摘要
本文以2003年9月30日至2008年12月31日所有宣告整体上市方案的A股上市公司为样本,运用事件研究法对我国企业集团整体上市的市场反应进行了实证分析。实证分析结论表明:整体上市的宣告具有正的市场反应,且正的市场反应距离宣告日越近越显著,投资者将整体上市的宣告理解为重大利好消息,整体上市增加了上市公司股东的财富。
Sampling all the enterprise groups which announce their holistic listing in A share from Sep. 30, 2003 to Dec. 31, 2008, the paper conducts an empirical analysis of market reaction towards holistic listing of enterprise groups. As the conclusion shows, the announcement of holistic listing has positive market reaction. Moreover, the more recently they announce, the more positive market reaction is. All in all, the investors consider the announcement of holistic listing as excellent news because their holistic listing may bring them good fortune.
出处
《财经科学》
CSSCI
北大核心
2010年第11期17-25,共9页
Finance & Economics
关键词
企业集团
整体上市
市场反应
累积超常收益率
Enterprise Group
Holistic Listing
Market Response
Cumulative Abnormal Return
