语言与企业并购

发布时间：2018-12-14 08:27

【摘要】：语言作为一种重要的非正式制度会对经济发展产生重要影响。然而,中国对于语言与经济关系的研究并不多。作为众多方言同时并存的语言大国,语言类型所蕴含的特定文化模式和思维方式客观存在,市场参与主体语言特质所承载的文化属性会在潜移默化中对企业经济活动发挥重要影响。本文基于《中国语言地图集》对汉语方言的分类方法,通过手工收集与匹配数据,以企业经济活动中最引人注目的投资活动——并购事件为研究立足点,考察作为市场参与主体——公司间的语言差异对公司经济活动所产生的影响。本文选取首次公告日在2000年至2012年期间中国上市公司并购非上市公司事件(非关联)为样本,检验了收购方与目标方语言差异对收购方股东财富的影响。实证研究发现:收购方与目标方语言差异越大,收购方股东财富受损的可能性越大;进一步检验发现,这种影响存在于收购方为民营企业,收购方CEO无政治联系,收购方所处地市场化程度较低或者为非发达地区,收购方与目标方属于不同行业、目标方是非高技术产业或收购方上市公司已经完成股权分置改革时,也说明了正式制度与非正式制度之间的互补关系。本文丰富了非正式制度与经济关系研究、跨区域并购领域的文献。本文同时提供了从语言角度研究经济行为如公司并购事件的新思路,这将有助于理解中国特殊的语言环境与经济行为的关系。与此同时,本文的研究结果也为股票量化投资中的事件研究选股提供了新思路。
[Abstract]:As an important informal institution, language will have an important impact on economic development. However, there are few studies on the relationship between language and economy in China. As a large language country where many dialects coexist at the same time, the specific cultural patterns and modes of thinking contained in language types exist objectively. The cultural attributes carried by the linguistic characteristics of market participants will play an important role in the economic activities of enterprises. Based on the classification of Chinese dialects in the Atlas of Chinese language, this paper, through collecting and matching data by hand, takes the M & A event, which is the most noticeable investment activity in enterprise economic activity, as the research foothold. This paper examines the influence of linguistic differences among firms, as the main body of market participation, on the economic activities of companies. This paper selects the first announcement date from 2000 to 2012 as a sample to examine the influence of language differences between the acquirer and the target party on the shareholder wealth of the acquirer. The empirical study shows that the greater the language difference between the acquirer and the target, the more likely the shareholder's wealth will be damaged. Further tests show that this influence exists in that the acquirer is a private enterprise, the acquirer CEO has no political connection, the buyer is in a low degree of marketization or is a non-developed region, and the acquirer and the target party belong to different industries. When the target party is a non-high-tech industry or the acquirer listed company has completed the split share structure reform, it also illustrates the complementary relationship between the formal institution and the informal institution. This paper enriches the research on informal institution and economic relations, and the literature in cross-regional M & A field. This paper also provides a new way to study economic behaviors such as mergers and acquisitions from a linguistic perspective, which will help to understand the relationship between the special linguistic environment and economic behavior in China. At the same time, the results of this paper also provide a new way for stock selection in quantitative stock investment.
【学位授予单位】：上海外国语大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：H0-05;F271;F275

【参考文献】