| 机构持股、股改对价调整与市场反应 |
| |
| 引用本文： | 潘婉彬,陶利斌.机构持股、股改对价调整与市场反应[J].经济管理,2011(1). |
| |
| 作者姓名： | 潘婉彬 陶利斌 |
| |
| 作者单位： | 中国科学技术大学统计与金融系;对外经济贸易大学应用金融研究中心; |
| |
| 基金项目： | 对外经济贸易大学校级科研课题“公司治理、市场流动性和股价信息含量”(09QD08) |
| |
| 摘 要： | 本文主要研究机构投资者在股权分置改革的对价确定上是否发挥了积极的议价作用。与已有的研究一致,发现了机构持股与流通股东所获得的对价补偿为显著的负向关系。更重要的是,在研究机构持股和对价调整之间的关系时,发现机构持股与股改预案调整的对价也为显著的负向关系。这说明,机构投资者并没有起到为股东争取权益的积极作用。最后,用标准的事件研究法,对机构持股比例变量与机构持股哑元变量对董事会预案公告日当天的股票超额回报及三天累积超额回报的影响进行研究。发现机构是否持股对股票超额回报的显著负向关系,并且在控制了公司规模后仍然显著成立。这在一定程度反映市场预期机构投资者将有可能损害投资者利益,进而用脚投票,使得股价走低。
|
| 关 键 词： | 股权分置改革 机构投资者 事件研究 |
Institutional Ownership,Consideration Ratio and Market Reaction |
| |
| PAN Wan-bin ,TAO Li-bin.Institutional Ownership,Consideration Ratio and Market Reaction[J].Economic Management,2011(1). |
| |
| Authors: | PAN Wan-bin TAO Li-bin |
| |
| Institution: | PAN Wan-bin 1,TAO Li-bin 2(1.University of Science and Technology of China,Hefei,Anhui,230026,China,2.Center for Applied Finance Research,University of International Business and Economics,Beijing,100029,China) |
| |
| Abstract: | We investigate the role of institutional investors in the negations during the non-tradable share reform in China.The results show that there is a significant negative correlation between institutional ownership and consideration ratio.More importantly,there is a significant negative correlation between institutional ownership and adjusted consideration ratio.Finally,event study methodology is employed to study the relationship between institutional ownership dummy and abnormal returns on both the event day... |
| |
| Keywords: | non-tradable share reform institutional investor event study |
| 本文献已被 CNKI 等数据库收录！ |
|
