上市公司政府补助公告的市场反应研究

发布时间：2018-05-03 17:48

本文选题：政府补助 + 市场反应　；参考：《西南大学》2013年硕士论文

【摘要】：政企关系一直是学术界研究的重点问题。我国当前仍处于由计划经济体制向市场经济体制转轨的过程中,证券市场作为国民经济的晴雨表更是将这背后的政企关系表露无遗。一方面,众多由国有公司改制而来的上市公司与政府的利益关系深度交织,地方政府出于增加社会就业、对地方企业承担的政策性负担进行补偿、满足资本市场的各种硬性指标要求等各种目的参与到上市公司的盈余管理中去,给予了这些公司大量的政府补助。另一方面,出于宏观经济调控、中观产业扶持和微观技术创新的目的,各级政府给予了众多上市公司专项财政补贴,用以引导企业投资方向,培植企业核心竞争力,实现政府调整国民经济产业结构的目的。政府补助切实改善了上市公司的财务状况,提高了上市公司的经营业绩,扮靓了报告期内的会计盈余,而专项补助更可在长期改善企业的营运水平和盈利能力。当这些公司发布政府补助公告后,其背后所具有的信息含量能够改善投资者对于公司未来的经营预期,从而导致股票市场的价格变动,产生一定的超额收益,也即引起股票市场的市场反应。本文即以政府补助公告的市场反应作为研究内容,首先采用事件研究法对政府补助公告的市场反应存在与否进行了检验与分析,接着基于已证实存在的市场累计平均超额收益,采用多元回归分析的方法对影响政府补助市场反应的因素进行了实证研究,并依照得出的显著影响因素对总体研究样本进行分类后的对比研究,得到主要结论如下： (1)上市公司政府补助公告的披露确实具有一定的信息含量,能够引起公告前和公告目的显著正向市场反应,而在公告后超额收益趋于消散。这一现象的存在,亦在侧面说明我国A股市场仍为一个弱式有效市场。 (2)进一步的多元回归分析和分组对比研究表明：①政府补助公告的市场反应存在规模效应现象,即小规模的公司能够获得更高的累计平均超额收益。②当政府补助金额占当期利润的比例较高时,投资者的滞后反应导致累计平均超额收益一路走高,体现了投资者不理性的一面。③投资者更为看好将政府补助金额计入递延收益这一会计确认结果,由此录得较高的累计平均超额收益。④公司的最终控制权是国有部门还是私营部门这一区别并不能对政府补助公告的市场反应产生显著影响。 (3)对总体样本和各组分类样本的研究表明,内幕交易这一证券市场的幽灵在上市公司政府补助公告事件中普遍存在,这样的行为扭曲了证券市场运行效率,侵害了非知情交易者的利益,有必要对其加以监督和惩罚。最后基于以上研究,本文于完善政府补助公告事件的披露质量、加强内幕交易的监管和惩治、改善投资者结构、加强投资者教育等方面提出了相关政策建议。
[Abstract]:The relationship between government and enterprise has been the focus of academic research. At present, our country is still in the process of transition from planned economy system to market economy system, and the securities market, as a barometer of national economy, reveals the relationship between government and enterprise. On the one hand, the interests of many listed companies that have been restructured from state-owned companies are deeply intertwined with the government. In order to increase social employment, local governments compensate for the policy burden borne by local enterprises. In order to meet the requirements of the capital market, we participate in the earnings management of listed companies and give them a lot of government subsidies. On the other hand, for the purposes of macroeconomic control, meso-industrial support and micro-technological innovation, governments at all levels have given special financial subsidies to many listed companies to guide enterprises in their investment direction and cultivate their core competitiveness. Realize the goal that the government adjusts the industrial structure of national economy. The government subsidy has improved the financial situation of the listed company, improved the operating performance of the listed company, and enhanced the accounting surplus in the reporting period, while the special subsidy can improve the operating level and profitability of the enterprise in the long run. When these companies issue government subsidy announcements, the information content behind them can improve investors' expectations for the future operation of the company, resulting in price changes in the stock market and certain excess returns. That is, the stock market reaction. In this paper, the market reaction of government subsidy announcement is taken as the research content. Firstly, the existence or not of the market reaction of government subsidy announcement is tested and analyzed by the event research method, and then based on the accumulated average excess return of the market that has been proved to exist. Using the method of multiple regression analysis, this paper makes an empirical study on the factors that affect the market response of government subsidies, and makes a comparative study of the overall study samples according to the significant influencing factors obtained. The main conclusions are as follows: 1) the disclosure of government subsidy announcements of listed companies does have a certain amount of information, which can cause a significant positive reaction to the market before and after the announcement, and the excess returns tend to dissipate after the announcement. The existence of this phenomenon also shows that China's A-share market is still a weak efficient market. (2) further multivariate regression analysis and comparative study of groups show that the market response of the government subsidy announcement at 1: 1 has a phenomenon of scale effect. That is, small companies can obtain higher cumulative average excess returns. 2. When government subsidies account for a higher proportion of current profits, investors' lagging reactions lead to higher cumulative average excess returns. This reflects the irrationality of investors. 3 investors are more optimistic about the accounting recognition result of recording the amount of government subsidies into deferred earnings. The difference between the final control of the company and the private sector, as a result, recorded a higher cumulative average of excess returns, does not have a significant impact on the market response to government subsidy announcements. 3) A study of the total sample and the group of classified samples shows that the specter of insider trading, the specter of the securities market, is prevalent in the public subsidy announcement of listed companies, and this behavior distorts the efficiency of the securities market. It infringes the interests of uninformed traders, and it is necessary to supervise and punish them. Finally, based on the above research, this paper puts forward some policy suggestions on perfecting the disclosure quality of government subsidy announcement, strengthening the supervision and punishment of insider trading, improving investor structure and strengthening investor education.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F812.45;F832.5

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