股权集中度与资产出售的价值效应

发布时间：2019-02-17 14:34

【摘要】：资产出售是企业去除过剩产能的一种重要手段,而在中国上市公司中,投资者对于不同公司资产出售事件的市场反应并不尽相同。基于事件研究法的研究结果表明,围绕资产出售宣告日前后,公司股权集中度越低,其股票超额收益越高,即投资者对该公司的出售决策寄予价值增长预期。在控制了其他变量的多元回归分析中,股权集中度仍与资产出售的价值效应呈现显著的负相关关系。由此可见,股权集中度的差异一定程度上反映了代理成本的不同,在股权集中度低的上市公司中管理层的代理成本较高,管理层既往的投资决策对于股东而言或不是最优的;当宣告资产出售时,市场将此解读为对以往无效投资决策的一种"壮士断腕"式的矫正,通过股价在事件前后的超额收益体现出投资者预期的价值效应。
[Abstract]:Asset sales are an important means for companies to remove excess capacity, and in Chinese listed companies, investors' market reactions to asset sales are not uniform. The research results based on event study show that the lower the concentration of equity is, the higher the excess return of stock is around the date of asset sale announcement, that is, investors expect the increase of the value of the company's selling decision. In the multivariate regression analysis which controls other variables, there is still a significant negative correlation between equity concentration and the value effect of asset sales. It can be seen that the difference of ownership concentration degree reflects the difference of agency cost to some extent. In the listed company with low equity concentration, the agency cost of management is higher, and the previous investment decision of management may not be optimal for shareholders; When announcing the asset sale, the market interprets it as a kind of "strong man's wrist" correction to the past invalid investment decision, and reflects the value effect of investor's expectation through the excess return of stock price before and after the event.
【作者单位】：厦门大学管理学院;同济大学经济与管理学院;中国财政科学研究院;
【基金】：中央高校基本科研业务费专项资金“中国市场基金份额变动与收益研究”(20720151130) 福建省教育厅中青年教师教育科研项目“公司盈余信息环境与崩盘风险”(JAS160002) 教育部人文社会科学研究青年基金项目“上市公司盈余解释力与股价崩盘风险”(16YJC790082)
【分类号】：F271;F273.4

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