媒体报道倾向与公司并购——来自中国的经验证据

Media Slant and Outcome of Mergers and Acquisitions

本文以2000—2012年797起上市公司并购作为研究样本,在利用文本分析工具判断媒体报道倾向的基础上,实证检验了媒体报道倾向的影响因素以及媒体报道倾向对公司并购决策的影响。研究发现,地方媒体对公司并购倾向于正面报道,但是在市场化水平较高、政府干预程度较低以及媒体行业竞争激烈的地区,媒体报道公司并购的正面倾向则并不明显;从结果来看,媒体报道的正面倾向会显著提高公司成功并购的概率。

Using the samples of mergers and acquisitions during 2000 - 2012 and a text categorization analysis tool, we test what factors affect the media slant and the effect of the media slant in the mergers and acquisi- tions. We find that the local media reports the M＆A with positive tone, which probably is influenced by the lo- cal government. But in Beijing, Shanghai, and Guangzhou, there is not significant media bias when the local media reports the M＆A. Further, the positive tone of media coverage is significantly linked with the successful acquisitions. The results of our paper contribute to analyze the factors which impact the slant of media coverage and provide useful inspire to evaluate the role of media in the corporate governance.