| 中国上市公司管理层收购的股价反应——与投资者市场行为理性的对照检验 |
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| 引用本文： | 何光辉,杨咸月.中国上市公司管理层收购的股价反应——与投资者市场行为理性的对照检验[J].财贸研究,2007,18(2):94-103. |
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| 作者姓名： | 何光辉 杨咸月 |
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| 作者单位： | 1. 复旦大学,经济学院,上海,200433
2. 上海社科院,部门经济研究所,上海,200020 |
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| 摘 要： | 本文采用标准事件研究法来考察管理层收购(MBO)在中国证券市场的股价反应。与在国外给公众股东带来巨大溢价形成对比的是,MBO在中国没有给流通股东带来收益,市场对MBO公告没有做出任何显著反应。进一步对中国投资者是否具有理性进行检验和比较后发现投资者是理性的,MBO在中国既不属于“利好”,也不属于“利空”,且似乎有市场操纵嫌疑,必须进一步规范。
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| 关 键 词： | 管理层收购 事件研究 股价反应 投资者理性 |
| 收稿时间： | 2006-12-02 |
| 修稿时间： | 2006-12-02 |
The Stock Price Reactions to Management Buyout of Listed Companies in China |
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| HE Guang-hui,YANG Xian-yue.The Stock Price Reactions to Management Buyout of Listed Companies in China[J].Finance and Trade Research,2007,18(2):94-103. |
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| Authors: | HE Guang-hui YANG Xian-yue |
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| Institution: | 1. School of Economics, Fudan University, Shanghai 200433; 2. Institute of Industry Economics, Shanghai Academy of Social Sciences, Shanghai 200020 |
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| Abstract: | This paper analyzes the stock price reactions to management buyout (MBO) in China with some case studies. There are no significant market reactions to MBO and no wealth effect in China, which is a sharp contrast to the huge gains received by public shareholders in foreign countries. We further test investors′ rationality and find that stock price is sensitive to information, MBO is neither “good information” nor “bad information” in China, but there exists market manipulation which must be adjusted. |
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| Keywords: | management buyout event study stock price reaction investors′ rationality |
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