媒体负面报道影响并购成败吗——来自上市公司重大资产重组的经验证据

发布时间：2018-03-25 11:07

本文选题：负面报道　切入点：媒体治理　出处：《南开管理评论》2017年01期

【摘要】：重大资产重组在优化资源配置、推动国企改革、促进产业结构升级等方面发挥了积极作用,也是资本市场研究的热点问题。本文从媒体的社会"守望"功能出发,实证检验媒体负面报道对上市公司重大资产重组成败的影响。以2008年1月至2015年7月沪深两市481次重大资产重组为样本,本文研究发现,负面报道显著提高了公司主动终止重组计划和重组方案未通过并购重组委员会审核的概率,进而提高了重组失败的概率;在重组过程中,不同时间段的负面报道对重组进展的影响不同,表现出了明显的时效性;同时,与资产质量相关的负面报道提高了公司主动终止重组的概率;而与资产定价相关的负面报道提高了重组方案审核不通过的概率。研究结果表明,负面报道在上市公司重大资产重组过程中发挥了重要的事中监督作用及公司治理作用,扮演了积极的资本市场"守望者"角色。
[Abstract]:Major asset reorganization has played a positive role in optimizing the allocation of resources, promoting the reform of state-owned enterprises and promoting the upgrading of industrial structure, and has also been a hot issue in capital market research. Empirical study on the impact of negative media reports on the success or failure of major asset restructuring of listed companies. From January 2008 to July 2015, 481 major asset restructuring events in Shanghai and Shenzhen stock markets were taken as samples. Negative reports have significantly increased the probability that the company voluntarily terminates the reorganization plan and the reorganization plan fails to pass the review of the merger and reorganization committee, thereby increasing the probability of the failure of the reorganization; in the course of the reorganization, The negative reports in different time periods have different effects on the progress of reorganization, showing obvious timeliness, meanwhile, the negative reports related to the quality of assets increase the probability of actively terminating the reorganization of the company. However, negative reports related to asset pricing increase the probability that the reorganization plan will not be approved. The research results show that negative reports play an important role in the supervision and corporate governance in the process of major asset restructuring of listed companies. Played an active capital market "watchman" role.
【作者单位】：集美大学诚毅学院;厦门大学管理学院;厦门大学经济学院;
【基金】：国家自然科学基金项目(71672157、71572165)资助
【分类号】：F832.51;F271

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