采掘业产业资本增持的公司价值特征研究

Study on Value Features of Industrial Capital Holding Increased Company in Mining and Excavation Industry

随着全球性金融危机的爆发及中国资本市场的走低,以采掘业为代表的产业资本增持公司股份事件频出。文章采用实证研究方法,选择2010-2012年采掘行业有产业资本增持行为的41家公司为研究样本,采用股票超额收益率作为公司市场价值特征变量,分析公告日前后的公司价值特征的变化,并得出结论:上市公司产业资本增持股票存在着市场效应;我国资本市场具有弱式有效的特点,信号传递上存在着一定的失真现象,上市公司公告增持股份比例与股价短期的累计超常回报率没有必然联系。

With the global financial crisis broken out and China capital market going down, stock accidents frequently oc- curred in the industrial capital holding increased companies as represented in the mining and excavation industry. With the em- pirical study method, there were 41 companies with the behaviors of the industrial capital holding increased in the mining and excavation industry from 2010 to 2012 selected as the study samples, the stock abnormal return rate was applied to the varia- tion of the company market value and the variation of the company market value was analyzed before and after the date is- sued. The conclusion showed that the industrial capital holding increased stocks of the listing companies would have the mar- ket effect. China capital market would have the weak type effective features, a certain distortion phenomenon existed in the sin- gle transmission and there was no necessary relation between the percentage of the stock holding increased issued by the list- ing company and the short-term accumulated abnormal return rate of the stock price.