媒体报道如何影响并购重组知情交易:合流还是监督?  被引量:1

How Does Media Coverage Affect Informed Trading in Mergers and Acquisitions:Confluence or Supervision?

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作  者:许荣[1,2] 冯荟凝 方明浩 Xu Rong;Feng Huining;Fang Minghao

机构地区:[1]中国人民大学财政金融学院,北京100872 [2]中国人民大学财政金融政策研究中心、保险研究所,北京100872 [3]上海财经大学金融学院,上海200433

出  处:《证券市场导报》2024年第7期28-40,共13页Securities Market Herald

基  金:国家资助博士后研究人员计划(批准号:GZC20231523);国家自然科学基金专项“助力可持续发展的金融市场建模分析”(批准号:72342021);教育部人文社科重点研究基地重大项目“中国特色多层次贫困治理与保险保障体系研究”(批准号:22JJD790089)。

摘  要:媒体报道既可能发挥积极的外部监督作用制约知情交易,也可能受到操纵而被信息知情人利用。本文收集2009—2022年A股上市公司并购重组数据,检验事前媒体负面报道倾向对并购重组中知情交易程度的影响。研究结果表明,并购重组首次公告日前媒体负面报道倾向越高,知情交易程度越低;媒体会通过增加诉讼风险和声誉渠道发挥治理作用。进一步分析表明,良好的公司治理环境能够强化媒体负面报道倾向对知情交易的影响;媒体发挥的治理功能在国有企业中相对较弱。事前分析师预测会提升市场整体知情交易水平并弱化媒体的功能。从媒体类型来看,网络媒体对于知情交易的约束作用大于纸媒。此外,媒体对知情交易的抑制效果在480日后不再存在。本研究对于发挥媒体监督作用、提升知情交易监管效率、保护投资者合法利益、维护资本市场公平具有一定的借鉴意义。Media coverage can either play a positive external supervisory role in constraining informed trading or be manipulated and exploited by informed traders.This study examines the impact of pre-announcement negative media coverage tendency on the extent of informed trading in mergers and acquisitions using the collected data on mergers and acquisitions of A-share listed companies from 2009 to 2022.The result reveals that the higher the tendency for negative media coverage before the first announcement of mergers and acquisitions,the lower the extent of informed trading.Media exerts its governance role by increasing litigation risk and through the reputation channel.Further analysis shows that a favorable corporate governance environment can strengthen the impact of negative media coverage tendency on informed trading,whereas the governance function of media is weakened in state-owned enterprises.Pre-announcement analyst forecasts increase the overall level of informed trading in the market and undermine the function of media.Among different types of media,online media demonstrate a greater constraining effect on informed trading compared to print media.Moreover,the inhibitory effect of media on informed trading wanes after 480 days.This research provides insights for leveraging the supervisory role of media,improving the regulatory efficiency of informed trading,protecting investors’legitimate interests,and maintaining fairness in the capital market.

关 键 词:媒体报道 知情交易 并购重组 诉讼风险 

分 类 号:F832.5[经济管理—金融学]

 

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