| 大小非解禁的市场反应 |
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| 引用本文： | 陈睿.大小非解禁的市场反应[J].财经科学,2011(3). |
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| 作者姓名： | 陈睿 |
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| 作者单位： | 华中师范大学经济管理学院; |
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| 基金项目： | 教育部人文社会科学研究青年基金项目(09YJC790114)的阶段性成果 |
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| 摘 要： | 本文利用事件研究方法,研究截止2010年3月31日解禁的大小非样本对二级市场股票价格的影响。结果表明,大小非解禁对市场产生了显著负面影响。在此基础上,对大小非样本进行了分类研究,发现大小非解禁后真正对二级市场产生的实质性冲击主要集中在高估值、非控股股东和自由减持三类样本,而在解禁前中低估值、控股股东和大宗交易减持三类大小非样本对二级市场存在一定的心理冲击,但幅度有限,且在解禁后市场对解禁前的心理冲击有一定的矫正。另外,值得注意的是,高估值和非控股股东两类大小非样本在解禁前存在明显人为拉高股价的操纵迹象。
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| 关 键 词： | 大小非 股票市场 事件研究 |
The Market Response to "Ban Lifting of Restricted Stock" in Chinese A Share Market |
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| Chen Rui.The Market Response to "Ban Lifting of Restricted Stock" in Chinese A Share Market[J].Finance and Economics,2011(3). |
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| Authors: | Chen Rui |
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| Abstract: | This paper conducts an empirical analysis of the market reactions to the lifting of restricted shares.Research finds that the market responds passively to the lifting of restricted shares.Classification tests finds that 3 kinds of samples of higher PE,non-holding and unrestrained-reducing result in the stronger impact to share market after lifting,and the kinds of samples of medium and lower PE,holding and restrained-reducing lead to slightly Psychological impact to share market before lifting.In addition,i... |
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| Keywords: | Restricted Shares Stock Market Incident Study |
| 本文献已被 CNKI 万方数据 等数据库收录！ |
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