股权分置改革的短期市场效应与长期公司绩效

The Short-Term Market Response and Long-Term Performance of Share Structure Reform in China

本文在分析股权分置改革影响的基础上,从短期市场效应和长期公司绩效两个方面建立了中国上市公司股权分置改革效应的理论模型,在剔除掉宏观经济周期的影响后,综合衡量了股权分置改革的影响。首先,运用事件研究方法,以全面股改前40批939家公司作为有效样本,以个股日超常收益率等指标作为度量指标,探讨了股改的短期市场效应。其次,利用股改前后的四期公司绩效数据,借助平均绩效等指标,运用配对样本T检验方法,分析了股改带来的长期公司绩效。结果表明:虽然短期内市场存在波动,但总体上,改革对证券市场产生了积极影响;分离长期经济周期影响后,上市公司绩效有着明显的改善且有逐渐上升的趋势,并且这种改善来自主营业务。随着环境的改善,股改的积极效应将会逐渐显现出来。

Based on the analysis of the spl established the theoretical model of listed companies from two aspects it spl of share structure reform effects, this paper it share structure reform effects of Chinese the market effects in short term and the corporate performance in long term. After eliminated the impact of macroeconomic cycle, this paper measured the split share structure reform effects comprehensively. First of all, this paper researched the stock market effects in short time with the indicators such as the extraordinary return rate using the method of event study and the valid stylebooks of 939 companies in the first 40 batches. Secondly, this paper analyzed the corporate performance of split share structure reform in long time with the indicators such as the average performance indicator using the method of paired samples T test and the corporate performance data of four periods before and after the split share structure reform. The results show that： Although the stock market has fluctuations in short term, the reform has positive impact on stock market on the whole. And after separating the long term impact of economic cycle, the performance of listed companies has improved significantly and there is a gradual upward trend, and the improvements come from the core businesses. So, with the improvement of the environment, the positive effects of the reform will gradually appearing