我国高技术上市企业外资短期效应研究

Research of the Short-term Effect of Foreign Funds to High Technology Enterprises in Chinese Stock Market

随着知识经济时代的来临,高技术行业正成为所有产业的核心,高技术上市企业作为该行业的载体,成为企业中最具活力的部分。外资通过国际间接投资影响我国企业发展。本文采用平均股价法、累计平均收益率法和累计平均超额收益率法,研究我国高技术上市企业外资短期效应。采用平均股价法研究外资短期效应得到,高技术上市企业中,外资股份进入和退出对企业股价变动影响很大,但股价变动有一定滞后。采用累计平均收益率法研究外资短期效应得到,波动组波动幅度大于大盘,且两者趋势差异显著,波动组和稳定组累计平均收益率变化趋势大致相同,波动组变动幅度大于稳定组。采用累计平均超额收益率法得到和累计平均收益率法相似的结论。

As the knowledge and economy age coming,high technology industry is becoming the core of all industries.As the carrier of high technology industry,high technology enterprises in the stock market becomes the most dynamic part of enterprises.Foreign Funds affect the development of enterprises in China through international indirect investment.The paper researches the short-term effect of foreign funds to high technology enterprises in Chinese stock market by using average price method,cumulative average return method and cumulative average abnormal return method.The conclusion is that the entry and exit of foreign investment effects stock price of high technology companies and the change of stock price has certain lag by using average price method.The conclusion is that the change amplitude of fluctuation group is greater than the market group,and the tendency difference is significant by using cumulative average return method.The cumulative average yield tendency of wave group and stable group is same.The change range of wave group is greater than stable group.The conclusion of cumulative average abnormal return method and cumulative average return method is similar.