中国上市公司控制权转移市场异象的实证研究

An Empirical Research on the Abnormal Phenomenona when Transferring Controlling Rights of Listed Companies in China

市场异象反映了一国证券市场的有效性,相关问题的研究已经引起学术界、管理层的密切关注。本文引入ARMA模型对中国上市公司控制权转移事件进行实证研究,揭示:中国上市公司控制权转移的市场异象具有典型的中国证券市场特点,同时认为,中国证券市场市场异象的成因主要不在于内幕交易,而在于市场投资者的预期。

Marketing efficiency can be reflected by the phenomenona of the market, research of which has drawn close attention in academy. This paper uses ARMA model to made empirical research, which has proved that the main cause of abnormal phenomenona is not insider-trading, but the anticipation of investors.