中文摘要：

对中国上市公司协议收购的效应及影响因素进行了实证分析,结果表明,协议收购初次公告之前存在超额收益,但没有要约收购显著;控制权转移时间与协议收购超额收益的关系是U型的,控制权转移时间越长,收购股东的财富损失就越大;协议收购中超额收益与目标公司的资产波动率正相关,与利息支出占比、资产规模负相关;市账比MTB并不是协议收购的一个重要影响因素。

英文摘要：

This paper tests the merger and acquisition premium and factors affected it on the samples of share acquisition agreement at the first time.We find that,though there is abnormal return before the announcement,yet less than that of the samples of hostile takeover;and it has the relationship like U shape with the time of control right transferring;also it is negative with the target＇s assets volatility,but positive with the interest-assets ratio and assets size.The authors still show that MTB is no more important for the share acquisition agreement.