供稿：國(guó)際貿(mào)易與金融系 攝影：國(guó)際貿(mào)易與經(jīng)融系
約翰霍普金斯大學(xué)孫嫻博士于6月19日在主樓426室進(jìn)行了關(guān)于“Ownership Structure and M&As: Evidence from China”的學(xué)術(shù)報(bào)告，國(guó)際貿(mào)易與金融系馬明老師主持了討論。
孫嫻博士研究股權(quán)結(jié)構(gòu)在并購(gòu)交易完成前后對(duì)其結(jié)果的影響。研究結(jié)果表明，雖然國(guó)有收購(gòu)方似乎在選擇目標(biāo)時(shí)得到援助，然而協(xié)同效應(yīng)的實(shí)現(xiàn)取決于收購(gòu)后的整合。根據(jù)衡量利潤(rùn)和凈利潤(rùn)的變化，以及購(gòu)入-持有異常收益法（BHAR）下市場(chǎng)規(guī)模的調(diào)整研究發(fā)現(xiàn)，這些國(guó)有收購(gòu)方私有化后的交易更有助于協(xié)同效應(yīng)的實(shí)現(xiàn)。另一方面，與私有化國(guó)有收購(gòu)方相比，非國(guó)有收購(gòu)方表現(xiàn)欠佳，但投資者似乎對(duì)此仍保持樂(lè)觀的態(tài)度。學(xué)術(shù)報(bào)告后，與會(huì)的老師、同學(xué)積極與孫嫻博士交流了相關(guān)問(wèn)題。
主講人簡(jiǎn)介：
Dr. Sun received her PhD in finance from Rensselaer Polytechnic Institute in 2006. She worked for Office of Comptroller of Currency, the supervisor of US national banks, for 3 years after graduation, where she was promoted to the position of senior Financial Economist. Dr. Sun then joined Carey Business School of Johns Hopkins University as the tenure-tracked Assistant Professor in Finance. She has published in prestigious financial journals such as Journal of Financial Quantitative Analysis, Journal of Banking and Finance, Journal of International Money and Finance, and Journal of Corporate Finance. Her research interests include emerging markets, cross-border M&As, creditor rights and CEO compensation.
（審核：顏志軍）
