors.The empirical result shows that: buyout funds set up by listed companies in China have significantly positive market reactions; the bigger size of the buyout fund one listed company creates, or the bigger proportion of capital contribution one listed company have, the greater market reactions the establishment of the buyout fund will get; different types of buyout funds both have positive market reactions, but the industrial integration type creates more value than the industrial extension type.%本文以2011年至2016年上市公司设立并购基金的事件为样本,运用事件研究法对上市公司设立并购基金的信号效应进行研究,并进一步分析影响信号效应的影响因素.研究结果表明:上市公司设立并购基金向市场传递了积极信号,在窗口期内能产生显著为正的市场反应.进一步的,并购基金规模越大、上市公司在并购基金中出资比例越高以及并购类型为相关型并购时,并购基金设立的短期市场反应越强.