A Study of the Effect of the Power of Media Coverage on the Performance of Assets Reorganization
- 2016年 
【中文摘要】随着并购重组市场的迅猛发展,并购重组绩效的研究引起了理论界和实务界广泛关注。从媒体的信息传播职能出发,考察媒体报道对重组绩效的影响,是并购重组绩效研究的一个新角度。以2008年1月至2015年7月上市公司330次重大资产重组事件为研究样本,系统考察了媒体报道影响力对重组绩效的影响。研究结果表明,从总体上看,重组方案公告后,与重组相关的媒体报道影响越积极,重组绩效越好。单独来看,正面报道和负面报道影响力对重组绩效的影响存在不对称性,投资者对负面报道的反应存在“鸵鸟效应”。正面报道的影响力越强,更容易推动股票价格上涨,提高重组绩效;而负面报道影响力对重组绩效没有影响。法律环境在一定程度上增强了媒体报道和正面报道影响力对重组绩效的影响,但不影响负面报道影响力与重组绩效的关系。从外部信息流视角尝试研究媒体报道对重组绩效的影响,有助于进一步理解媒体的信息传播和投资者选择性关注对并购重组绩效的作用。 【Abstract】With the development of the market for M&As and assets reorganization, research on their performance has aroused intense scholarly interest. From the perspective of information dissemination, this paper investigates the effect of the power of media coverage on the performance of material assets reorganization. Using the samples of 330 material assets reorganization events of listed companies during the period of January 2008 to July 2015, we find that the more positive power of media coverage, the better performance of assets reorganization. Taken individually, positive coverage and negative coverage have asymmetrical effects on the performance of reorganization. Also the “ostrich effect”tends to occur in investors when they encounter negative coverage. Furthermore, when the influence of positive coverage is more powerful, it is easier to push up the price of shares and promote the performance of assets reorganization, whereas there is no effect of negative coverage on the performance of assets reorganization. Finally, the legal environment will enhance the effect of the power of media coverage and positive coverage on the performance of assets reorganization, while it has no impact on the relationship between the power of negative coverage and the performance of assets reorganization. From the perspective of external information flow, this paper studies the effect of the power of media coverage on the performance of M&As and assets reorganization. It helps to gain a deeper understanding of the role of information dissemination and investors' selective attention to the performance of M&As and assets reorganization.