后股权分置时期大股东资产注入实证分析

An Empirical Study on Large shareholder's Assets Injection in the Post Non-tradable Share Reform Period in China

以后股权分置时期上市公司大股东重要行为方式——资产注入为研究对象,运用事件研究和回归分析,实证检验了资产注入事件的超额累计收益及其相关影响因素。对样本的事件研究表明,使用股权模式进行资产注入的上市公司股价均有显著为正的超额累计收益率,且大股东为国有背景的上市公司超额累计收益率显著高于民营背景上市公司,说明股权模式的资产注入方式以及国有大股东的资产注入更为投资者和市场认可;超额累计收益的回归分析显示大股东持股比例对超额累计收益的影响呈显著的U型关系。

An important behavior of large shareholders asset injection to the listed companies in the post-period of non-tradable share reform is focused on. The cumulative abnormal returns of the listed companies in which the asset injections occurred and their influential factors through both event-study and multiple variable linear regression analysis are empirically studied. The event study shows, the companies using equity method in asset injections have significant positive CARs, and state owned companies have higher CARs than non-state owned companies, which indicates that asset injections using equity method and the state-owned background will have higher reaction from the investor and the market. Factor analysis of CARs reveals that CARs follow a ＂U＂ pattern relationship with share holding proportions of the large shareholders.