在大数据情景下，关注成为了一种稀有的认知资源，并对资本市场定价和企业行为产生影响。本项目拟以投资者关注为切入点，研究大数据情景下投资者关注影响企业并购的作用机理与经济后果。面对处于关注下的并购活动，如何识别投资者关注的价值创造效应，从而构建投资者关注驱动的企业并购估值模型？如何将投资者关注引入到企业并购博弈模型的推演中，从而构建投资者关注影响企业并购交易决策的博弈理论模型？投资者关注的“聚光灯效应”和过度自信效应如何影响管理层发起并购的可能性？投资者关注是否会通过影响投资者的行为，进而影响并购的市场反应？围绕以上问题，本项目将基于爬虫等数据挖掘技术，抓取多维度的互联网数据，构建相关的理论和实证模型，形成基于大数据的投资者关注对我国企业并购活动影响机制的完整框架，为企业并购决策提供理论指导和实践策略。

In the age of Big data, investor attention which has become a scarce cognitive resource, has impacted the equity pricing process and corporate behavior. In this project we focus on investor attention and study the mechanism and economic consequences of investor attention impact on corporate mergers and acquisitions. How to identify the value creation effect of investor attention so as to build the M&A valuation model based on investor attention? How to construct the theoretical M&A game model which includes investor attention in the age of big data? How do the “spotlight effect” and overconfidence effect generated by investor attention affect management's M&A decisions? What is the impact of investor attention on the creation of shareholder wealth in mergers and acquisitions? By investigating the above questions, based on multi-dimensional data obtained from web crawler and other data mining technologies, this project develops a mechanism frame of the influence of investor attention on corporate mergers and acquisitions in the age of big data, and provides theoretical guidance and practical strategies for corporate M&A decisions.