中国上市公司O2O战略公告市场价值的实证研究

发布时间：2018-06-01 10:57

本文选题：O2O公告 + 市场价值　；参考：《华中科技大学》2016年硕士论文

【摘要】：O2O即Online to Offline,是近年来在国内较为流行的一种新型商业模式。这种商业模式将线上流量与线下资源相结合,使消费者能够通过移动客户端方便快捷地购买日常所需,在本地生活服务市场中具有巨大的市场空间。本文以国内各大公司涉水布局O2O新型电子商务模式为视角,选取发布O2O战略公告的上市公司为研究对象,在我国沪、深两市证券交易所中收集了2013-2015年间各上市公司发布的154个O2O战略公告。根据已有参考文献,采用事件分析法,基于有效资本市场和理性投资者的假说,对样本公告相应的股票价格进行了异常收益检验及累计异常收益检验,考察了样本公告对上市公司市场价值的整体影响。同时,在研读公告内容的基础上对样本公告进行了分类,考察了公告的行业差异、战略差异、产品差异和风险提示差异对公司市值的影响。实证结果表明,O2O战略公告能够显著提升上市公司的市场价值。其中,制造业O2O战略公告带来的公司市值的增加显著高于非制造业;自建平台类公告带来的公司市值的增加显著高于借助平台类,并且,投资自有平台和全资设立公司类公告能够为股东带来更多的异常收益;有风险提示型公告为股东带来的异常收益显著高于无风险提示型公告;而实物型产品公告与服务型产品公告的市值差异并不显著。O2O战略公告对公司市值产生正向影响的结论能够为企业在资本市场上带来更多的资金支持,同时不同类型O2O战略公告产生的不同市场效应也可为投资者和管理者提供相应的决策参考。
[Abstract]:O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 This business model combines online flow with offline resources, which enables consumers to purchase daily needs conveniently and quickly through mobile clients, and has a huge market space in the local life service market. From the perspective of the new O2O E-commerce model of domestic companies, this paper selects listed companies that issue O2O strategic announcements as research objects, in Shanghai, China. Shenzhen and Shenzhen stock exchanges collected 154 O 2 O strategic announcements issued by listed companies in 2013-2015. Based on the hypothesis of efficient capital market and rational investors, the abnormal return test and accumulative abnormal return test are carried out on the stock price corresponding to the sample announcement according to the existing references and the event analysis method. The effect of sample announcement on the market value of listed companies is investigated. At the same time, on the basis of studying the contents of the announcement, the paper classifies the sample announcement, and examines the influence of the industry difference, strategy difference, product difference and risk hint difference on the market value of the company. The empirical results show that O 2O strategic announcement can significantly enhance the market value of listed companies. Among them, the increase in market value of manufacturing companies brought about by O2O strategy announcement is significantly higher than that of non-manufacturing companies, and the increase of corporate market value brought by self-built platform announcements is significantly higher than that of companies with platform class, and, Investment in its own platform and the establishment of corporate announcements can bring more abnormal returns to shareholders, and the abnormal returns brought by risk-prompting announcements are significantly higher than those of risk-free announcements. However, the difference of market value between physical product announcement and service product announcement is not significant. The conclusion that O2O strategic announcement has a positive impact on corporate market value can bring more financial support to the enterprise in the capital market. At the same time, the different market effects of different types of O _ 2O strategic announcements can also provide reference for investors and managers.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51

【参考文献】