摘要
本文采集了21家国有控股上市公司实施股权激励首次披露日前后三十个交易日的股票收盘价,并对这些股价进行了统计分析。实证结果显示,国有控股上市公司股票价格在股权激励方案首次披露日之后给投资者带来了超额收益,国有控股上市公司实施股权激励给个股股价带来正面的市场效应,并且能够提高国有控股上市公司的短期融资能力。分析认为,广大证券投资者没有过分担心因国有控股上市公司实施股权激励可能带来的国有资产流失问题,多数投资者持积极认同态度。
The data in essay is collected from average stock prices of 21 state-owned listed firms, which announced to implement stock option, in the light of the period of thirty working days after this announcement. Based on the statistical data and result, it reveals that the stock prices of state-owned listed firms offered their investors excess profits after the announcement, which brought positive market reactions to stock prices and higher finance performamce in a short time. According to the analysis, most security investors did not excessively worry about the possible problems of state-owned assets losses due to the implementation of stock option. Most investors hold positive and acceptable attitude to this issue.
出处
《财务与金融》
北大核心
2008年第6期77-80,共4页
Accounting and Finance
基金
山东省软科学研究计划项目(2008RKA116)的阶段性成果。
