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基于2008-2013年中国A股并购重组事件,选取了东方财富网股吧超额发帖量作为投资者关注的代理变量,使用事件研究法考察了并购重组公告后的股价漂移现象,并实证分析了投资者关注在此现象中的作用。研究表明:我国股票市场存在并购重组公告后的股价漂移现象;投资者有限关注是并购重组公告股价漂移的主要原因;投资者更加关注高新行业、民营和大规模公司的并购重组。因而强化并购重组事件的信息披露监管与加强投资者教育等具有重要的现实意义。
Based on the 2008-2013 A-share merger and acquisition (M & A) restructuring event in China, this paper selects excess amount of shares of the stock market as the proxy variable for investors’ attention, and investigates the phenomenon of stock price drift after the announcement of M & A with an event research method, and empirically analyzes the investors Focus on the role of this phenomenon. The research shows that: there is a phenomenon of stock price drifting after the announcement of M & A in China’s stock market; the limited attention of investors is the main reason for the price drift of M & A and restructuring; the investors pay more attention to M & A of high-tech industries, private and large-scale companies. Therefore, it is of great practical significance to strengthen the supervision of information disclosure of M & A events and to strengthen investor education.