基于因果联系的中国股市异常波动归纳分析——以ST类股票发布资产重组公告与股价异动的关系为例

Causal-based Induction of Abnormal Fluctuations in Chinese Stock Market——A case on the relationship between specially treated stocks Issuing asset restructuring announcement and abnormal fluctuations

提出了利用因果联系分析中国股市股价异常波动的思路。结合该思路,通过对st类股票(连续三个涨停的)股价异动与上市公司发布资产重组公告的关系进行实证分析,认为中国股市st类上市公司可以通过发布确定资产重组的公告来控制股价,导致股价连续三个涨停;在资产重组的过程中,一定程度上存在着内幕消息,在股价出现连续三个涨停之后,公司被迫公布消息。

Proposed the idea of using causal analysis of the abnormal stock price volatility in Chinese stock market. By analyzing the relationship between Specially treated stocks＇ abnormal fluctuations and listed Companies issuing assets reorganization notice, in Chinese stock market, Specially treated listed companies determine the reorganization of assets by issuing a notice which resulting in three consecutive up limit to control the stock price. In the course of reorganizing the assets, there is insider information. After three consecutive up limit in the stock prices, the company was forced to announce news.