【作者】 张晶晶；

【导师】 刘井建； 张绍虹；

【作者基本信息】 大连理工大学 ， 金融（专业学位）， 2018， 硕士

【摘要】 媒体不仅是搭建信息传播的桥梁,而且在资本市场中担任守望者。如今,并购活动风起云涌,媒体报道对并购市场表现的影响也是各界关注焦点。我国市场作为一个新兴加转轨的市场,重大并购的媒体关注效应如何?不同类型的媒体报道形成的关注是否会有不同的效应,对并购公司短期和长期市场表现如何影响?重大并购首次宣告前后的媒体关注效应是否不同,这些问题都亟需深入研究。本文开展的研究包括:首先,阅读并梳理媒体在资本市场上的相关文献,考虑到并购事件的首次宣告日的时点差异,以信息不对称、投资者认知假说、投资者关注和媒体治理为理论基础,探讨围绕宣告日的媒体报道对并购公司市场表现的影响机理;其次,选取2011-2015年沪深A股重大并购事件的并购公司为研究对象,实证检验媒体报道对重大并购事件的关注效应;再次,分析了媒体报道发挥治理功能的中介路径,并进一步检验了媒体语气对并购公司以及媒体报道对并购溢价的影响效应;最后,从塑造媒体自由环境、规范媒体竞争、投资者决策和公司治理方面提出了启示建议。本文实证结果发现,媒体报道数量的关注效应为负,无论在并购公告前的保密阶段还是公开阶段。媒体报道数量越多,市场表现越差,无论短期还是长期。媒体报道总数对上市公司的长期市场表现有显著的负向影响。媒体报道数量的关注效应检验表明媒体对公司信息的挖掘和传播,治理作用不明显;宣告日前负面报道数量的关注效应为负,重大并购公告日前的负面报道对上市公司的短期市场反应没有什么影响,而对长期市场业绩变动表现有显著的负向影响。宣告日后负面报道数量关注效应为负,重大并购披露后负面报道数量主要是对长期市场表现有负向影响。重大并购的负面报道增量关注效应不显著;媒体报道增量的关注效应是积极的,体现在重大并购事件前后的媒体报道增量对上市公司的长期市场表现有显著的正向影响,体现了媒体的公司治理功能。本文研究为投资者,重大并购事件并购公司及媒体从业人员提供借鉴。更多还原

【Abstract】 The media not only sets up a bridge for information dissemination,but also acts as a catcher in the capital market.Nowadays,M&A activities are surging,and the impact of media coverage on M&A market reaction is also the focus of attention from all walks of life.As a new and transitional market,what is the media attention effect of major mergers and acquisitions? Does the attention formed by different types of media coverage have different effects and how does it affect the short-term and long-term market performance of mergers and acquisitions? Whether the media attention effect before and after the first announcement of major mergers and acquisitions is different,these issues are in urgent need of in-depth study.The research carried out in this paper includes: First,reading and combing the relevant literature of the media in the capital market,taking into account the differences in the timing of the first announcement date of the M&A event into account,with information asymmetry,investor cognition hypothesis,investor attention and media governance as theoretical basis,the mechanism of the impact of media reports surrounding the declaration day on the market performance of M&A companies was explored.Secondly,we select the M&A companies of2011-2015 years’ A shares in Shanghai and Shenzhen as the research object,to test the effect of media coverage on major mergers and acquisitions,and further examine the influence of media tone on M&A and media coverage on M&A premium,and analyze the governance function of media coverage.Finally,this paper puts forward some inspirations from shaping media freedom environment,regulating media competition,investor decision-making and corporate governance.The final empirical results show that the attention effect of the number of media coverage is negative,whether in the secrecy stage before the M&A or in the public stage,whether in the short or long term.The focus on the number of media coverage brings negative market performance.The total number of media coverage has a significant negative impact on the long-term market performance of listed companies.The attention effect test of the number of media coverage shows the media’s mining and dissemination of the company’s information,but the effect of the governance is not obvious;The attention effect of the number of negative media coverage before the announcement of a major M&A event is negative.The negative media coverage before the major M&A announcements has no effect on the short-term market reaction of listed companies,but has a significant negative impact on the performance oflong-term market changes.The attention effect of the number of negative media coverage after M&A declaration is negative.The number of negative media coverage after major M&A is mainly negatively related to long-term performance changes.The attention effect of negative media coverage increment of major mergers and acquisitions is not significant;the attention effect of media coverage increment is positive.The increment of media coverage before and after major M&A has a significant positive impact on the long-term market performance of the listed companies,reflecting the corporate governance function of the media.This study can provide references for investors,acquirers and media professionals.更多还原