资本市场错误定价、分析师跟踪与并购融资方式选择  

The Mispricing in the Capital Market, Analyst Following and the Choice of Means of Financing Mergers and Acquisitions

作　　者：袁天荣[1] 赵晴 宋丽君 YUAN Tian-rong;ZHAO Qing;SONG Li-jun(School of Accounting, Zhongnan University of Economics and Law, Wuhan 430073, China;Zhengzhou University of Aeronautics, Zhengzhou 450046, China)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073 [2]郑州航空工业管理学院,河南郑州450046

出　　处：《海南大学学报（人文社会科学版）》2019年第4期40-47,共8页Journal of Hainan University （Humanities & Social Sciences）

基　　金：国家社会科学基金项目(13BJY014);教育部人文社会科学研究一般项目(12YJA630181);研究生科研创新项目(2018Y1132)

摘　　要：新兴资本市场市场错误定价驱动着公司并购,上市公司利用资本市场的低效率进行并购融资的行为近年来受到学术界和实务界的广泛关注。论题以信息不对称理论为基础,研究了资本市场错误定价与分析师跟踪对并购融资方式选择的直接影响和交互影响。研究发现:(1)相对于公司股价低估的并购公司,股价高估的并购公司在进行并购融资时更倾向于选择股票融资方式;(2)分析师跟踪人数越多,市场的错误定价程度越低;(3)分析师跟踪对市场错误定价与并购融资方式选择两者关系具有调节作用,分析师跟踪弱化了并购公司股价高估对股票融资方式选择倾向的显著正向影响。The mispricing of emerging capital markets drives mergers and acquisitions,and the behaviors that the listed companies use the inefficiency of capital markets to carry out financing mergers and acquisitions have attracted much attention among the academia and in the practice.According to the theory of information asymmetry,this paper studies the direct and interactive impacts of capital market mispricing and analyst following on the choice of means of financing mergers and acquisitions.The results are stated as follows:(1)Compared with the merger and acquisition companies whose stock prices are undervalued,those with overestimated stock prices are more inclined to choose the methods of stock financing in financing mergers and acquisitions;(2)The more the number of analyst following is,the lower the degree of mispricing in the market is;(3)Analyst following has a regulatory effect on the relationship between the market mispricing and the choice of methods for financing mergers and acquisitions,which weakens significant positive impacts that the overestimated stock prices of mergers and acquisitions exert on the selection preference for the means of stock financing.

关 键 词：市场错误定价 分析师跟踪 并购融资方式 

分 类 号：F830.9[经济管理—金融学]