市场机制下中国公司并购存在的缺陷及对策

公司并购实质就是公司为获取对其他公司的控制权而进行的产权交易行为，它是市场竞争机制下的一种正常企业行为。在我国公司并购对经济的影响也逐步加大，但与西方经济发达国家相比，仍存在许多缺陷，需要进一步改进，并对公司并购的某些重大原则问题重新做出选择。     

传媒行业 2015年的五大畅想

2014年,传媒行业平均每家上市公司参与并购重组交易1.6次,排名所有行业第一,涨幅前十的公司中有八家涉及并购重组。我们预计2015年并购盛宴仍将持续,国外传媒行业巨头的成长路径以及全球文化产业并购的持续活跃都说明了传媒公司通过并购实现产业链延伸并规避内容波动性的重要性,其轻资产的属性也非常适合进行并购重组。     

央企赛跑政府全方位监管

多家服务于央企战略重组的咨询公司纷纷发布了2009年央企并购重组的趋势报告。他们普遍认为，进行产业链上下游的收购，将成为央企并购的2009攻略。电力、能源、医药等产业在重新打造产业链方面均有明显动作。     

浅谈企业高杠杆并购风险与控制——以龙薇传媒收购万家文化为例

经过几十年的发展,企业并购的规模逐渐扩大,杠杆并购成为最为常用的手段,通过使用少量的自有资金及较大部分的融资资金实现并购活动。杠杆并购的手段为公司带来了较高的经济收益,但高收益意味着高风险,作为企业的经营战略,并购活动存在失败的可能性。在我国,有超过一半的企业并购活动最终失败,因此,对杠杆并购中的风险进行分析及控制十分必要。本文将介绍龙薇传媒运用高杠杆收购万家文化的全过程,展开企业并购中的风险与控制研究。     

如何控制企业并购的财务风险

现今我国经济高速增长，煤炭企业并购也成为今后资本运营与企业发展的必然趋势。本文对煤炭企业并购中可能存在的财务问题与风险控制进行了探讨。     

从并购动因看价值评估策略的选择与运用

并购是兼并与收购的总称，(Merger ＆ Acquisition)，在全球经济一体化不断深化与拓展的今天，席卷世界各个地区的并购浪潮此起彼伏。由于经济开放步伐的不断深入，经济的快速稳定增长，我国已成为新一轮并购浪潮的焦点。而在并购活动中，一项非常重要的工作就是要进行价值评估，估价得准确与否将影响并购的成败。因此，如何更好的理解并购动因与价值评估策略之间的关系就显得非常重要。     

企业并购正成为创投助推器

随着全球经济的好转，新一轮的风险投资在经过几年的沉寂之后正在欧美国家重新开始募集和寻找新的投资机会。同时，深圳创业板市场的开放似乎使融资难的中国广大创新企业和中小企业看到一线希望。更为重要的是随着中国企业并购市场的逐步形成和完善，我们认为企业并购会成为未来风险投资的一个重要退出机制和中小企业融资和发展的重要通道。     

传媒板块 驶往春天的列车

我们认为,整体上2011年传媒行业将因政策扶持和国家经济结构调整而进入活跃的阶段,对传媒板块的投资可超配,其中对影视、互联网、传播等子行业以及重组、整合题材应积极超配。     

尽职调查"路线图"

权威机构统计数据显示，今年上半年，我国的并购交易金额高达410亿美元，年增长率为71％。目前，中国已经成为亚太地区继日本和澳大利亚之后的第三大并购市场。并购作为企业投资的一种重要形式，正在成为中国经济生活中备受瞩目的一道亮丽的风景线。不过，“并购并不像人们想象的那样有利可图”，在并购过程中，由于收购方的疏忽，往往会导致这样那样的纠纷，并给其带来损失。为了尽量减小和避免并购风险，在并购开始前对目标公司进行尽职调查（due diligence）是十分必要的。     

企业并购中存在的财务风险与控制对策探究

随着经济全球化的不断发展，企业之间的并购已经逐渐成为企业增长及扩大的方式之一。同时，企业的并购也伴随着很大的财务风险，一旦经营不慎，就会给企业带来巨大的损失。本文主要对企业并购中存在的财务风险及其控制对策进行了分析探讨。     

Do media connections help? Evidence from IPO pricing in China

This study examines how social connections between media executives and firms affect initial public offering (IPO) pricing using manually collected Chinese data. We find media-connected firms receive more frequent and more positive coverage than their unconnected peers, resulting in reduced IPO underpricing. However, media-connected firms have worse post-IPO market performance. Although media-connected firms have better pre-IPO accounting performance, they conduct more earnings management under the cover provided by their connected media. Additional results show that the negative effect of media connections on IPO underpricing is more pronounced for media that are not controlled by the central government and are based in the same city as the firm. It is also more pronounced for firms with less institutional ownership and non-state-owned enterprises. Our results remain valid after various robustness tests, such as alternative proxies for IPO underpricing, eliminating alternative hypotheses, matching analysis, instrumental variable analysis, as well as placebo tests. Collectively, our findings suggest that media connections compromise IPO pricing efficiency.     

媒体报道的信息中介作用:来自我国银行授信的证据

本文基于中国上市公司的媒体报道数据,实证检验了媒体报道对企业获取银行授信的影响。研究发现,在整体上,新闻媒体发挥了重要的信息中介作用;媒体关注度越高、正面报道倾向越强,企业越容易获取银行授信。进一步研究表明,媒体报道对银行授信的作用主要存在于非国有企业、市场化程度高的地区和资产负债率高的企业中;媒体报道对银行授信的影响存在一定的中长期效应;与负面报道相比,媒体正面报道在银行授信中的作用更为显著。本文不仅丰富了媒体报道与银行授信领域的研究,而且为新闻媒体信息中介作用的有效发挥提供了政策启示。     

Does monitoring by the media improve the performance of government banks?

By examining cross-country data for the period from 2000 to 2010, this study investigates whether monitoring by the media affects the performance of government-owned banks (GOBs). The results indicate that GOBs under strong monitoring do not underperform privately owned banks (POBs), whereas those under weak monitoring do underperform POBs. Further, we find that the strength of the media's monitoring has an important effect on corruption behavior and banks’ performance. This result provides an important policy implication that the government should minimize its ownership, and therefore its influence, in the media sector if it intends to improve the performance of its GOBs.     

Influence of media coverage and sentiment on seasoned equity offerings

This article examines the role of media in seasoned equity offerings (SEOs) price and market reactions on SEO announcements. Using a sample of SEO deals in UK, we find that media coverage is significantly and negatively related to SEO price discounts and market returns around SEO announcements. Moreover, we document that more pessimistic media sentiment predicts larger SEO price discounts and more negative market reactions to SEO announcements. In summary, both media coverage and media sentiment influence investor decisions in SEOs, but through different mechanisms.     

媒体新闻报道的声誉溢出效应

本文聚焦于公司违规曝光这一特定事件,使用三重差分的计量分析方法,探讨了媒体的事前新闻报道是否会影响其在投资者群体中的声誉,即是否存在声誉溢出效应。结果表明媒体对违规公司的事前新闻报道越正面(负面),其日后针对非涉案公司发布的新闻报道的市场反应就越弱(强),即存在双向声誉溢出效应。然而该效应存在不对称性,表现为负面报道带来的正向溢出效应明显强于正面报道带来的负向溢出效应。进一步研究发现,声誉溢出效应取决于投资者对于媒体声誉的主观感知以及对于违规事件的信息解读能力。当媒体的既有声誉水平较低、违规案件较为严重,或非违规公司机构投资者比例较高时,媒体的声誉溢出效应更加明显。本文论证了媒体客观公正性对于声誉积累的重要性,为媒体是否应当以及如何维护在投资者群体中的声誉形象提供了经验证据。本文对投资者如何判断和使用媒体发布的信息,进而做出正确投资决策也具有重要意义。     

基于分位数回归模型的经济因素影响传媒产业发展研究

依据灰色关联分析技术,运用分位数回归模型,考量中国传媒产业发展处于不同分位水平时经济因素对其发展的影响。结果表明,市场化程度与中国传媒产业发展的关联度最大,科技进步贡献率与中国传媒产业发展的关联度较低;在中国传媒产业发展水平不断提升过程中,市场化程度贡献率呈U型态势,文体广播财政支出贡献率以及科技进步贡献率呈持续上升态势;而GDP的增加与传媒产业发展水平的增长呈负相关关系,中国传媒产业发展水平增长速度滞后于区域GDP增长速度。     

The Impact of Media Attention on the Use of Alternative Earnings Measures

The practice of reporting earnings measures that deviate from generally accepted accounting principles (non‐GAAP measures) has received negative attention in the media. In a period of increased regulatory concern for these reporting practices, we explore whether there has been a shift away from the use of non‐GAAP metrics. This study focuses on the Dutch situation, where regulators responded conservatively (‘light’) to the accounting scandals. This contrasts with the U.S., where regulators intervened with a radical (‘heavy’) reform of regulation. We analyse a sample of earnings press releases published in the period 2000–05 from companies listed at Euronext Amsterdam. Our findings indicate that Dutch companies report non‐GAAP measures frequently and prominently. However, companies' reporting behaviour changes after a peak in negative media attention for non‐GAAP reporting. The magnitude of the adjustments to GAAP earnings becomes smaller and companies seem to have different reasons to report non‐GAAP measures. The effect of the media attention is stronger when companies have been criticized for their non‐GAAP reporting in the press. Investors seem to have become more hesitant towards the use of non‐GAAP measures for their decision‐making after negative media attention. Together, these findings suggest that the negative media attention for non‐GAAP measures has influenced the decisions of investors and managers.     

Do corporate press releases drive media coverage?

We examine the role of voluntary corporate press releases about firms' financial performance as a stimulus for financial media coverage. We find that there is a spike of media articles on the same day and one trading day following firms' press releases. We provide evidence that managers compete for media attention and can use voluntary press releases to increase their firms' media coverage; a firm's issuance of press releases attracts more media articles about the firm leading to greater abnormal returns and trading volumes. Our results are robust to controlling for firm characteristics, different model specifications as well as regular earnings announcements, which have been the focus of prior literature. We also show that our inferences are not sensitive to managers' duty to disclose material information to investors. Collectively, our findings suggest that media coverage decisions can be influenced by a firm.     

Can media exposure improve stock price efficiency in China and why?

The media in China has undergone extensive commercialization to become more market-driven over the last 35 years. Based on a sample of over two million newspape...     

Team discourse explains media richness and anonymity effects in audit fraud cue brainstorming

This article contributes by extending media richness (MRT) and media synchronicity theories (MST) to explore how media richness and anonymity influence team interactions and success in audit fraud brainstorming. Sixty-three, three-person teams, with 189 student participants from two Universities, identified fraud risk cues in a SAS 99 audit planning case. Participants were assigned to one of three conditions: electronic anonymity (EA; n = 18 teams), electronic identified (EI; n = 28 teams), or identified face-to-face (FtF; n = 17 teams). Compared with teams in the low media richness conditions, i.e., the EA and EI, discussions in FtF teams produced more and better dialog, which resulted in better identification of fraud risk cues. Additionally, compared with the discussions in the EA teams, FtF team discussions evidenced less narcissism and were more focused and inhibited. Mediation analyses of team interactions indicated that the quantity of dialog (team production) completely explains, fully mediates, the effects of media richness and anonymity on risk assessments. Contributions include extending MRT and MST, and using automated content analysis, to explicate the role of media richness, anonymity, and team interactions in explaining audit team fraud identification success. The concluding section identifies the sample, design, and method limitations, and, discusses the potential for group support technologies to enhance or detract from audit team processes, depending on task, context, and technology.