摘要
股票分拆与并股这类事件一直迷惑着学者和实际工作者。本文利用香港股票市场的数据, 研究分拆与并股对股票的市场流动性的影响。而且还研究了这类事件对股票在市场中的交易活动性的影响, 以便将交易活动性与市场流动性联系起来, 通过交易活动性的变化来解释造成流动性变化的根本原因。结果表明股票在分拆后流动性增强, 而且是由小额交易的活跃引起的; 股票在并股后流动性减弱, 是由小额交易与大额交易的不活跃共同造成的。
Such events as stock splits and reverse splits are always confusing researchers and practitioners.This study investigates the effects of stock splits and reverse splits on stock’s market liquidity and trading activity with the datasets from the Hong Kong Stock Market.The association between the change in liquidity and the change in trading activity is also considered.The results show that the liquidity is enhanced after forward splits due to small trades and declines after reverse splits due to total trades.
出处
《财经问题研究》
CSSCI
北大核心
2005年第5期38-44,共7页
Research On Financial and Economic Issues
关键词
股票分拆
并股
流动性
stock splits
reverse splits
liquidity
