中国物流行业上市公司并购的市场反应研究

In this paperwe examines the effect of mergers and acquisitions (M&A) of China\'s listed companies in the logistics industry on shareholder value. By using Event Study, the results are based on samples of 217 announcements made during 2000-2016. The samples includes finished M&A announcements (n=187) and aborted M&A announcements (n=30). Finished M&A announcements connect with a statistically significant positive stock market reaction (0.842%), and aborted M&A announcements are associated with a statistically significant negative stock market reaction (-1.53%). We also discuss the correlation between the abnormal returns and unique characteristics of logistics industry enterprises. In the study of the first part of the samples, we found that the market reaction is more positive for high logistics service integration level (LSIL) companies, as well as the M&A within the industry chain. While in the research of the second part of the samples, it is found that the market reaction is more negative for companies with smaller bargain power (BP). In addition, the abnormal returns of both kinds of announcements significantly differ in sub-industry.