并购制度是否缓解了股票错误定价?——基于《上市公司收购管理办法》第四次修订的准自然实验  

Has the M&A System Mitigated Stock Mispricing?—A Quasi-Natural Experiment Based on the Fourth Revision of Administrative Measures for the Acquisition of Listed Companies

作　　者：黄兰兰 董建博 HUANG Lanlan;DONG Jianbo(School of Business,Lishui University,Lishui 323000,Zhejiang)

机构地区：[1]丽水学院商学院,浙江丽水323000

出　　处：《丽水学院学报》2024年第6期53-65,共13页Journal of Lishui University

基　　金：浙江省高校重大人文社科攻关计划项目“县域城乡融合发展中的精英俘获:机制解析、效应测度与策略选择”(2023QN023);浙江省软科学研究计划项目“共同富裕示范区建设背景下浙江县域城乡高质量融合发展机制与路径研究”(2022C35011);浙江省教育厅一般科研项目“丽水生态产品价值实现的共同富裕效应及实现路径研究”(Y202250205);丽水市哲学社会科学规划重点项目“丽水建设共同富裕山区样板的推进机制研究”(LSZD202203);丽水市软科学研究计划项目“基于共同富裕示范区建设的丽水县域城乡融合发展机制研究”(2022RKXO7);丽水市哲学社会科学常规课题“共同富裕背景下ESG的劳动收入分配效应研究”(LCCG202434)。

摘　　要：文章选取2007—2022年沪深A股上市公司为样本,以证监会2014年修订的《上市公司收购管理办法》为准自然实验,采用双重差分(difference-in-differences,DID)模型,检验该办法的实施对股票错误定价的影响。研究发现:该办法的实施能够有效缓解股票错误定价;机制检验得出,该办法通过提高公司的信息透明度和治理水平两种途径缓解股票错误定价;异质性分析发现,该办法的实施对股票错误定价的缓解作用在战略委员会消极合规和行业竞争度弱的情境下效果更为显著。本研究为我国企业高质量发展与证券监管体制的修订提供理论依据和经验证据,同时也有助于金融市场平稳发展及提高资本市场定价效率。This study selects A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as samples,and uses Administrative Measures for the Acquisition of Listed Companies revised by CSRC as a quasinatural experiment.It adopts the difference-in-differences(DID)model to test the impact of the implementation of the new revision of Measures for Acquisition in 2014 on stock mispricing.It finds that the implementation of this method can effectively mitigate stock mispricing.Mechanism testing shows that this method can mitigate stock mispricing through the ways of improving the information transparency and the governance level of companies.Heterogeneity analysis shows that the effect of the implementation of this method on stock mispricing is more remarkable in the context of negative compliance by the strategy committee and weak industry competition.This study provides theoretical basis and empirical evidence for the high-quality development of Chinese enterprises and the revision of supervision system of securities,and also contributes to the steady development of financial market and the improvement of pricing efficiency in capital market.

关 键 词：并购制度 信息透明度 公司治理 股票错误定价 

分 类 号：F830[经济管理—金融学]