上市公司海外并购的媒体治理效应研究

An Empirical Study on Media Governance Effect on Cross-border M & A of Chinese Listed Company

我国上市公司海外并购存在高溢价、财务风险大和绩效不佳等诸多问题,而媒体治理正成为其有效的外部治理手段之一。文章以2008年至2015年间101个我国A股上市的公司为研究样本,通过建立回归模型,引入媒体关注关键变量,研究媒体报道对我国上市公司海外并购的并购定价、财务风险与并购绩效的影响机理。实证研究发现:媒体关注对于海外并购的高额溢价能起到抑制作用;在并购当年,媒体关注对于并购后公司的财务风险有一定程度上的控制作用;媒体关注与主并公司长期绩效之间存在显著的正相关性。

There are many problems in the cross-border M＆A of Chinese Listed Companies, such as the highpremium, the financial risk, the poor performance, etc. , however the media governance is becoming one ofthe effective external governance measures. This article takes 101 listed companies as samples from 2008 to2015, establishing the regression model and introducing the key variables of the media attention to make adeep research on how the media reports have some certain impact on the cross-border M＆A transactions. Theempirical results show that the media coverage can suppress the high premium in the pricing phrase, during thecross-border M＆A transaction, the media coverage can control the enterprise financial risk to a certain degree,as to the cross-border M＆A long-term performance, the media reports also have the positive correlation on it.