华东师范大学学报(哲学社会科学版) >

2006 , Vol. 38 >Issue 2: 108 - 112

DOI: https://doi.org/10.16382/j.cnki.1000-5579.2006.02.017

金融问题探讨

中国上市公司资产重组绩效的分类事件收益研究

  • 金桩 ,
  • 蒋序怀 ,
  • 郭彩霞
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  • 1. 复旦大学 理论经济学博士后工作站，上海 200433
    2. 内蒙古财经学院 金融学系，呼和浩特 010051
金桩(1972—)，男，内蒙古赤峰市人，内蒙古财经学院金融学系教授，经济学博士|蒋序怀(1974—), 男, 湖南永州市人, 复旦大学理论经济学在站博士后|郭彩霞(1972—), 女, 内蒙古乌兰察布市人, 内蒙古财经学院金融学系讲师

收稿日期: 2005-12-02

  网络出版日期: 2006-03-30

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Applying the Event Study Methodology to the Asset Restructuring Performance of the Listed Companies in China

  • Zhuang JIN ,
  • Xu-huai JIANG ,
  • Cai-xia GUO
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  • 1. Poast-doctoral station in Theoretical Economics, Fudan University, Shanghai, 200433, China
    2. Department of Finance, Neimenggu Institute of Finance and Economics, Huhehaote, 010051, China

Received date: 2005-12-02

  Online published: 2006-03-30

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摘要

对资产重组样本公司进行事件收益分析后发现, 我国上市公司在资产重组过程中出现了非常明显的短期累计超常收益, 但不同的重组方式之间产生了截然不同的重组绩效。同时, 样本公司累计超常收益的大小, 受到样本公司自身的经营业绩以及流通股规模的影响, 相对而言, 业绩较差公司和流通盘较小公司的反应更为强烈, 出现了累计超常收益的较大波动。

关键词： 资产重组; 绩效; 事件收益分析; 上市公司

本文引用格式

金桩 , 蒋序怀 , 郭彩霞 . 中国上市公司资产重组绩效的分类事件收益研究[J]. 华东师范大学学报(哲学社会科学版), 2006 , 38(2) : 108 -112 . DOI: 10.16382/j.cnki.1000-5579.2006.02.017

Abstract

By applying the event study methodology to the sample companies this paper expounds that apparent short term CAR emerges in the listed companies during the course of asset restructuring.The amount of the sample companies' CAR is influenced by its own business performance and the scale of the float.Roughly speaking, the companies with poor business performance and small float caps respond more strongly and end up with greater CAR fluctuation.

Key words： asset restructuring; perfomance; event study methodology; the listed companics

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