行业信息披露与上市公司并购——来自新三板扩容的准自然实验

Industry Information Disclosure and Listed Companies M&A--A Quasi-Natural Experiment from the Expansion of NEEQ

本文以2008~2019年A股上市公司为样本,借助2013年新三板扩容的外生政策构建行业信息披露指标,实证分析行业信息披露对企业并购的影响。研究发现,行业信息披露提高了企业并购概率、并购次数和并购规模;而且这种效应在企业自身融资约束较小、所在行业产品市场竞争较大、所处区域市场化水平较高时更强。本文还发现,行业信息披露越多,企业并购事件产生的短期市场绩效越好。本文研究表明,行业信息披露一方面有助于上市公司管理者发现新的投资机会、减少信息搜集成本,另一方面能够通过缓解外部投资者信息不对称降低企业融资约束程度、减少项目融资成本,从而促进企业并购行为和绩效。本文补充了行业信息披露对企业并购行为的影响研究,也为企业为何发起并购活动、如何把握并购机会提供了新的解释。

Taking Chinese listed companies from 2008 to 2019 as samples,this study constructs industry information indicators with the help of the institutional change in the expansion of NEEQ in 2013 and empirically analyzes the impact of industry information disclosure on enterprise M&A.The study finds that industry information disclosure could improve the probability,the number,and the scale of enterprise M&A,which was more pronounced when the enterprise is under less selffinancial constraints,in a more intense product market competition industry,or in a region with a higher degree of marketization.In addition,this study finds that the more industry information is disclosed,the better the short-term market performance of enterprise M&A is.These results suggest that,on one hand,industry information disclosure can help the managers of listed companies to find new investment opportunities and reduce the cost of information collection.On the other hand,it can reduce the degree of corporate financing constraints and project financing costs by easing the information asymmetry of external investors,thus effectively promoting corporate M&A behavior and performance.This study not only supplements the research of the impact of industry information disclosure on corporate M&A,but also provides a new explanation for why enterprises initiate M&Aand howtoseize M&Aopportunities.