我国上市公司资产重组与股价异常波动的关联性研究

发布时间：2018-01-10 12:13

本文关键词：我国上市公司资产重组与股价异常波动的关联性研究　出处：《金融发展研究》2017年04期 　论文类型：期刊论文

【摘要】：本文收集了2013—2015年沪市上市公司资产重组的142个样本,采用事件研究法,运用平均超额收益(AAR)与累计超额收益(CAR)指标研究收购兼并、股权转让、资产剥离这三类资产重组方式对公司股价异动的影响。研究结果表明:在公告日前较短时期内三种重组方式的AAR和CAR都显著大于0,股价异常波动明显,表明资产重组公告前信息提前泄露会导致股价异常波动;在公告日后,收购兼并和股权转让重组的CAR在持续上升后逐渐趋于平稳,且收购兼并类的CAR更高,获得了长期的市场效应,而资产剥离在公告后7日CAR便出现了持续下跌,表明企业资产重组方式不同会对公司绩效产生不同的影响。
[Abstract]:This paper collects 142 samples of assets reorganization of listed companies in Shanghai Stock Exchange from 2013 to 2015, and adopts the event study method. Using the average excess return (AAR) and cumulative excess income (CAR) index to study mergers and acquisitions, equity transfer. The results show that the AAR and CAR of the three recombination methods are significantly larger than 0 in the short period before the announcement date. The abnormal fluctuation of the stock price indicates that the disclosure of the information before the announcement of the asset restructuring will lead to the abnormal volatility of the stock price; After the announcement date, the CAR of M & A and share transfer reorganization has gradually leveled off after a continuous rise, and the CAR of M & A is higher, thus obtaining long-term market effect. On 7th after the announcement, the CAR continued to decline, indicating that different ways of asset restructuring will have different effects on corporate performance.
【作者单位】：四川师范大学商学院;
【基金】：四川省科技厅软科学重点项目“创新驱动视角下四川科技金融结合研究”(2017ZR0117)
【分类号】：F832.51
【正文快照】： 一、引言上市公司通过资产重组的方式实现企业发展战略转型以及完成资产的合理配置,是目前资本市场最为关注的话题之一。资产重组已经成为实现同一企业或不同企业整合与配置资源、调整产业结构、改善股权结构、最大化企业价值等目的的重要途径。对于投资者而言,资产重组作为公

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