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©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:,(1943-),,,,;,(1963-),,,,,20013(249)JournalofFinancialResearchNo.3,2001GeneralNo.249(,361005):,,,,,,,:;;:F830.91:A:1002-7246(2001)03-0026-08199311,()()135;19961011(),1260,7.038%;19961012()6,2719.1934,15.19%,,,(),,62©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(BerleMeans,1932;AlchianDemsetz,1972;JensenFama,1983),,(GrossmanHart,1983),(Holmstrom,1979,1982),,(WestonChuangHoag,1996);(ProxyContest)(TenderOffers)(Mergers),(DirectSharePurchase)(Manne,1965)(),,Manne(MarketforCorporateControl),Manne,JensenRubackDoddAsquithMullinsBradley,,,,?,,(),(Jensen,1984),?Jensen:,Manne:,(Manne,1965),Jensen:,,30%,()4%;,20%,,(JensenRuback,1983)JensenDoddRuback,1973-1976172,:,,,11.66%()8.44(),20.58%18.96%(DoddRuback,1977)Dodd,,7180Dodd,,13%:,(Dodd,1980)Asquith1962.7-1976.1221191,48072©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(Asquith,1983),,,Jensen,0.7%(Jensen,1984),,Jensen:,:,,,(Jensen,1984)Jensen,,,,,,,,,1995249562.38,15,,,7,?,,199610121987320,,,19901219,(1995),,11934,(11934)100%1993115%,,,19951996,10128:900360,1260;682©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:9.6-10.22(30);10.23-12.11(28);12.12-1997.1.23(30),,199315199911171691DoddRubackAsquith,(),:(1);(2),;(3)SLM,Rt=+Rmt+t,Rtt,Rmt,,t199315199911171691RtRmt,,^Rt=0.001136+1.085119Rmt(0.000744)(0.02439)(1)(1);r2=0.54,,:ARt=t,CARtl=tl(Rt)(^Rt),tl(l-t+1),ARt=Rt-^RtCARtl=li=tARi92SLM:Sharpe,:,,1964,19,425-442;Lintner,,1965,47,13-37;Mossin,,,1966,34,768-783:Fama,,1976,-,5%,,2%,19981229©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(1),CARtl/(l-t+1)ARARCARtl1;11(1996.9.6-1997.1.23)ARCARtlTT:109.06-10.22300.016160.484812.891701.697:210.23-11.0370.027150.190042.347731.895311.04-11.1911-0.00064-0.00701-0.00211-1.363411.20-11.242-0.01823-0.03646-0.84059-1.886511.25-11.272-0.05627-0.11254-2.59993-1.886611.28-12.022-0.07304-0.14609-3.36763-2.920712.03-12.052-0.05427-0.10853-2.50624-1.886812.06-12.1120.020680.041350.954951.886:912.12-01.2330-0.01122-0.33654-2.00625-1.697:96.09.06-97.01.2388-0.00035-0.03098-0.10535-:::;=0.0503©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()-T(),=0.050.10:CARtl=0(),T=li=tSARi/l-t+1(2),l-t+1,SARi=ARi/si,si=s[1+1n+(Rmi-Rm)2/ni=l(Rmi-Rm)2]1/2,sRt=+Rmt+t,Rmii,Rmn,n=1691(2)T11,30,AR=1.62%CARtl=48.48%,CARtltT=2.8917T0.05=1.697,,DoddRuback(1997),Asquith(1983),30,ARCARtl-1.12%-33.65%,CARtlt(T=-2.00625-T0.05=-1.697),8,,8(,),1:(1),AR2.72%,1.62%CARtlt(2.347731.895,=0.05),;(2)23,AR,-0.06%-1.82%,CARtlt(-0.00211-1.363,-0.84059-1.886,=0.10),,CARtl-0.70%-3.65%,;(3)46,AR,-5.63%-7.30%-5.43%,CARtlt,46(-2.59993-1.886,-2.50624-1.886,=0.10),5(-3.36763-2.920,=0.05),=0.10;(4)7,AR=2.07%,CARtlt(0.954951.886,=0.10),;(5)8,,,,(1),,1996961997123,ARCARtl-0.04%-3.10%,,JensenRuback,13©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(30%,30%,,,,,,,(microstructure),,?(Jensen,1984),?,,?,,,1968(theWilliamsAct)(MarkJ.Roe,1999),,,?,19939,,,?,:()(,1999)?:,,(,1999),,(,2001),,,,,23©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:TheEmpiricalEvidenceSince1980,JournalofEconomicPerspective,Vol.2,49-68.,19885Jensen,M.C.andR.S.Ruback,TheMarketforCorporateControl,JournalofFinancialEconomics,11,5-50,19836Manne,H.G.,MergersandtheMarketforCorporateControl,JournalofPoliticalEconomy,73,110-120,19657,,,,199818,,,199919,()-,,20002,16-2510,()-,,20003,15-27Abstract:Thetheoryofmarketforcorporatecontrolbelievesthatthetakeoverasanexternalcontrolisthemosteffectivemeasureofcontrollingacorporationinthemarketinsteadoftheinternalcon2trol.Itarguesthattakeoverofacorporationwouldincreasetheshareholdersreturns.Bythetheory,weexamineempiricallythecaseoftakeoverofShenhuaCorporation.ThemainideaistotestChineseimplicationoftheoryofmarketforcorporatecontrol.TheresultsofthisstatisticalanalysisshowthatthetakeoverofShenhuadidnotincreasethetargetshareholdersreturnsinChinasstockmarket.Keywords:takeover,marketforcorporatecontrol,shareholdersreturns(:)(:JF)33