| 国有控股上市公司股权激励市场效应的实证分析 |
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| 引用本文： | 武晓斐,刘中文.国有控股上市公司股权激励市场效应的实证分析[J].财务与金融,2008(6):77-80. |
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| 作者姓名： | 武晓斐 刘中文 |
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| 作者单位： | 山东科技大学经济管理学院 |
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| 摘 要： | 本文采集了21家国有控股上市公司实施股权激励首次披露日前后三十个交易日的股票收盘价，并对这些股价进行了统计分析。实证结果显示，国有控股上市公司股票价格在股权激励方案首次披露日之后给投资者带来了超额收益，国有控股上市公司实施股权激励给个股股价带来正面的市场效应，并且能够提高国有控股上市公司的短期融资能力。分析认为，广大证券投资者没有过分担心因国有控股上市公司实施股权激励可能带来的国有资产流失问题，多数投资者持积极认同态度。
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| 关 键 词： | 上市公司 国有控股上市公司 股权激励 市场效应 超额收益 |
The Empirical Research on the Market Reactions to Stock Option in State-owned Listed Firms |
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| WU Xiao-fei,LIU Zhong-wen.The Empirical Research on the Market Reactions to Stock Option in State-owned Listed Firms[J].Accounting and Finance,2008(6):77-80. |
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| Authors: | WU Xiao-fei LIU Zhong-wen |
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| Institution: | WU Xiao-fei LIU Zhong-wen (Management College, Xiamen University 361005 ) |
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| Abstract: | The data in essay is collected from average stock prices of 21 state-owned listed firms, which announced to implement stock option, in the light of the period of thirty working days after this announcement. Based on the statistical data and result, it reveals that the stock prices of state-owned listed firms offered their investors excess profits after the announcement, which brought positive market reactions to stock prices and higher finance performamce in a short time. According to the analysis, most security investors did not excessively worry about the possible problems of state-owned assets losses due to the implementation of stock option. Most investors hold positive and acceptable attitude to this issue. |
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| Keywords: | listed firms state-owned listed firms stock option market reactions extral profit |
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