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上市公司控制权转移市场反应的实证分析
引用本文:肖绍平,卓铭.上市公司控制权转移市场反应的实证分析[J].财务与金融,2012(1):71-75.
作者姓名:肖绍平  卓铭
作者单位:中南大学商学院,长沙,410083
摘    要:2003年以来,中国上市公司的股权转让以及由此衍生的控制权转移现象日渐增多,中国上市公司的控制权市场也基本形成,为上市公司控制权转移市场反应的实证分析提供了便利条件。本文用事件研究法对2006~2010年我国上市公司控制权转移事件的市场反应进行实证研究。结果表明:市场对控制权转移事件的反应具有明显的"先抑后扬再抑"的倒N型特征,控制权转移信息存在提前泄漏问题。但是,随着市场的逐步完善,投机炒作现象有所减少。

关 键 词:控制权转移  市场反应  事件研究法

Empirical Study of Market Reaction to the Control Transfer of Listed Companies
XIAO Shao-ping , ZHUO Ming.Empirical Study of Market Reaction to the Control Transfer of Listed Companies[J].Accounting and Finance,2012(1):71-75.
Authors:XIAO Shao-ping  ZHUO Ming
Institution:School of Business,Central South University,Changsha 410083
Abstract:The increasing phenomena of equity transfers and the consequent control transfers since 2003 primarily formed the control market of China listed companies which facilitates the empirical analyses.The paper empirically studies on the reaction to control transfers of listed companies in China market by event study method from 2006 to 2009.The results are as follow:The reaction to the control transfer clearly characterizes as an inverted N-type,i.e,down first,then rise before down finally;information leakage in advance exists.However,speculation has declined to some extent with the gradual improvement of the market.
Keywords:Control Transfer  Market Reaction  Event Study
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