股权激励的市场反应及其内幕交易的实证研究

文章以2008年1月份前推出股权激励计划的67家公司为样本,采用事件研究法,对股价在股权激励计划方案公布前后21个交易日是否存在超常收益率进行了实证研究。实证结果表明:样本公司的股票在事件窗口内存在显著为正的超常收益率,市场对这一事件作出了正向的回应,而且超常收益率主要是由消息公布产生的,不存在消息的提前泄露和内幕交易。

An Empirical Study on the Market Reaction of Equity Incentive and Insider Trading

Based on the sample of 67 Chinese listed companies which have announced the standard equity incentive plan in 2008,this paper empirically studies the market reaction by using event study method.The results show that there exist statistical significance positive abnormal return between event window.Furthermore,abnormal return are mainly generated by information announcement,so we think there no exist leakage of information and insider trading before news announcement.