股权分置改革的效率及其影响因素

本文选取全面股改前40批939家公司作为有效样本,以超常收益率作为基础度量指标,利用事件研究法,探讨了上市公司股权分置改革的效率,通过对比不同批次、不同交易所和不同板块股权分置改革效率的差别,深入研究了股改效率的影响因素。研究结果表明:股权分置改革对证券市场和上市公司市场价值均产生了积极的影响。高质量公司较多的批次存在较高的超常收益率,深市股东平均要比沪市股东获得较高的超常收益,中小企业板的平均超常收益率要远远大于主板市场。

Split Share Structure Reform Effect and Its Impact Factors

Based on the sample of 939 Chinese listed companies in the front 40 batches in the reform,this paper investigates the effect on Chinese split share structure reform,which takes AR as a basic measurement to analyze the effect on the reform by means of event approach.In order to research the impact factors of the reform effect,the empirical contrast analysis for different batches,different trading posts and different boards is done.These results show that the reform has positive effects on Chinese stock market and increases value of the listed companies.There exit higher transnormal return rate in the reform batches which include more Chinese listed companies with high quality performances.The shareholders who are in Shenzhen Trading Post get higher transnormal return rate than the shareholders who are in Shanghai Trading Post.SME board has higher transnormal return rate than the main board.