중국 하이테크 기업의 M&A(인수합병)와 투자유인 효과
China High-Tech Company’s M&A and Inducement to Invest Effect
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본 연구는 중국 하이테크 기업의 M&A 공시와 시행에 대한 투자자들의 반응을 살펴보았다. 중국 투자자들에게 있어 기업의 M&A 공시와 관련하여 공시일 이후 양 (+)의 AR과 지속적인 CAR이 상승하는 현상을 살펴볼 수 있었다. 이러한 결과와 관련하여 중국 하이테크 기업의 M&A는 투자자들에게 있어 긍정적인 영향을 미침을 예상할 수 있다. M&A 시행과 관련하여서는 시행 이전의 양(+)의 CAR이 시행 이후 지속 적으로 하락하는 보습을 보였다. 이러한 결과는 시행 이전 상승한 주가가 시행과 함께 원래의 주가로 회귀한 것으로 판단된다. 결과적으로 중국 M&A 시장과 관련하여 하이테크 기업의 M&A 사건은 투자자들에게 긍정적인 영향을 미침을 살펴볼 수 있었다.
Abstract
This study looked at investor reactions to the announcement and enforcement of the M&A by Chinese high-tech firms. For Chinese investors, we could find positive(+) AR and continuous CAR rises after the announcement. With regard to these results, China’s High-tech firms M&A can predict positive effects on investors. Regarding the enforcement of M&A, positive(+) data of CAR before enforcement date changed constant decline after enforcement. Such results are judged to have returned to the original stock price after the pre-implementation gains were made. As a result, the M&A event at High-tech firms. was able to see its positive impact on investors associated with the Chinese M&A market.
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