并购重组信息泄露:空穴来风抑或真有此事?——来自中国的上市公司网络搜索的经验证据

’Search’ Behind the M&A is Rumor?——Evidence from the internet search of Chinese listed companies

上市公司并购重组中涉及到的各方利益重大,那么,在并购重组中是否存在着提前信息泄露?本文构造了网络异常搜索变化指数来研究并购重组中的信息泄露是空穴来风还是真有此事。文章发现:在并购重组公告日前第五天起,网络搜索量就开始异常显著增加,且在公告日当天达到峰值,公告日前五日的累计异常搜索变化率为公告日的120%,这说明并购重组的信息泄露并不是空穴来风,而是真有此事;并且在股权转让的并购重组中,这种网络异常搜索变化指数更显著;进一步的研究表明,公司信息不对称程度越大,并购重组中的网络异常搜索也越大。

Is there any disclosure of advance information in M&A,so as to obtain excess return for some participants with insider information advantage?This paper constructs a network abnormal search change index to study whether information leakage in M&A is rumors or not?The results show that:(1)from the fifth day before the announcement of mergers and acquisitions,the search volume began to increase significantly,the cumulative abnormal search change rate of the five days before the announcement date is 120%of the announcement date;(2)in the M&A of equity transfer,the change index of network that the greater the degree of information asymmetry,the greater the degree of information leakage.This paper deepens the relevant literature of information leakage in M&A and provides corresponding policy reference for supervision.