我国上市公司策略性股票更名:战略转型还是高位套现?

Strategic Name Change in Chinese Listed Firms:Transformation or Speculation?

本文发现上市公司进行策略性股票更名后并未出现实质上的转型举措,战略转型并非其更名背后的真实动机。进一步利用"新国九条"出台开展的自然实验,以及对股票减持动机存在差异的国有和非国有上市公司进行比较,我们发现,更名公司具有强烈的内在动机在通过更名抬高股价后减持套现,以获取短期投资收益。本文由此提醒我国资本市场的投资者,不宜把部分上市公司进行的上述策略性股票更名过度解读为上市公司未来进行战略转型的信号。

We find that substantial transformation initiatives did not occur after a strategic name change,so transformation cannot be the real motivation of them.Furthermore,with comparing companies'financial performance before and after a policy released in 2014,plus a comparison between state-owned companies and non-stated-owned companies who have different motivation to reduce stocks,we find that companies doing strategic name change are motivated to raise their stock prices and then cash out to gain profit in short term.Investors in China's capital market should be warned not to interpret strategic name change as a signal of companies'business transformation.