并购中的策略性信息披露：动机与制度

Mergers and acquisitons are important economic transactions， which directly influence efficiency and effect of the allocation of economic resources and the development of the economy. Information disclosure of involved parties in mergers and acquisitons is an important determinant of whether the deals can be successful. This study focuses on the strategical disclosure of the acquirers. From the perspetives of incentive and instituion， this study analyzes the disclosure of acquirers in different types of mergers and acquisitions. The empirical analysis of the study is to adress the following three research questions：（1）how incentives of both shareholders and managers of the acquirers determine the strategical disclosure of the acquirers; (2) how instituions can circumvent the strategical disclosure; (3) what are the economic consequences of strategical disclosure in mergers and acquisitions. The project helps to understand information disclosure in mergers and acquisitions more deeply. In addition, this study has important implications for both targets and regulators. The study helps the targets to understand the disclosure strategy of the acquirers so that they can protect their own interests in mergers and acquisitions. In addition, the project helps regulators to improve regulation, to identify regulation keys and to make capital market function well.

并购是非常重要的经济活动,它直接影响到资源配置的效率与质量，并进而影响到整体经济能否健康成长。并购参与方披露的信息是影响并购成功与否的重要因素。本项目主要研究并购中收购方的信息披露行为。本项目从动机与制度两大视角来分析不同类型并购中收购方的信息披露行为，拟通过实证研究来回答以下三个主要问题：（1）不同类型的并购中，收购方股东与收购方管理层的动机如何影响收购方的策略性披露行为；（2）哪些制度因素会制约收购方的策略性信息披露；（3）并购中的策略性信息披露会有怎样的经济后果。本项目有助于我们更深刻的认识并购中的信息披露行为，更全面地理解其影响因素。此外本研究对于潜在的被收购方及证券市场监管者也具有很重要的意义，它有助于被收购方更加清楚收购方的信息披露行为从而在收购活动中更好的保护自身利益，也有助于监管者完善监管方式、明确监管重点，从而更有效的保护资本市场的正常运行。

并购是非常重要的经济活动,它直接影响到资源配置的效率与质量，并进而影响到整体经济能否健康成长。.本课题主要研究了这个个问题：母公司如何运用掏空的财富？ . 控制人常常通过并购形成企业集团，并掏空上市公司。我们分析了中国上市公司的母公司，发现母公司主要将从上市公司掏空的财富分配给母公司的所有者，而很少将掏空的财富用于母公司的投资。当母公司投资机会较少，控制人拥有较多的控制权及较少的现金收益权，以及法制不够完善时，母公司更多地将从上市公司掏空的财富分配给股东。此外我们发现进行较多掏空的母公司经营业绩通常较差。..