阳光是最好的消毒剂:中国的实时评论信和大型并购

IF 0.9 Q3 BUSINESS, FINANCE
Shuo Yang
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引用次数: 0

摘要

本文研究了监管机构和企业之间通过评论信进行的沟通如何影响中国大型并购的结果。与美国证券交易委员会(SEC)使用评论信来提高交易计量的准确性不同,中国监管机构担心控股股东的自我交易,并使用实时评论信来揭露可疑的交易细节,并给控股股东制造让步的压力。我发现,中国证券交易所对交易文件发出了更严厉的评论信,表明控股股东侵占了少数股东。更严厉的评论信与市场对收到信件的反应较低有关,预测管理层自愿取消交易的可能性更高,并通过影响审批机构的审查级别,间接增加交易撤回的可能性,延长股权融资交易的处理时间。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Sunlight is the Best Disinfectant: Real-Time Comment Letters and Large M&As in China
This paper investigates how communications between regulators and firms through comment letters affect the outcomes of large mergers and acquisitions (M&As) in China. Unlike the U.S. Securities and Exchange Commission (SEC), which uses comment letters to improve the accuracy of the measurement of deals, Chinese regulators worry about controlling shareholders' self-dealing and use real-time comment letters to expose suspicious deal specifics and to create pressure for controlling shareholders to back down. I find that the Chinese stock exchanges issue more severe comment letters on deal filings that indicate controlling shareholders’ expropriation of minority shareholders. More severe comment letters are associated with a lower market response to the receipt of letters, predict a higher probability of voluntary deal cancellation by management, and indirectly increase the probability of deal withdrawal and lengthen the processing time for equity-funded deals by affecting the approving body’s scrutiny level.
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来源期刊
CiteScore
1.40
自引率
16.70%
发文量
19
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