转配股上市对我国股市影响的事件研究

The Event Study of Trans-Rights Issues

转配股上市是中国股市向规范、高效发展过程中的一个产物 .转配股上市对现代企业制度的建立 ,对法人股、国有股的流通问题的解决有重要的启示 .据此 ,运用事件分析法 ,通过检验各转配股的累积超常回报率和超常回报率及受影响股票的市场平均反映 ,研究转配股上市这一事件对股市的影响 .结果表明转配股上市虽然造成股价的一些波动 ,但这种反映是过度反映 ,一段时间后 ,无论从个股还是从市场平均来说 。

Trans right issues are unique phenomena and their listings occurred in the process of the capital market development in China. The impact on the market also has important implications for Chinese enterprise reform, the liquidity problems of state owned or other unlisted stocks. The event studies are used to test the accumulated abnormal returns, abnormal returns, and the average impact on the market. The results indicate that the listing of trans right issues cause obvious waves of the stock prices, but these movements are overreactions. Some time after, all the accumulated abnormal returns and averaged abnormal returns are not obvious under the sense of statistics test.