股权转让、股份性质与市场反应

Equity Transaction,Share Characters and Market Response

本文根据被转让的股权在转让前后的性质和特征将股权转让分类,这些不同特征包括:转让方式有偿与否,控制权转移与否,董事长变更与否,关联交易与否;然后运用计量经济学模型检验市场对各类股权转让的短期反应。本文发现市场对不同性质的股权转让的反应是有显著差异的,对具备不同特征的股权转让,市场反应也不同。

Equities are classified based on their shareholding mix and characters before and after exchange.The classification takes into account if they involve such exchange, transferability of the factors like compensability of the controlling stake,change of the chairman and related party transaction.Computation economics model is applied to test the market regarding its short response to equity exchange.The findings are that the market response various depending on the shareholding mix and characters of equity exchange.