证监会并购重组反馈意见及其监管效应分析
---以三七互娱公司为例
摘要
并购重组作为资源配置的有效措施，是公司发展的重要手段之一。由于并购重组
实施过程复杂且专业性强，重组各方及外部投资者之间存在着严重的信息不对称，如
何有效加强上市公司并购重组监管，规范其行为，对保护中小投资者利益，促进我国
资本市场健康发展具有十分重要的意义。
面对并购重组过程中的众多风险，为了有效提高证监会监管效果，规范上市
公司并购行为，降低投资者与并购方的信息不对称性，证监会于2014年12月发布
通知将公开并购重组反馈意见。证监会的这一举措一方面充分提高了证监会的透明
管理水平；另一方面对规范上市公司的并购重组行为，改善并购公司的信息披露，
提升信息透明度，引导外部投资者有效决策，提高我国资本市场的效率性具有十分
积极的作用。因此，证监会并购重组反馈意见作为并购事项行政审批程序中的重要
一环，探讨该监管举措是否能够切实有效地发挥其监管效应，是否对规范上市公司
的并购行为产生了积极有效的引导作为，具有十分积极的现实意义。
本文采取了文献研究法、数据分析法、事件研究法以及案例分析法，研究证
监会并购重组反馈意见及其监管效应。本文研究主要从两方面展开：一是基于证监
会公开的反馈意见进行数据统计，对证监会并购重组反馈意见监管现状进行系统分
析。论文通过统计分析证监会2015年到2018年所公布的并购重组反馈意见，从反
馈意见总体状况、反馈意见类别等角度对证监会基于反馈意见的监管现状进行分
析。二是采用事件研究法与案例分析法对证监会反馈意见的监管效应进行分析。论
文以三七互娱并购重组事项为典型案例，剖析证监会反馈意见对其并购行为的监管
效应。论文在阐述三七互娱公司具体并购过程的基础上，通过分析证监会对其并购
的反馈意见，探究证监会对该次并购行为的监管重点，同时通过事件研究法分析证
监会反馈意见产生的市场效应，并以媒体监督为角度分析公开反馈意见引起的社会
效应。最后，论文探究在市场效应和社会效应的共同作用下证监会反馈意见对并购
案例产生的积极影响。
本论文的研究对证监会利用非处罚性监管手段提升其监管能力、提高其透明管理
水平；对并购公司完善并购计划，规范并购行为；同时对研究媒体的监督作用均具有
积极意义。
关键词：并购重组反馈意见；非处罚性监管；监管效应；并购重组
I
An analysis of the regulatory effect of the feedback
on merger and reorganization of China Securities
Regulatory Commission
---Take Sanqi mutual entertainment company as an
example
Abstract
As an effective means of resource allocation,M &A is one of the important ways
for the development of the company.Due to the complexity and high professionalism
of the implementation process of M &A,there is a serious information asymmetry
between the restructuring parties and external investors.How to effectively strengthen
the supervision of M &A of listed companies and regulate their behavior is of great
significance to protect the interests of small and medium investors and promote the
development of China's capital market.
In the face of many risks in the process of M &A,in order to effectively improve
the supervision efficiency and effect of Securities Supervision Commission,
standardize the M &A behavior of listed companies,and reduce the information
asymmetry between the parties of M &A,Securities Supervision Commission issued
a notice in December 2014to disclose the feedback of M &A.On the one hand,the
action of Securities Supervision Commission has fully improved the transparent
management level of Securities Supervision Commission;on the other hand,it plays a
very positive role in standardizing the merger and reorganization behavior of listed
companies,improving the information disclosure of merger and acquisition companies,
enhancing the information transparency,guiding external investors to make effective
decisions,and improving the efficiency of China's capital market.Therefore,as an
important part of the administrative examination and approval process of merger and
acquisition,it is of great practical significance to explore whether the regulatory
measures can effectively play its regulatory effect and have a positive and effective
guiding effect on regulating the merger and acquisition behavior of listed companies.
II
This paper adopts the methods of literature research,data analysis,event research
and case analysis to study the feedback and regulatory effect of M &A of
Securities Supervision Commission.This paper mainly starts from two aspects:first,
based on the data statistics of the public feedback of the Securities Supervision
Commission,this paper makes a systematic analysis of the supervision status of the
feedback of the merger and reorganization of the Securities Supervision Commission.
Through the statistical analysis of the feedback of M &a published by the
Securities Supervision Commission from 2015to 2018,this paper analyzes the
regulatory status of the Securities Supervision Commission based on the feedback
from the perspective of the overall status and types of feedback.The second is to
analyze the regulatory effect of SFC feedback by using event study method and case
analysis method.Taking the merger and acquisition of Sanqi mutual entertainment as
a typical case,this paper analyzes the regulatory effect of the feedback of Securities
Supervision Commission on its merger and acquisition.On the basis of expounding
the specific merger and acquisition process of Sanqi mutual entertainment company,
this paper analyzes the feedback of the Securities Supervision Commission on its
merger and acquisition,explores the regulatory focus of the Securities Supervision
Commission on the merger and acquisition,and studies the market effect produced by
the feedback of the Securities Supervision Commission and its social effect
represented by media supervision through the event research method.Finally,the
paper analyzes the positive impact of the feedback of Securities Supervision
Commission on M &A cases under the combined effect of market effect and social
effect.
The research of this paper has positive significance for the Securities Supervision
Commission to use non punitive regulatory means to enhance its regulatory capacity
and improve its transparent management level;for the merger and acquisition
companies to improve the merger and acquisition plan and standardize the merger and
acquisition behavior;and for the study of the supervision role of the media.
Keywords:Feedback on M &A;Non punitive supervision;Regul
atory effect;Merger and Acquisition
III
目录
第一章绪论...............................................................................................1
1.1研究背景及研究意义.......................................................................1
1.1.1研究背景.....................................................................................1
1.1.2研究意义.....................................................................................2
1.2国内外文献综述...............................................................................3
1.2.1国外文献综述.............................................................................3
1.2.2国内文献综述.............................................................................7
1.2.3文献述评...................................................................................12
1.3研究方法与研究思路.....................................................................13
1.3.1研究方法...................................................................................13
1.3.2研究内容和路径.......................................................................13
1.4本文创新点.....................................................................................16
第二章相关概念和理论基础................................................................17
2.1相关概念.........................................................................................17
2.1.1并购重组...................................................................................17
2.1.2媒体监督...................................................................................17
2.1.3非行政处罚性监管...................................................................17
2.1.4证监会并购重组反馈意见.......................................................18
2.2相关理论基础.................................................................................19
2.2.1信息不对称理论.......................................................................19
2.2.2信号传递理论...........................................................................20
2.2.3有效市场理论...........................................................................20
2.2.4声誉机制理论...........................................................................21
第三章证监会并购重组反馈意见监管现状分析................................22
3.1并购重组反馈意见主要分类........................................................22
3.1.1历史信息...................................................................................22
3.1.2前瞻信息...................................................................................22
3.1.3交易信息...................................................................................23
3.2证监会并购重组反馈意见监管现状分析....................................24
3.2.1并购重组现状分析...................................................................24
3.2.2证监会并购重组反馈意见总体分析.......................................26
3.2.3证监会并购重组反馈意见的类别分析..................................27
3.3总结.................................................................................................31
第四章案例概况及证监会的反馈意见分析........................................33