资产注入：支付手段与市场反应

本文以股改后我国上市公司控股股东对上市公司资产注入事件为样本，运用市场模型检验不同支付手段资产注入的市场反应。研究发现，在控制注入资产的规模、注入前上市公司流通市值的大小、注入前机构投资者持有公司股票的比例等因素影响的情况下，市场对采用股权作为支付手段的资产注入反应强烈；投资者对资产注入方案已经具备较强的辨别能力。本文据此提出了有关政策建议。

Asset Injection: Payment Method and Market Reaction

Using the sample of asset injections by majority shareholders after full listing reform, this paper analyzes market reaction to different types of asset injections. Studies reveal that the asset injection in the form of equity payment gets strongest market reaction, as influenced by such factors as size of asset injection, free-float size and shares held by institutions before injection. Besides, the scale of injected asset, the tradable market capitalization before asset injection and the institutional share-holding ratio before asset injection also have strong impacts on the market reaction. The investors have the potential to discriminate different types of asset injections. Proposals are made for policy makers.