134****4518
2024-05-07 19:37并購的角度，ACQ漲沒有問題，但STZ為什么會跌呢？從實際經(jīng)驗來看，并購雙方的股票絕大多數(shù)都會漲才對啊？ 既然要并購，肯定是ACQ對STZ有好處啊，比如擴大規(guī)模，產(chǎn)能互補，控制原材料等等啊。為什么就能篤定S股票會跌呢？這個有什么理論或者實際的例證嗎？
所屬：FRM Part I > Financial Markets and Products 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個回答
黃石助教
2024-05-09 14:14
該回答已被題主采納
同學(xué)你好。簡單來說，因為收購方往往要支付溢價，而市場通常認為M&A所帶來的協(xié)同效應(yīng)“不值”這部分額外支付的溢價。當(dāng)然，還有很多其它的理論與解釋。總之，關(guān)于這方面的研究很多，我以前也做過一些，你可以在網(wǎng)上搜一搜該領(lǐng)域的論文，不同的人有不同的觀點，不同的數(shù)據(jù)支持的觀點也不同。摘自某篇相關(guān)領(lǐng)域的literature review：
“...In one of the seminal articles investigating merger buyer and seller premiums Halpern (1973) found a significant stock price increase for both buyers and sellers. These results were supported by Mandelker (1974). However, Ellert (1976) indicates only the acquired firms have statistically significant gains from mergers. The finding of significant gains to the target company only is bolstered by Langetieg (1978), Dodd (1980), Malatesta (1983), and others. Moreover, Noe and Kale (1997) found that takeovers offer target premiums that are less than post takeover value with no relation to pre-announcement stock price runups according to Schwert (1996)...”
既有人研究認為acquirer和target都會獲利，也有人認為只有target會獲利，還有人認為只有acquirer會獲利，等等，誰也說服不了誰。就FRM的考試來說，一般認為acquirer的股價會下跌，這個當(dāng)作結(jié)論記住就可以了。
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