关联股权交易不同支付方式下的投资者收益研究——来自中国A股市场的经验证据

本文以我国A股市场2006年5月8日至2007年12月31日期间的关联股权交易公司为研究样本,按照支付方式将上市公司划分为非公开发行新股支付公司与现金支付公司,研究了是否存在大股东为了谋求自身更大利益而影响上市公司支付方式选择,从而侵蚀市场上其他投资者利益的现象。研究发现,在关联股权交易董事会决议公告之前的-20,-2]共19天期间内,非公开发行新股支付方式下的上市公司投资者累积超额收益要远远低于现金支付方式下的相应收益,说明通过影响股价来实现自身利益的最大化成为大股东的现实选择。

Empirical Research on the Return of Listed Companies' Shareholders under Different Payment Methods in Related -party Stock Transactions: Evidence from China A -share Market

We divide related-party stock transactions from May 8, 2006 to Dec 31, 2007 in China A-share market into two groups according to their payment methods, i.e., using stocks issued through non-public offering and using cash, and compare the return of listed companies’ shareholders under different payment methods. As for the return, it is found that during the -20,-2] period before transaction announcement, the cumulative abnormal return of listed companies using stocks issued through non-public offering is far lower than that of listed companies using cash payment.