分析师实地调研是否影响并购公告的市场反应

发布时间：2018-01-17 02:23

本文关键词：分析师实地调研是否影响并购公告的市场反应　出处：《财会通讯》2017年18期 　论文类型：期刊论文

【摘要】：本文选取了深交所A股上市公司2012至2014年期间的并购事件,分别以并购公告前3个月、2个月以及1个月内有无机构调研作为主要的解释变量,以并购公告的市场反应作为主要的被解释变量,进行实证检验,分析了实地调研对于并购事件的市场反应,进而对市场信息效率的影响。回归结果证明,分析师调研行为对于并购公告的市场反应具有负效应:一方面,相较于没有分析师调研的公司,有调研的公司并购公告引起的市场反应更差;另一方面,在控制其他变量的条件下,相同时间段内机构调研次数越多,并购公告的市场反应越差。
[Abstract]:This article selects the Shenzhen Stock Exchange A-share listed companies from 2012 to 2014 M & A events, respectively 3 months before the M & A announcement, 2 months and 1 month of institutional research as the main explanatory variables. Taking the market response of M & A announcement as the main explained variable, this paper makes an empirical test, analyzes the market response to M & A events through field research, and then proves the effect on the efficiency of market information. The behavior of analyst research has a negative effect on the market reaction of M & A announcement: on the one hand, compared with the company without analyst research, the market response caused by the M & A announcement of the company with investigation is worse than that of the company without analyst research; On the other hand, under the condition of controlling other variables, the more times of institutional investigation in the same time period, the worse the market response of M & A announcement.
【作者单位】：内蒙古财经大学;
【基金】：国家社科基金项目“民族地区劳动关系政府规制理论研究”(项目编号:13xsh023)的阶段性研究成果
【分类号】：F271;F832.51
【正文快照】： 一、引言证券分析师能否提高市场信息效率一直是国外研究的热点。我国证券分析师行业起步较晚,但近几年资本市场快速发展,我国分析师行业也日趋成熟,证券分析师对于我国股票定价有效性的影响也更多地受到业界和学术界的关注。大量文献表明,证券分析师凭借自身的行业知识和多渠

【相似文献】