| China Securities Regulatory Commission(CSRC)began to gradually relax the control on short selling since March 31,2010,and the stock market allowed short selling of specific pilot stocks,which indicated that China officially entered the era of bilateral trading.Taking the above as the research background,this paper,based on the empirical background of listed companies,studies the relationship between the deregulation of short selling and the performance of corporate mergers & acquisitions through quasi-natural experimental analysis.Specifically speaking,this paper adopts Difference in Differences(DID)empirical research method and takes the data of mergers & acquisitions of listed companies in China from 2007 to 2017 as the initial research sample,to analyze influence on the performance of corporate mergers &acquisitions under the deregulation of short selling so as to carry out further hypothesis verification and additional testing of its channels of action.The research results show that after the deregulation of short selling,the short selling pressure brought by the short selling activities in the market can effectively curb the agent behaviors of executives in mergers & acquisitions decisions so as to improve the long-term performance and short-term performance in corporate mergers &acquisitions activities.The results also have both good reliability and robustness.Chapter one of this paper is the introduction,which mainly introduces the research background,research significance and domestic & foreign literature review on short selling mechanism and corporate mergers & acquisitions.Besides,it briefly introduces research content,structure and research methods before puts forward research innovation and the key and difficulty points;chapter two introduces the mechanism of short selling,the performance of mergers & acquisitions,and the influence of the deregulation of short selling on the performance of corporate mergers& acquisitions including the concept,background,classification,purpose and process of short selling,the concept and evaluation method of corporate mergers &acquisitions performance,the principle,process and action channels of the influence of deregulation of short selling on the performance of corporate mergers &acquisitions,etc;chapter three is an empirical study on the influence of short selling mechanism on corporate mergers & acquisitions performance,which mainly composes of introduction to empirical methods and tools,sample selection and data collection,model design,variable definition,descriptive statistics and regression analysis;chapter four is channel inspection and additional testing,which,based onempirical research mentioned above,carries out channel test,robustness test and parallel trend test;chapter five is the conclusion of research based on analysis of the above two parts,and some suggestions given from the perspectives of listed companies,investors and regulators.Based on the empirical evidence of listed companies,this paper studies the influence of the deregulation of short selling on the performance of corporate mergers& acquisitions and the conclusion of this study has certain reference value for the decision-making of listed companies,behaviors of investors and the supervision of regulators. |
