第
30
卷
摇
第
6
期 安
摇
然
:
并购绩效与信息不对称
———
基于中国上市公司的实证研究
[
14
]
王凤荣
,
高飞
.
政府干预
、
企业生命周期与并购
绩效
———
基于我国地方国有上市公司的经验数据
[
J
]
.
金
融研究
,
2012
(
12
):
137 - 150.
[
15
]
Chang S. Takeovers of privately held targets
,
methods of payment
,
and bidder returns
[
J
]
. Journal of Fi鄄
nance
,
1998
,
53
(
2
):
773 - 784.
[
16
]
Ang J S
,
Cheng Y. Direct evidence on the market鄄
driven acquisitions theory
[
J
]
. Journal of Finance
,
2006
,
29
(
2
):
199 - 216.
[
17
]
Erickson M
,
Wang S W
,
Zhang F. The change in
information uncertainty and acquirer wealth losses
[
J
]
. Re鄄
view of Accounting Studies
,
2012
,
17
(
4
):
913 - 943.
[
18
]
潘敏
,
金岩
.
信息不对称
、
股权制度安排与上市
企业过度投资
[
J
],
金融研究
,
2003
(
1
):
36 - 45.
[
19
]
Travlos N G. Corporate takeover bids
,
methods of
payment
,
and bidding firms
爷
stock returns
[
J
]
. Journal of Fi鄄
nance
,
1987
,
42
(
4
):
943 - 963.
[
20
]
Martynova M
,
Renneboog L. A century of corpo鄄
rate takeovers
:
what have we learned and where do we stand
?
[
J
]
. Journal of Banking & Finance
,
2008
,
32
(
10
):
2148 -
2177.
[
21
]
黄少安
,
张岗
.
中国上市公司股权融资偏好分
析
[
J
]
.
经济研究
,
2001
(
11
):
12 - 20.
[
22
]
Hackbarth D
,
Morellec E. Stock returns in merg鄄
ers and acquisitions
[
J
]
. Journal of Finance
,
2008
,
63
(
3
):
1213 - 1252.
[
23
]
李善民
,
曾昭灶
,
王彩萍
,
等
.
上市公司并购绩
效及其影响因素研究
[
J
]
.
世界经济
,
2004
(
9
):
60 - 67.
[
24
]
Heckman J J. Sample selection bias as a specifica鄄
tion error
[
J
]
. Econometrica
,
1979
,
47
(
1
):
153 - 161.
[
25
]
Acharya S. A generalized econometric model and
tests of a signalling hypothesis with two discrete signals
[
J
]
.
Journal of Finance
,
1988
,
43
(
2
):
413 - 429.
[
26
]
Faccio M
,
Masulis R W. The choice of payment
method in European mergers and acquisitions
[
J
]
. Journal of
Finance
,
2005
,
60
(
3
):
1345 - 1388.
[
27
]
Baker M
,
Pan X
,
Wurgler J. The effect of refer鄄
ence point prices on mergers and acquisitions
[
J
]
. Journal of
Financial Economics
,
2012
,
106
(
1
):
49 - 71.
M&A Performance and Information Asymmetry
:
Empirical Analysis Based on Chinese Listed Companies
AN Ran
(
School of Finance
,
Renmin University of China
,
Beijing 100872
,
China
)
Abstract
: This paper selects Chinese A鄄share listed companies蒺 M&A data in the years from 2007 to 2014 as samples,
measures the extent of information asymmetry with idiosyncratic volatility of company stock prices, and studies the influence of in鄄
formation asymmetry over M&A performance. The research finds that the mean value of M&A performance of acquirers is signifi鄄
cantly positive; compared with M&A with cash payment, the M&A with stock payment is bigger in performance and scale; there
exists a negative correlation between information asymmetry and M&A performance; information asymmetry has a significant dif鄄
ferent influence on the performance of M&A with cash payment and with stock payment; the extent of information asymmetry has
a negative impact on M&A with stock payment, and less significant negative impact on M&A with cash payment. The empirical
conclusion does not support the “Market Timing Theory冶 and the investors do not judge whether M&A is “ good冶 or “ bad冶 by
mode of payment. At the same time, it reveals the unique characteristics of China蒺s securities market, listed companies making
acquisitions and investors, all of which are different from those in Western advanced economies, and proves that there exists se鄄
vere information asymmetry on China蒺s securities market.
Key Words
: M&A performance; information asymmetry; mode of payment; Market Timing Theory
(
本文责编
摇
王
摇
轶
)
·59·
