文档介绍:英文摘要AbstractFromthetwoaspectsoffinancialindicatorsandmarketreaction,thethesisusedthemethodoffinancialanalysisandeventstudyanalysistodothevalue-—.‘Inthispaper,theEconomicV|alHe-added(EVA),theMarketValue-added(MVA)andtheFutureGrowthValue(FGV),,(2005,2006)andthefollow—uptwoyearsvalue-addedaftermerger(2007,2008).。-,eventresearchmethodisusedtodotheresearchaboutthemarketresponse|,observesthechangeofstockprice,calcualatestheabnormalretum(aR)andcumulativeabonormalretum(CAR).andthendetectswhetherthemarketvalue——,biningtheresearchfindingsandfocusingonthevalue—paniesbeforeandafterthemerger,paniesfromfinancialmanagement,corporatestrategy,panies’:stockswapabsorptionmerger,merger,value,value-added4前言作为一种资本运作和整合资源的方式以及资本扩张的产物,并购在市场经济发展历程中,有它独特的源头、发展和规律。并购包括以通过产权交易而获得企业控制权的兼并和购买企业资产和股份的收购。i00多年来,并购在全球范围内蓬蓬勃勃的发展着,作为市场经济主体的企业从来也没停止过并购的热情,因为并购是能最大限度和最快速度实现资本集中和积聚的方式,而资本则是企业进行生产、运营、服务等价值链中的核心因子,是创造剩余价值