SPAC融资模式的股价长期弱势效应——基于奥瑞金种业上市NASDAQ的实证研究

本文通过CAR模型分析了SPAC模式上市公司股价长期弱势的特点,并且运用多元回归分析的方法来探寻影响公司股价长期弱势的因素。结果表明,在SPAC融资机制的特殊性中,SPAC投资者的投资收益率减小而引起的套利性增大是股价长期弱势的重要原因。同时,企业经营业绩也是股价长期弱势的关键因素。而市场性因素虽然对股价长期弱势影响不显著,但也抑制了股价的转向强势的可能性。

Effect of Long-Term Share Price's Weakness by SPAC:An Empirical Study Based on Listing Origin Agritech Limited in NASDAQ

Using the CAR model, this study analyzes the characteristics of long-term weakness of the shares which offered by SPAC. In addition, we explores the factors of long-term share price＇ s weakness by the use of multiple regression analysis method. We find SPAC investors yield reduction which causes arbitrage possibilities increasing is an important reason for long-term weakness. Meanwhile, business performance is also a key factor in the weak long-term stock price. Although affecting long-term weakness of stock prices have no significance, the market factors inhibits the possibility of turning to the strong price.