【摘要】：語(yǔ)言作為一種重要的非正式制度會(huì)對(duì)經(jīng)濟(jì)發(fā)展產(chǎn)生重要影響。然而,中國(guó)對(duì)于語(yǔ)言與經(jīng)濟(jì)關(guān)系的研究并不多。作為眾多方言同時(shí)并存的語(yǔ)言大國(guó),語(yǔ)言類(lèi)型所蘊(yùn)含的特定文化模式和思維方式客觀存在,市場(chǎng)參與主體語(yǔ)言特質(zhì)所承載的文化屬性會(huì)在潛移默化中對(duì)企業(yè)經(jīng)濟(jì)活動(dòng)發(fā)揮重要影響。本文基于《中國(guó)語(yǔ)言地圖集》對(duì)漢語(yǔ)方言的分類(lèi)方法,通過(guò)手工收集與匹配數(shù)據(jù),以企業(yè)經(jīng)濟(jì)活動(dòng)中最引人注目的投資活動(dòng)——并購(gòu)事件為研究立足點(diǎn),考察作為市場(chǎng)參與主體——公司間的語(yǔ)言差異對(duì)公司經(jīng)濟(jì)活動(dòng)所產(chǎn)生的影響。本文選取首次公告日在2000年至2012年期間中國(guó)上市公司并購(gòu)非上市公司事件(非關(guān)聯(lián))為樣本,檢驗(yàn)了收購(gòu)方與目標(biāo)方語(yǔ)言差異對(duì)收購(gòu)方股東財(cái)富的影響。實(shí)證研究發(fā)現(xiàn):收購(gòu)方與目標(biāo)方語(yǔ)言差異越大,收購(gòu)方股東財(cái)富受損的可能性越大;進(jìn)一步檢驗(yàn)發(fā)現(xiàn),這種影響存在于收購(gòu)方為民營(yíng)企業(yè),收購(gòu)方CEO無(wú)政治聯(lián)系,收購(gòu)方所處地市場(chǎng)化程度較低或者為非發(fā)達(dá)地區(qū),收購(gòu)方與目標(biāo)方屬于不同行業(yè)、目標(biāo)方是非高技術(shù)產(chǎn)業(yè)或收購(gòu)方上市公司已經(jīng)完成股權(quán)分置改革時(shí),也說(shuō)明了正式制度與非正式制度之間的互補(bǔ)關(guān)系。本文豐富了非正式制度與經(jīng)濟(jì)關(guān)系研究、跨區(qū)域并購(gòu)領(lǐng)域的文獻(xiàn)。本文同時(shí)提供了從語(yǔ)言角度研究經(jīng)濟(jì)行為如公司并購(gòu)事件的新思路,這將有助于理解中國(guó)特殊的語(yǔ)言環(huán)境與經(jīng)濟(jì)行為的關(guān)系。與此同時(shí),本文的研究結(jié)果也為股票量化投資中的事件研究選股提供了新思路。
[Abstract]:As an important informal institution, language will have an important impact on economic development. However, there are few studies on the relationship between language and economy in China. As a large language country where many dialects coexist at the same time, the specific cultural patterns and modes of thinking contained in language types exist objectively. The cultural attributes carried by the linguistic characteristics of market participants will play an important role in the economic activities of enterprises. Based on the classification of Chinese dialects in the Atlas of Chinese language, this paper, through collecting and matching data by hand, takes the M & A event, which is the most noticeable investment activity in enterprise economic activity, as the research foothold. This paper examines the influence of linguistic differences among firms, as the main body of market participation, on the economic activities of companies. This paper selects the first announcement date from 2000 to 2012 as a sample to examine the influence of language differences between the acquirer and the target party on the shareholder wealth of the acquirer. The empirical study shows that the greater the language difference between the acquirer and the target, the more likely the shareholder's wealth will be damaged. Further tests show that this influence exists in that the acquirer is a private enterprise, the acquirer CEO has no political connection, the buyer is in a low degree of marketization or is a non-developed region, and the acquirer and the target party belong to different industries. When the target party is a non-high-tech industry or the acquirer listed company has completed the split share structure reform, it also illustrates the complementary relationship between the formal institution and the informal institution. This paper enriches the research on informal institution and economic relations, and the literature in cross-regional M & A field. This paper also provides a new way to study economic behaviors such as mergers and acquisitions from a linguistic perspective, which will help to understand the relationship between the special linguistic environment and economic behavior in China. At the same time, the results of this paper also provide a new way for stock selection in quantitative stock investment.
【學(xué)位授予單位】：上海外國(guó)語(yǔ)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：H0-05;F271;F275

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