| 我国上市公司资产出售的公告效应研究 |
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| 引用本文： | 严武,王辉. 我国上市公司资产出售的公告效应研究[J]. 商业经济与管理, 2011, 0(11) |
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| 作者姓名： | 严武 王辉 |
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| 作者单位： | 江西财经大学金融学院,江西南昌,330013 |
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| 基金项目： | 国家自然科学基会项目,教育部人文社科规划项目 |
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| 摘 要： | 文章以1999-2004年间185家企业226次资产出售事件为样本,检验了我国上市公司资产出售的公告效应,并对2008-2009年间我国上市公司的资产出售进行了稳健性检验.研究发现,我国企业的资产出售具有明显的年中和年末效应;企业股价对资产出售的反应显著为正,尤其是在(-2,0)区间内,资产出售的公告效应得到集中释放.对资产出售公告效应影响因素的检验表明,我国上市公司的资产出售更加符合有效配置假说,融资假说不能解释这种行为.
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| 关 键 词： | 资产出售 公告效应 有效配置假说 融资假说 |
A Study on The Asset Sale Announcement Effects of China's Listed Firms |
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| YAN Wu,WANG Hui. A Study on The Asset Sale Announcement Effects of China's Listed Firms[J]. Business Economics and Administration, 2011, 0(11) |
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| Authors: | YAN Wu WANG Hui |
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| Affiliation: | YAN Wu,WANG Hui(School of Finance,Jiangxi University of Finance and Economics,Nanchang 330013,China) |
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| Abstract: | Using 226 asset sales of 185 firms during 1999-2004,this paper tests the announcement effects in China's stock market.The research finds that asset sales in China mainly occur in the middle and end of each year.The market has significantly positive reaction to asset sales announcement,especially within the range(-2,0).Empirical results also suggest that efficient deployment hypothesis explains this phenomenon quite well,but the financing hypothesis fails to do so. |
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| Keywords: | asset sales announcement effect efficient deployment hypothesis financing hypothesis |
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