奢侈品行业的并购分析

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1、万方数据M&Aannouncementsintheluxuryindustry，namelyatleastonepartyinvolvedaluxurycompany，givenitanacquirer，atargetoraseller1．LiteratureOverview1．1MergersandAcquisitions1．1．1EmpiricalResultsCommonlycitedstudiesonwhethermergersandacquisitionscreatevalueMeeks(1977)，Mue

2、ller(1980)，RavenscraftandScherer(1987)，Healy,PalepuandRuback(1992)andSOon．Moststudieshaveshownthatmergersandacquisitionshavebroughtgreatreturnstotargetcompanies’shareholders．JensenandRuback(1983)thoughtthatintenderoffer,theexcessreturnsforthetargetcompany’Sshar

3、eholdersare30％onaverage，and20％inmergersDatta，D．K．，G．E．Pinches，andV．K．Narayanan(1992)foundtheexcessreturnrateiS21．8％．Thereturnforacquirercompany’Sshareholdersisnotascertainasitisforthetarget．Walker(2000)examinedtheexcessreturnsforasampleof278acquirersfrom1980to1

4、996usingeventwindow(一2，+2)andresultwas一0．84％significantatthe5％level．Lyroudi，Lazardis，andSubeniotis(1999)foundthereturnforacquirers’shareholderstobe0％inasampleof50companiesfrOm1989to1991，witheventwindow(一5，5)．KohersandKohers(2000)showedasignificantpositivereturn

5、foracquirersinthe(0，1)windowcoveringtheyearfrOm1987to1996with961dealsinthesample．Thethreestudieshaveexaminedthedealsoccurredalmostinthesametimeperiod，usingshorteventwindow,buthavedifferentresultsregardingtoacquirers’return．Themarketcapitalization-weightedcombin

6、edvaluecreationisalsouncertain．Becauseacquirercompaniesareusuallylargerinscale，TargetCompany’Sshareholders’higherexcessreturnratemightbeoffsetbythe4万方数据negativeexcessreturnrateoftheAcquirerBruner(2002)conductedameta—analysison100scientificstudiesand14nfOrmaIstu

7、diesdatedfrOm1971to2001involvingthepaperSmentionedaboveandfoundthatduringtheprocessofmergers，acquisitionsandrestructuringinmaturemarket，targetfirmsshareholders’returnsarefargreaterthanthatofacquirerfirms．Tobemorespecific，targetfirmshavesignificantstockpriceincr

8、ease，normallyrangingbetween10％and30％instockexcessreturn，broughtbytheeventofmergersandacquisition；whilethereturnsforacquirersarenotcertain，incliningtobenegative，atthesametime