机构投资者调研、信息披露质量与并购公告市场反应

Institutional Investors’Site Visit,Information Disclosure Quality and Market Reaction of M&A Announcements

基于投资者视角,以2013~2016年深交所上市公司发生的并购交易事件为研究样本,实证检验机构投资者调研与并购公告市场反应之间的关系,并进一步探究公司信息披露质量对二者关系的调节作用。研究发现:机构投资者调研提高了并购公告市场反应且信息披露质量对二者关系具有负向调节作用;在非重大资产重组、非国有企业和现金支付交易中,机构投资者调研对并购公告市场反应的提升作用以及信息披露质量对二者关系的调节作用都更显著;此外,机构投资者异质性检验发现证券公司和公募基金的调研对并购公告市场反应的提升作用更显著。

Based on the perspective of investor,this study takes the M&A transactions occurred from 2013 to 2016 on the Shenzhen Stock Exchange listed companies as research sample to explore the relationship between institutional investors’site visit and market reaction of M&A announcements,and further investigates the regulatory effect of the company’s information disclosure quality on the relationship between them.It finds that institutional investors’site visit has improved market reaction of M&A announcements and the quality of information disclosure has a negative effect on the relationship between them.The role of institutional investors’site visit in promoting market reaction of M&A announcements is even more notable in non-major,non-state companies and cash M&A transactions.In addition,the institutional investor heterogeneity test finds that the investigation of securities companies and public funds have more significant effect on the market reaction to M&A announcements.