上市公司权证发行的市场反应研究

Market reaction to the warrants issuance of listed companies

以股权分置改革方案中采用权证对股价方案的上市公司为样本,采用事件研究方法,探讨权证发行的市场反应问题。实证结果表明:权证发行对我国证券市场的影响是负面的。

Warrants have been widely used as a kind of primary financial derivative products in the international capital market in recent years and become the third-largest trading variety of the world after the stocks and bonds. With the share-trading reform, warrants appear again in our capital market after ten years. We choose the listed companies which introduce the consideration of warrants in share-trading reform program as our sample and use event study to explore the market reaction to the issuance of warrants. The empirical results indicate that the issuance of warrants have a negative impact on our securities market.