券商介入是否影响新三板公司被并购的短期财富效应——基于券商网络资源视角  

Whether the Brokers Has an Impact on Short-term Wealth Effect of the NEEQ’S Companies Were Merged by Listed Companies——Evidence from the Broker Relational Network Resources

作　　者：雷卫 Lei Wei

机构地区：[1]西安工程大学管理学院

出　　处：《兰州学刊》2020年第4期110-128,共19页

基　　金：国家自然科学基金面上项目“中国上市公司终极实际控制权现实状况、作用机制及其行为后果研究”(项目编号:71572149);国家自然科学青年基金项目“基金博彩型股票交易行为的动机、收益及对市场稳定性的影响研究”(项目编号:71703119);四川省2013学术技术带头人培养基金;西南财经大学中央高校基本科研业务费项目“资本结构,内部控制与并购绩效研究”(项目编号:JBK1507065)。

摘　　要：文章运用2015年—2018年上市公司并购新三板公司样本,探索主办券商介入是否影响新三板公司被上市公司并购的短期财富效应。研究发现:(1)券商通过信息传播与控制,专业的并购能力对新三板被上市公司并购提供支持,搭建新三板公司与上市公司交易的渠道,减少并购环节的问题和摩擦,起到“润滑剂”的作用,对并购有促进作用;(2)券商借助网络和声誉释放有利于新三板公司被并购信息,促进市场信息传播效率,引发投资关注和提高对被并购公司的预期,引起公司股价波动,为股东带来额外收益。文章提出了在制度不健全且“关系型社会”主导下的中国资本市场券商网络关系与新三板公司并购的潜在方向,对国内尚未深入的“金融中介网络与治理职能”的研究有借鉴意义。This paper uses the samples of listed companies’M&A of NEEQ companies from 2015 to 2018,in order to explores the intermediary governance,information dissemination and control functions of broker network,which has an impact on short-term wealth effect of the NEEQ’S acquired companies,and draw the following conclusions.(1)Broker network has a promoting effect on NEEQ’S companies merged by listed companies,because of broker’s network selection suitable listed companies to M&A,then set up trading channels between NEEQ’s companies and listed companies.(2)Brokers can release information conducive to the merged NEEQ’S company by virtue of the network and reputation,promote the efficiency of market information,attract investment attention and raise expectations of the merged NEEQ’S companies,cause stock price fluctuations,and bring additional benefits to shareholders.Based on the above,this paper puts forward the potential research direction of network relations of brokers in China’s capital market and M&A of NEEQ’S companies under the guidance of imperfect system and“relational society”,which is of reference significance for the domestic research on“financial intermediary network and governance function”that has not been deeply studied.

关 键 词：券商网络 并购信息 投资者关注 新三板公司 财富效应 

分 类 号：F830.91[经济管理—金融学]