企业信息风险如何引致市场资源配置活动?——基于并购重组的视角

How Does the Firms' Information Risk Induce the Activities of Market Resource Allocation? Based on the Angle of Merger & Acquisition

信息风险不仅是资产定价的决定因素,也是企业位势的重要维度,决定了企业在市场资源配置中的位置。基于对信息风险的分解,本文分析了信息风险的不同构成成分在市场资源配置中的作用。研究发现,基本面信息风险较高的企业成为并购重组目标的可能性更大;基本面信息风险的增量变动也会增大企业成为并购重组目标的概率;而操控性信息风险并没有对企业成为并购重组目标的可能性产生显著影响。研究结果表明,基本面信息风险的不利影响导致企业在市场资源配置中处于被整合的地位,该结果有助于解释会计信息质量较低的企业没有被市场所排斥的现象。

Information risk is not only the determination of asset pricing,but also the dimension of the enterprise potential. It determinates the position of firms in the activities of market resource allocation. Based on the generalized Merger & Acquisition,this paper employs the information risk's decomposition method proposed by Kravet and Shevlin( 2010) to examine the effects of information risk's different compositions on the market resource allocation. The outcome shows that the companies with higher innate information risk have higher probabilities of being M&A targets. The increments of information risk will also increase the probability of being the targets of M&A. The discretional information risk has no significant influence on whether the firms turn into the targets of M&A. The adverse impacts of innate component of information risk induce the firms' status as integration objects in the market resource allocation. Our outcomes help to explain why the companies with low accrual quality are not refused by the market.