购销合同公告与公司市值的相关性研究

发布时间：2018-03-11 19:38

本文选题：实证研究　切入点：市值管理　出处：《华中科技大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着股权分置改革的逐步实现，中国股市发生了结构性的变化，大股东与小股东的利益趋于一致，，导致上市公司对市值管理的关注度越来越高，公司管理层通过企业的运营决策来影响公司市值的情况也越来越普遍，因此以市值管理为背景，研究公司运营决策对其市值的影响效果，是一个新颖而又有实际意义的课题。本文从供应链的视角出发，研究市值管理背景下我国上市公司购销合同公告在短期内对公司市值的影响程度，并且探索在此情况下公司的运营业绩与股市回报之间的关系。本文按照实证研究的基本思路，对相关理论和研究进行了整理与回顾，结合市场实际情况提出假设，基于2001年到2011年间的113则购销合同公告及相关数据，综合运用事件研究法以及统计学的相关理论与方法，对问题进行了深入的研究。发现上市公司发布购销合同公告对公司的股市回报会产生积极的影响，并且购销合同对供应方股价的推动作用要强于购买方。合同公告对股市回报的短期影响现象不会因为股票市场的不同而有所差异，投资者因合同公告而进行的投资决策并不受企业成长潜力高低、规模大小、负债权益比情况的影响，而在上市公司发布销售合同的情况下，合同总价占营业收入的百分比越高，公司越有可能在短期内获得较高的股市收益。
[Abstract]:With the gradual realization of the reform of split share structure, the Chinese stock market has undergone structural changes. The interests of major shareholders and minority shareholders tend to converge, leading to the increasing attention of listed companies to market value's management. It is also more and more common for the management of the company to influence market value through the operation decisions of the enterprises. Therefore, with the background of market value management, this paper studies the effect of the company's operational decisions on its market value. This paper, from the perspective of supply chain, studies the influence of the purchase and sale contract announcement of listed companies of our country on market value in the short term under the background of market value's management. It also explores the relationship between operating performance and stock market returns in this case. In accordance with the basic ideas of empirical research, this paper collates and reviews the relevant theories and studies, and puts forward assumptions in combination with the actual market conditions, based on the 113-contract announcements and related data from 2001 to 2011. By using the event research method and the relevant theories and methods of statistics, this paper makes a deep study of the problem. It is found that the announcement of purchase and sale contract issued by listed companies will have a positive impact on the stock market returns of the companies. The short-term effect of contract announcement on the stock market return will not be different because of the different stock market. The investment decision made by the investors due to the announcement of the contract is not affected by the growth potential of the enterprise, the size of the enterprise, the ratio of debt to equity, and the higher the percentage of the total contract price to the operating income of the listed company is when the sales contract is issued by the listed company, The more likely the company is to achieve higher stock market returns in the short term.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275;F224

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