投资者关注与并购重组公告股价漂移  

Investor Attention and Mergers and Acquisitions Announcement Drift

作　　者：孟则[1] 

机构地区：[1]中国人民大学国际学院

出　　处：《投资研究》2016年第1期112-121,共10页Review of Investment Studies

摘　　要：基于2008-2013年中国A股并购重组事件,选取了东方财富网股吧超额发帖量作为投资者关注的代理变量,使用事件研究法考察了并购重组公告后的股价漂移现象,并实证分析了投资者关注在此现象中的作用。研究表明:我国股票市场存在并购重组公告后的股价漂移现象;投资者有限关注是并购重组公告股价漂移的主要原因;投资者更加关注高新行业、民营和大规模公司的并购重组。因而强化并购重组事件的信息披露监管与加强投资者教育等具有重要的现实意义。Based on the sample of Chinese A stock mergers and acquisitions events from 2008 to 2013, this paper uses event study method to investigate the M＆A announcement drift and empirical studies how investor attention impacts the market reac- tion with selecting abnormal posting volume of the Eastmoney＇s stock forum as the proxy variable of investor attention. The study shows that M＆A announcement drift exists and that the investor attention is the important element which impacts price drift and that investor more concerns the M＆A of high-tech industries, private enterprises and large scale corporations. So strengthening M＆A event information disclosure regulation, enhance investor education has important practical significance.

关 键 词：并购重组 投资者关注 价格漂移 

分 类 号：F832.51[经济管理—金融学] F275