供稿：國際貿易與金融系 攝影：國際貿易與經融系
約翰霍普金斯大學孫嫻博士于6月19日在主樓426室進行了關于“Ownership Structure and M&As: Evidence from China”的學術報告，國際貿易與金融系馬明老師主持了討論。
孫嫻博士研究股權結構在并購交易完成前后對其結果的影響。研究結果表明，雖然國有收購方似乎在選擇目標時得到援助，然而協(xié)同效應的實現(xiàn)取決于收購后的整合。根據(jù)衡量利潤和凈利潤的變化，以及購入-持有異常收益法（BHAR）下市場規(guī)模的調整研究發(fā)現(xiàn)，這些國有收購方私有化后的交易更有助于協(xié)同效應的實現(xiàn)。另一方面，與私有化國有收購方相比，非國有收購方表現(xiàn)欠佳，但投資者似乎對此仍保持樂觀的態(tài)度。學術報告后，與會的老師、同學積極與孫嫻博士交流了相關問題。
主講人簡介：
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）
