科创板并购重组问询函的监督效应研究——以华兴源创为例  

Research on the Supervision Effect of Inquiry Letters on STAR Market's Mergers and Acquisitions:A Case of HYC Technology

作　　者：钟佳琴 叶小杰[2] 钱春海[3] ZHONG Jia-qin;YE Xiao-ie;QIAN Chun-hai(Antail College of Economics&Management,Shanghai Jiao Tong University,Shanghai 200030,China;Shanghai National Accounting Instilute,Shanghai 201702,China;China Exeoutive Leadership Academy Pudong,Shanghai 201204,China)

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030 [2]上海国家会计学院,上海201702 [3]中国浦东干部学院,上海201204

出　　处：《管理案例研究与评论》2023年第4期457-472,共16页Journal of Management Case Studies

基　　金：国家社会科学基金项目“高科技上市公司业绩预告修正行为的变异性与我国科创板市场信息披露规制建设研究”(20BJY024);上海市哲学社会科学规划青年课题“科创板试点注册制改革下的IPO问题研究——基于风险投资的视角”(2019EGL007)。

摘　　要：作为一种非行政处罚性监管,问询函发挥着揭示重组疑点、督促上市公司完善并购信息披露的重要作用,但以往文献尚未关注科创板并购重组问询函具有何种监督效应。通过将科创板并购重组第一单——华兴源创并购欧立通作为案例,构建了相应的理论分析框架,全面验证问询函的监督效应。研究发现,在直接监督效应方面,“问询-回复”机制提高了并购标的、商誉、业绩承诺、协同效应等相关信息的披露程度,也会督促公司修订和完善并购方案。在间接监督效应方面,公司股价和超额收益在问询期间产生负向波动,并引发各方关注。总结了科创板并购重组的问询特点,并从监管层、科创企业、中介机构以及媒体公众等层面对提高问询函监管水平、规范科创板企业并购重组行为提出了若干建议。As a kind of non-administrative punishment supervision,the inquiry letter plays an important role in revealing the doubtful points and urging listed companies to improve the information disclosure of M&A.Previous literature lacks the attention to the supervision effect of the STAR Market's inquiry letter of M&A.This paper takes the first M&A case in the STAR Market,and the corresponding theoretical analysis framework is constructed to fully verify the supervision effect.It is found that,in terms of direct supervision effect,the"inquiry-reply"mechanism improves the disclosure degree of M&A target,goodwill,performance commitment,synergy effect and other related information,and also urges the company to revise the M&A plan.As for the indirect effect,the inquiry letter caused the company's stock price and excess earnings to fluctuate negatively,and caused widespread concern and discussion.This paper summarizes the inquiry characteristics of M&A in the STAR Market,and puts forward some feasible suggestions on improving the supervision level of inquiry letters and standardizing the M&A activities of enterprises in the STAR Market.

关 键 词：问询函 并购重组 科创板 信息披露 

分 类 号：F275[经济管理—企业管理]