险资举牌对被举牌公司股价波动的影响研究——基于事件研究法的实证分析

发布时间：2018-01-14 16:06

本文关键词：险资举牌对被举牌公司股价波动的影响研究——基于事件研究法的实证分析　出处：《保险研究》2017年08期 　论文类型：期刊论文

【摘要】：本文通过事件研究法就我国险资举牌上市公司对其股价波动的影响进行了实证研究。结果表明:第一,举牌事件总样本的研究发现,在举牌公告日后,被举牌公司有较大的平均异常收益率(AAR),短期内,险资举牌后对被举牌公司的股价波动具有显著影响。第二,分类研究发现,一次举牌和多次举牌的市场反应差异不大,说明市场并未对多次举牌形成预期;平台类和非平台类险资举牌、大公司和小公司的险资举牌的研究表明,险资的不同属性并没有对被举牌上市公司的股价产生明显的差异化影响;险资财务投资和战略投资的举牌研究表明,现阶段财务投资更能得到市场的认可,战略投资会引起市场的一定担忧。
[Abstract]:This paper makes an empirical study on the influence of the listed companies in China on the volatility of their stock price by the method of event research. The results show that: first, the study of the total sample of the raising events found that after the announcement date. The listed companies have a large average abnormal rate of return AARA, in the short term, the risk of listed companies after the stock price fluctuation has a significant impact. Second, the classification study found. The difference of market reaction between one lift and many times is not big, which shows that the market has not formed the expectation for many times; The research of platform type and non-platform type risk card shows that the different attributes of risk capital have no obvious difference effect on the listed company's stock price. The research on risk capital financial investment and strategic investment shows that financial investment can be more recognized by the market at the present stage, and strategic investment will cause certain worries in the market.
【作者单位】：对外经济贸易大学保险学院;东北财经大学金融学院;
【基金】：国家哲学社会科学基金“保险公司过度风险承担与系统性风险跨市场传染机制研究”(17BJY204)的资助
【分类号】：F832.51;F842.3
【正文快照】： 一、引言中国经济增速放缓和经济结构调整带来了信用风险增加、利率复杂化等挑战,在这一大环境的影响下,当前,整个金融市场的债券违约现象频生,固定收益类投资标的吸引力不断下降,资产荒问题加剧,使得整个金融市场的稳定性受到了冲击。对于保险业而言,险资运用的外部环境也发

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