| 沪深A股整体上市模式选择的“群聚”现象分析 |
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| 引用本文： | 贺云龙,高扬,文凤华.沪深A股整体上市模式选择的“群聚”现象分析[J].系统工程,2011(4). |
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| 作者姓名： | 贺云龙 高扬 文凤华 |
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| 作者单位： | 长沙理工大学经济与管理学院; |
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| 基金项目： | 长沙理工大学博士基金资助项目 |
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| 摘 要： | 2003年9月30日至2009年12月31日沪深A股市场共有63家上市公司公告了详细的整体上市方案,其中高达80.95%的上市公司选择了定向增发模式实现整体上市,整体上市模式选择呈现出显著的群聚现象。本文以国资委提出的四种整体上市模式为标准,将整体上市模式划分为定向增发模式、换股吸收合并模式和其它模式,并采用事件研究法对三类整体上市模式的市场反应进行了实证分析。结果表明,定向增发模式正的市场反应明显强于换股吸收合并模式和其它模式。这充分说明整体上市模式选择过程中的群聚现象并非偶然,而是上市公司根据定向增发模式的市场反应所做出的理性选择。
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| 关 键 词： | 整体上市 分拆上市 市场反应 累积超额收益率 |
Analysis on Clustering Phenomenon of Completely Listing Model Selection |
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| HE Yun-long,GAO Yang,WEN Feng-hua.Analysis on Clustering Phenomenon of Completely Listing Model Selection[J].Systems Engineering,2011(4). |
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| Authors: | HE Yun-long GAO Yang WEN Feng-hua |
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| Institution: | HE Yun-long,GAO Yang,WEN Feng-hua(School of Economy and Management,Changsha University of Science and Technology,Changsha 410114,China) |
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| Abstract: | There were 63 listed companies in Shanghai and Shenzhen A-share market which have announced detailed completely listing programs from September 30,2003 to December 31,2009.Almost 80.95% of them have selected directional add-issuance model,which shows a prominent clustering phenomenon.In this paper,the completely listing models have been divided into three different kinds according to the SAC's proposition,including directional add-issuance model,stock exchange merger model,and other models.It has empiricall... |
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| Keywords: | Completely Listing Partly Listing Market Reaction Cumulative Abnormal Return Rate |
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