自媒体信息披露助推了高并购溢价吗?--基于并购类型视角的研究  

Does We-media Information Disclosure Facilitate the High Merger and Acquisition Premium?--Based on the Perspective of M&A Types

作　　者：黄宏斌 马育如 张玥杨 HUANG Hongbin;MA Yuru;ZHANG Yueyang(School of Accounting,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学会计学院,天津300222

出　　处：《财经理论与实践》2023年第2期61-70,共10页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金面上项目(71872121);2021年天津市研究生科研创新项目(2021YJSB359)。

摘　　要：基于2011—2020年沪深A股上市公司数据,考察被并购企业在并购活动前是否会利用自媒体进行策略性信息披露以调节并购溢价。研究发现:被并购企业在被并购前会利用自媒体信息平台选择性地披露“利好”消息,抬高自身的市场价值,提高并购溢价,以实现自身利益的最大化。同时,并购的类型不同,被并购企业期望的并购溢价也不同,其会通过自媒体平台的信息发布来让并购溢价向自身期望的方向发展。进一步分析发现:被并购企业侧重发布不同类型的自媒体信息以提高并购溢价,且被并购企业在并购活动前发布的自媒体信息显著提升了并购成功的概率。此外,被并购方利用自媒体信息披露调节并购溢价的行为仅具有短期性。Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2020,this paper examines whether the acquired enterprises will use the we-media to disclose strategic information to adjust the M&A premium before M&A activities.We find that:before being merged,the merged enterprise will selectively disclose“good”news through we-media information platform to raise its market value and merger price,so as to maximize its own interests.At the same time,different types of mergers and acquisitions will lead to different M&A premium expected by the acquired enterprises,which will adjust the level of their own M&A premium by releasing information on we-media platforms.Further analysis shows that:the acquired enterprises focus on releasing different types of we-media information to improve the M&A price.In addition,the we-media information released by the acquired enterprises before M&A significantly improves the probability of M&A success.Besides,the behavior of the acquired adjusting the M&A premium by using we-media information disclosure is only short-term.

关 键 词：自媒体 信息披露 并购溢价 横向并购 非关联并购 

分 类 号：F832.5[经济管理—金融学]