媒体报道会影响企业并购支付方式吗——基于股票错误定价视角的解释

Has Media Coverage Affected M&A Payment Method——An Explanation from the Perspective of Stock Misvaluation

基于2008年至2018年沪深A股上市公司发起并购重组的样本,实证分析了媒体报道对企业并购支付方式的影响。研究发现,在并购重组首次公告日前一段时间窗口内,媒体对并购方的非负面报道相较于负面报道越多,并购方在并购支付时选择股票参与支付的可能性就越大。拓展性研究显示:在媒体报道的影响下,股票参与支付的并购能够为并购方创造较好的短期并购绩效,但不会提升长期的并购绩效;并购方在并购前可能存在媒体披露管理行为。

Based on the samples of the mergers and acquisitions of A-share listed companies in Shanghai and Shenzhen from 2008 to 2018, the paper empirically analyzed the influence of media coverage on M&A payment method. We found that, during the time window before the first announcement day of the M&A, when there were more non-negative media coverages than negative ones,acquirers were more likely to choose the payment in stock. Extended study showed that, media coverage would make stock payment method bring short-term post-merger performance for the acquirer, but it had no function for long-term post-merger performance.Besides, acquirers may prefer media disclosure management behaviors before M&A.