本文使用Fama—French三因子模型,使用日历时间组合法研究了上市公司并购后36个月内并购公司股东的财富效应。研究发现:无论使用并购全样本还是非重复子样本构造投资组合,并购后并购公司股东都获得了正的财富效应;分类研究表明:并购类型和最终控制人性质不能影响并购后并购公司股东的长期财富效应。 This paper uses the Fama-French three-factor model to study the wealth effect of M & A shareholders in the 36 months after the mergers and acquisitions of listed companies using the combination of calendar time. The research finds that whether the merger and acquisition of full sample or non-repeated sub-sample construct the portfolio, the M & A shareholders have acquired a positive wealth effect after merger and acquisition. The classification study shows that the type of M & A and the nature of ultimate controller can not influence the long- Wealth effect.