并购重组业绩承诺的市场反应研究——以富春股份并购摩奇卡卡为例

并购重组业绩承诺的市场反应研究——以富春股份并购摩奇卡卡为例摘要： 近年来，随着经济的快速发展和市场的不断扩大，在各行各业中出现了越来越多的并购重组案例。并购重组不仅可以帮助企业进行业务扩张和资源优化

—— 并购重组业绩承诺的市场反应研究以富春股份并 购摩奇卡卡为例 摘要： 近年来，随着经济的快速发展和市场的不断扩大，在各行各业中出 现了越来越多的并购重组案例。并购重组不仅可以帮助企业进行业务扩 张和资源优化，还可以在一定程度上提升企业的市场竞争力和经营效 益。本文以富春股份对摩奇卡卡的并购重组为例，研究了业绩承诺对市 场的影响。通过实证分析，发现业绩承诺对市场的反应主要表现在股 价、成交量、日报酬和买入意愿等方面。研究结果对于企业在并购重组 时制定业绩承诺具有一定的参考价值。 关键词：并购重组；业绩承诺；市场反应；股价；成交量 Abstract: In recent years, with the rapid development of the economy and the expansion of the market, there have been more and more cases of mergers and acquisitions in various industries. Mergers and acquisitions can not only help companies carry out business expansion and resource optimization, but also enhance their market competitiveness and management efficiency to acertain extent. This paper takes the merger and acquisition of Mogicaca by Fuchun Stock as an example, and studies the impact of performance commitments on the market. Through empirical analysis, it is found that the market's response to performance commitments is mainly reflected in stock prices, trading volume, daily returns, and buying intentions. The research results have certain reference value for enterprises to formulate performance commitments in mergers and acquisitions. Keywords: Mergers and acquisitions; Performance commitments; Market response; Stock prices; Trading volume 一、引言 经济的发展需要行业内大规模的重组，而并购重组是最为常见的一 种途径。并购重组可以在帮助企业实施业务扩张的同时，通过资源优化