论股权分置改革对上市公司股价的影响——基于沪市试点股改的40家上市公司数据的分析

股权分置对单个样本公司的波动性指标和流动性指标影响因公司而异,总体上在短期内(即股改前后30个交易日)这一影响不是非常显著,在较长的时期内,这一影响较之短期有显著提高;股改对样本公司价格发现和平均超额收益率有着明显的影响,它主要体现在样本总体平均超额收益率上,股改后的样本总体平均超额收益率明显低于股改前。

The Influence of Stockholding Allocation Revolution on the Stock Price of Listed Companies

Through the analysis of 40 tested companies listed in Shanghai for stock market reform,it's derived that: The effect of the stock market reform on the individual company's volatility index and the influence of the volatility index depend on the type of company.The short-term effect is overall not obvious.In the long-run,the effect is more obvious;Stock market reform has an obvious influence on the discovery of company price and average extra profit.It's mainly reflected on the overall average extra profit rate.And the sample of the overall average extra profit after the stock market reform is obviously lower than the one before the reform.