ST公司重组的财富效应

本研究采用事件研究法对我国沪深两市的72起重组事件进行了实证研究,结果表明重组事件能给公司股东带来明显的财富效应;不同重组类型和公司股权结构的不同对股东财富影响有显著差别,股权重组类和法人股占多数类的ST公司重组财富效应相比其它重组类型和股权结构的ST公司更为显著。

In order to protect status in the market,ST companies usually through reorganization to change the status.The reorganization always change price of the stock,then cause changes in stockholder wealth.By applying the cast study methodology to restructuring events on Chinese A shares,this paper shows that companies restructuring can bring apparent wealth effect to shareholders.Different types of restructuring and ownership structure have significant differences on stockholder＇s wealth.Equity restructuring and corporate accounts for most on the ST companies have the most significant wealth effect.